titutes an aggregate
of about $40,000,000, and will still leave in the Treasury the balance
before stated.

Nearly $8,000,000 of Treasury notes are to be paid during the coming
year in addition to the ordinary appropriations for the support of
Government. For both these purposes the resources of the Treasury will
undoubtedly be sufficient if the charges upon it are not increased
beyond the annual estimates. No excess, however, is likely to exist. Nor
can the postponed installment of the surplus revenue be deposited with
the States nor any considerable appropriations beyond the estimates be
made without causing a deficiency in the Treasury. The great caution,
advisable at all times, of limiting appropriations to the wants of the
public service is rendered necessary at present by the prospective and
rapid reduction of the tariff, while the vigilant jealousy evidently
excited among the people by the occurrences of the last few years
assures us that they expect from their representatives, and will sustain
them in the exercise of, the most rigid economy. Much can be effected
by postponing appropriations not immediately required for the ordinary
public service or for any pressing emergency, and much by reducing the
expenditures where the entire and immediate accomplishment of the
objects in view is not indispensable.

When we call to mind the recent and extreme embarrassments produced by
excessive issues of bank paper, aggravated by the unforeseen withdrawal
of much foreign capital and the inevitable derangement arising from the
distribution of the surplus revenue among the States as required by
Congress, and consider the heavy expenses incurred by the removal of
Indian tribes, by the military operations in Florida, and on account of
the unusually large appropriations made at the last two annual sessions
of Congress for other objects, we have striking evidence in the present
efficient state of our finances of the abundant resources of the country
to fulfill all its obligations. Nor is it less gratifying to find that
the general business of the community, deeply affected as it has been,
is reviving with additional vigor, chastened by the lessons of the
past and animated by the hopes of the future. By the curtailment
of paper issues, by curbing the sanguine and adventurous spirit of
speculation, and by the honorable application of all available means to
the fulfillment of obligations, confidence has been restored both at
home