Treasury.

The total expenditures for the next fiscal year are estimated at
$42,892,299.19, of which there is required for the ordinary purposes of
the Government, other than those consequent upon the acquisition of our
new territories, and deducting the payments on account of the public
debt, the sum of $33,343,198.08, and for the purposes connected,
directly or indirectly, with those territories and in the fulfillment of
the obligations of the Government contracted in consequence of their
acquisition the sum of $9,549,101.11.

If the views of the Secretary of the Treasury in reference to the
expenditures required for these territories shall be met by
corresponding action on the part of Congress, and appropriations made in
accordance therewith, there will be an estimated unappropriated balance
in the Treasury on the 30th June, 1853, of $20,366,443.90 wherewith to
meet that portion of the public debt due on the 1st of July following,
amounting to $6,237,931.35, as well as any appropriations which may be
made beyond the estimates.

In thus referring to the estimated expenditures on account of our newly
acquired territories, I may express the hope that Congress will concur
with me in the desire that a liberal course of policy may be pursued
toward them, and that every obligation, express or implied, entered into
in consequence of their acquisition shall be fulfilled by the most
liberal appropriations for that purpose.

The values of our domestic exports for the last fiscal year, as compared
with those of the previous year, exhibit an increase of $43,646,322. At
first view this condition of our trade with foreign nations would seem
to present the most flattering hopes of its future prosperity. An
examination of the details of our exports, however, will show that the
increased value of our exports for the last fiscal year is to be found
in the high price of cotton which prevailed during the first half of
that year, which price has since declined about one-half.

The value of our exports of breadstuffs and provisions, which it was
supposed the incentive of a low tariff and large importations from
abroad would have greatly augmented, has fallen from $68,701,921 in
1847 to $26,051,373 in 1850 and to $21,948,653 in 1851, with a strong
probability, amounting almost to a certainty, of a still further
reduction in the current year.

The aggregate values of rice exported during the last fiscal year, as
compared with the prev