US Presidency
1836

The unexpended balances of appropriation on the first day of January next are estimated at $ 14,636,062, exceeding by $ 9,636,062 the amount which will be left in the deposit banks, subject to the draft of the Treasurer of the United States, after the contemplated transfers to the several states are made. If, therefore, the future receipts should not be sufficient to meet these outstanding and future appropriations, there may be soon a necessity to use a portion of the funds deposited with the states. The consequences apprehended when the deposit act of the last session received a reluctant approval have been measurably realized. Though an act merely for the deposit of the surplus moneys of the United States in the state treasuries for safe keeping until they may be wanted for the service of the general government, it has been extensively spoken of as an act to give the money to the several states, and they have been advised to use it as a gift, without regard to the means of refunding it when called for.