uted, confident that it will be characterized by that
moderation and justice which will, I trust, under all circumstances
govern the councils of our country.

The balance in the Treasury on the 1st January, 1837, was $45,968,523.
The receipts during the present year from all sources, including
the amount of Treasury notes issued, are estimated at $23,499,981,
constituting an aggregate of $69,468,504. Of this amount about
$35,281,361 will have been expended at the end of the year on
appropriations made by Congress, and the residue, amounting to
$34,187,143, will be the nominal balance in the Treasury on the
1st of January next; but of that sum only $1,085,498 is considered as
immediately available for and applicable to public purposes. Those
portions of it which will be for some time unavailable consist chiefly
of sums deposited with the States and due from the former deposit banks.
The details upon this subject will be found in the annual report of the
Secretary of the Treasury. The amount of Treasury notes which it will be
necessary to issue during the year on account of those funds being
unavailable will, it is supposed, not exceed four and a half millions.
It seemed proper, in the condition of the country, to have the estimates
on all subjects made as low as practicable without prejudice to any
great public measures. The Departments were therefore desired to prepare
their estimates accordingly, and I am happy to find that they have been
able to graduate them on so economical a scale. In the great and often
unexpected fluctuations to which the revenue is subjected it is not
possible to compute the receipts beforehand with great certainty,
but should they not differ essentially from present anticipations,
and should the appropriations not much exceed the estimates, no
difficulty seems likely to happen in defraying the current expenses
with promptitude and fidelity.

Notwithstanding the great embarrassments which have recently
occurred in commercial affairs, and the liberal indulgence which in
consequence of these embarrassments has been extended to both the
merchants and the banks, it is gratifying to be able to anticipate that
the Treasury notes which have been issued during the present year will
be redeemed and that the resources of the Treasury, without any resort
to loans or increased taxes, will prove ample for defraying all charges
imposed on it during 1838.

The report of the Secretary of the Treasury will af