ht, in my judgment, that it would reconcile as far as possible all
existing interests by the opportunity offered to existing institutions
to reorganize under the act, substituting only the secured uniform
national circulation for the local and various circulation, secured and
unsecured, now issued by them.

The receipts into the Treasury from all sources, including loans and
balance from the preceding year, for the fiscal year ending on the 30th
June, 1862, were $583,885,247.06, of which sum $49,056,397.62 were
derived from customs; $1,795,331.73 from the direct tax; from public
lands, $152,203.77; from miscellaneous sources, $931,787.64; from loans
in all forms, $529,692,460.50. The remainder, $2,257,065.80, was the
balance from last year.

The disbursements during the same period were: For Congressional,
executive, and judicial purposes, $5,939,009.29; for foreign
intercourse, $1,339,710.35; for miscellaneous expenses, including the
mints, loans, Post-Office deficiencies, collection of revenue, and other
like charges, $14,129,771.50; for expenses under the Interior
Department, $3,102,985.52; under the War Department, $394,368,407.36;
under the Navy Department, $42,674,569.69; for interest on public debt,
$13,190,324.45; and for payment of public debt, including reimbursement
of temporary loan and redemptions, $96,096,922.09; making an aggregate
of $570,841,700.25, and leaving a balance in the Treasury on the 1st day
of July, 1862, of $13,043,546.81.

It should be observed that the sum of $96,096,922.09, expended for
reimbursements and redemption of public debt, being included also in the
loans made, may be properly deducted both from receipts and
expenditures, leaving the actual receipts for the year $487,788,324.97,
and the expenditures $474,744,778.16.

Other information on the subject of the finances will be found in the
report of the Secretary of the Treasury, to whose statements and views I
invite your most candid and considerate attention.

The reports of the Secretaries of War and of the Navy are herewith
transmitted. These reports, though lengthy, are scarcely more than brief
abstracts of the very numerous and extensive transactions and operations
conducted through those Departments. Nor could I give a summary of them
here upon any principle which would admit of its being much shorter than
the reports themselves. I therefore content myself with laying the
reports before you and asking your attention to th