US Presidency
1882

As a result of careful estimates, the details of which can not be here set out, I have become convinced that the deficiency for the first year after the proposed reduction would not exceed 7 per cent of the expenditures, or $ 3,000,000, while the deficiency after the reduction of 1845 was more than 14 per cent, and after that of 1851 was 27 per cent. Another interesting comparison is afforded by statistics furnished me by the Post-Office Department. The act of 1845 was passed in face of the fact that there existed a deficiency of more than $ 30,000. That of 1851 was encouraged by the slight surplus of $ 132,000. The excess of revenue in the next fiscal year is likely to be $ 3,500,000.