elligence and patriotic zeal of our naval
officers in promoting every interest of their countrymen is a just
subject of national pride.

The condition of the financial affairs of the Government, as shown by
the report of the Secretary of the Treasury, is very satisfactory. It
is believed that the present financial situation of the United States,
whether considered with respect to trade, currency, credit, growing
wealth, or the extent and variety of our resources, is more favorable
than that of any other country of our time, and has never been
surpassed by that of any country at any period of its history. All our
industries are thriving; the rate of interest is low; new railroads
are being constructed; a vast immigration is increasing our
population, capital, and labor; new enterprises in great number are
in progress, and our commercial relations with other countries are
improving.

The ordinary revenues from all sources for the fiscal year ended June
30, 1880, were--

From customs.......................................... $186,522,064.60
From internal revenue.................................. 124,009,373.92
From sales of public lands............................... 1,016,506.60
From tax on circulation and deposits of national banks... 7,014,971.44
From repayment of interest by Pacific Railway companies.. 1,707,367.18
From sinking fund for Pacific Railway companies............ 786,621.22
From customs fees, fines, penalties, etc................. 1,148,800.16
From fees--consular, letters patent, and lands........... 2,337,029.00
From proceeds of sales of Government property.............. 282,616.50
From profits on coinage, etc............................. 2,792,186.78
From revenues of the District of Columbia................ 1,809,469.70
From miscellaneous sources............................... 4,099,603.88

Total ordinary receipts................................ 333,526,610.98

The ordinary expenditures for the same period were--

For civil expenses..................................... $15,693,963.55
For foreign intercourse.................................. 1,211,490.58
For Indians.............................................. 5,945,457.09
For pensions (including $19,341,025.20 arrears of pensions)
........................................................ 56,777,174.44
For the military establishment, including river and harbor
improvements and arsenals.........................