t, aggregated $487,713,791.71.
The receipts from customs were $233,164,871.16, an increase over the
preceding year of $27,036,389.41. The receipts from internal revenue
were $295,327,926.76, an increase of $21,890,765.25 over 1899. The
receipts from miscellaneous sources were $38,748,053.97, as against
$36,394,976.92 for the previous year.

It is gratifying also to note that during the year a considerable
reduction is shown in the expenditures of the Government. The War
Department expenditures for the fiscal year 1900 were $134,774,767.78,
a reduction of $95,066,486.69 over those of 1899. In the Navy Department
the expenditures were $55,953,077.72 for the year 1900, as against
$63,942,104.25 for the preceding year, a decrease of $7,989,026.53. In
the expenditures on account of Indians there was a decrease in 1900 over
1899 of $2,630,604.38; and in the civil and miscellaneous expenses for
1900 there was a reduction of $13,418,065.74.

Because of the excess of revenues over expenditures the Secretary of the
Treasury was enabled to apply bonds and other securities to the sinking
fund to the amount of $56,544,556.06. The details of the sinking fund
are set forth in the report of the Secretary of the Treasury, to which
I invite attention. The Secretary of the Treasury estimates that the
receipts for the current fiscal year will aggregate $580,000,000 and
the expenditures $500,000,000, leaving an excess of revenues over
expenditures of $80,000,000. The present condition of the Treasury is
one of undoubted strength. The available cash balance November 30 was
$139,303,794.50. Under the form of statement prior to the financial law
of March 14 last there would have been included in the statement of
available cash gold coin and bullion held for the redemption of United
States notes.

If this form were pursued, the cash balance including the present gold
reserve of $150,000,000, would be $289,303,794.50. Such balance November
30, 1899, was $296,495,301.55. In the general fund, which is wholly
separate from the reserve and trust funds, there was on November 30,
$70,090,073.15 in gold coin and bullion, to which should be added
$22,957,300 in gold certificates subject to issue, against which there
is held in the Division of Redemption gold coin and bullion, making a
total holding of free gold amounting to $93,047,373.15.

It will be the duty as I am sure it will be the disposition of the
Congress to provide whatever further legisl