c debt
redeemed and the amount of issues in substitution therefor, and the
actual cash operations of the Treasury were: Receipts, $884,076,646.57;
disbursements, $865,234,087.86; which leaves a cash balance in the
Treasury of $18,842,558,71.

Of the receipts there were derived from customs $102,316,152.99, from
lands $588,333.29, from direct taxes $475,648.96, from internal revenue
$109,741,134.10, from miscellaneous sources $47,511,448.10, and from
loans applied to actual expenditures, including former balance,
$623,443,929.13.

There were disbursed for the civil service $27,505,599.46, for pensions
and Indians $7,517,930.97, for the War Department $690,791,842.97, for
the Navy Department $85,733,292.77, for interest on the public debt
$53,685,421.69, making an aggregate of $865,234,087.86 and leaving a
balance in the Treasury of $18,842,558.71, as before stated.

For the actual receipts and disbursements for the first quarter and the
estimated receipts and disbursements for the three remaining quarters of
the current fiscal year, and the general operations of the Treasury in
detail, I refer you to the report of the Secretary of the Treasury. I
concur with him in the opinion that the proportion of moneys required to
meet the expenses consequent upon the war derived from taxation should
be still further increased; and I earnestly invite your attention to
this subject, to the end that there may be such additional legislation
as shall be required to meet the just expectations of the Secretary.

The public debt on the 1st day of July last, as appears by the books of
the Treasury, amounted to $1,740,690,489.49. Probably, should the war
continue for another year, that amount may be increased by not far from
five hundred millions. Held, as it is, for the most part by our own
people, it has become a substantial branch of national, though private,
property. For obvious reasons the more nearly this property can be
distributed among all the people the better. To favor such general
distribution, greater inducements to become owners might, perhaps, with
good effect and without injury be presented to persons of limited means.
With this view I suggest whether it might not be both competent and
expedient for Congress to provide that a limited amount of some future
issue of public securities might be held by any _bona fide_ purchaser
exempt from taxation and from seizure for debt, under such restrictions
and limitations as might be