the estimate by the sum of $536,750.59, indicating,
however, a very near approach in the estimate to the actual result.

The expenditures during the fiscal year ending on the 30th of June last,
including those for the war and exclusive of payments of principal and
interest for the public debt, were $42,811,970.03.

It is estimated that the receipts into the Treasury for the fiscal year
ending on the 30th of June, 1849, including the balance in the Treasury
on the 1st of July last, will amount to the sum of $57,048,969.90, of
which $32,000,000, it is estimated, will be derived from customs,
$3,000,000 from the sales of the public lands, and $1,200,000 from
miscellaneous and incidental sources, including the premium upon the
loan, and the amount paid and to be paid into the Treasury on account of
military contributions in Mexico, and the sales of arms and vessels and
other public property rendered unnecessary for the use of the Government
by the termination of the war, and $20,695,435.30 from loans already
negotiated, including Treasury notes funded, which, together with the
balance in the Treasury on the 1st of July last, make the sum estimated.

The expenditures for the same period, including the necessary payment on
account of the principal and interest of the public debt, and the
principal and interest of the first installment due to Mexico on the
30th of May next, and other expenditures growing out of the war to be
paid during the present year, will amount, including the reimbursement
of Treasury notes, to the sum of $54,195,275.06, leaving an estimated
balance in the Treasury on the 1st of July, 1849, of $2,853,694.84.

The Secretary of the Treasury will present, as required by law, the
estimate of the receipts and expenditures for the next fiscal year. The
expenditures as estimated for that year are $33,213,152.73, including
$3,799,102.18 for the interest on the public debt and $3,540,000 for the
principal and interest due to Mexico on the 30th of May, 1850, leaving
the sum of $25,874,050.35, which, it is believed, will be ample for the
ordinary peace expenditures.

The operations of the tariff act of 1846 have been such during the past
year as fully to meet the public expectation and to confirm the opinion
heretofore expressed of the wisdom of the change in our revenue system
which was effected by it. The receipts under it into the Treasury for
the first fiscal year after its enactment exceeded by the sum of