US Presidency
1868

The estimate submitted in December last for the fiscal year ending June 30, 1869, was $ 77,124,707; the expenditures for the first quarter, ending the 30th of September last, were $ 27,219,117, and the Secretary of the Treasury gives $ 66,000,000 as the amount which will probably be required during the remaining three quarters, if there should be no reduction of the Army making its aggregate cost for the year considerably in excess of ninety-three millions. The difference between the estimates and expenditures for the three fiscal years which have been named is thus shown to be $ 175,545,343 for this single branch of the public service. The report of the Secretary of the Navy exhibits the operations of that Department and of the Navy during the year. A considerable reduction of the force has been effected. There are 42 vessels, carrying 411 guns, in the six squadrons which are established in different parts of the world.