t a treaty
with the Emperor of Morocco has just been negotiated, which, I hope,
will be received in time to be laid before the Senate previous to the
close of the session.

You will perceive from the report of the Secretary of the Treasury
that the financial means of the country continue to keep pace with its
improvement in all other respects. The receipts into the Treasury during
the present year will amount to about $47,691,898; those from customs
being estimated at $22,523,151, those from lands at about $24,000,000,
and the residue from miscellaneous sources. The expenditures for all
objects during the year are estimated not to exceed $32,000,000, which
will leave a balance in the Treasury for public purposes on the 1st day
of January next of about $41,723,959. This sum, with the exception of
$5,000,000, will be transferred to the several States in accordance with
the provisions of the act regulating the deposits of the public money.

The unexpended balances of appropriation on the 1st day of January next
are estimated at $14,636,062, exceeding by $9,636,062 the amount which
will be left in the deposit banks, subject to the draft of the Treasurer
of the United States, after the contemplated transfers to the several
States are made. If, therefore, the future receipts should not be
sufficient to meet these outstanding and future appropriations, there
may be soon a necessity to use a portion of the funds deposited with
the States.

The consequences apprehended when the deposit act of the last session
received a reluctant approval have been measurably realized. Though an
act merely for the deposit of the surplus moneys of the United States in
the State treasuries for safe-keeping until they may be wanted for the
service of the General Government, it has been extensively spoken of
as an act to give the money to the several States, and they have been
advised to use it as a gift, without regard to the means of refunding
it when called for. Such a suggestion has doubtless been made without
a due consideration of the obligations of the deposit act, and without
a proper attention to the various principles and interests which are
affected by it. It is manifest that the law itself can not sanction
such a suggestion, and that as it now stands the States have no more
authority to receive and use these deposits without intending to return
them than any deposit bank or any individual temporarily charged with
the safe-keeping or a