US Presidency
1860

This sum therefore justly chargeable to the year 1859, must be deducted from the sum of $ 59,848,474.72 in order to ascertain the expenditure for the year ending June 30, 1860, which leaves a balance for the expenditures of that year of $ 55,402,465.46. The interest on the public debt, including Treasury notes, for the same fiscal year, ending June 30, 1860, amounted to $ 3,177,314.62, which, added to the above sum of $ 55,402,465.46, makes the aggregate of $ 58,579,780.08. It ought in justice to be observed that several of the estimates from the Departments for the year ending June 30, 1860, were reduced by Congress below what was and still is deemed compatible with the public interest. Allowing a liberal margin of $ 2,500,000 for this reduction and for other causes, it may be safely asserted that the sum of $ 61,000,000, or, at the most, $ 62,000,000, is amply sufficient to administer the Government and to pay the interest on the public debt, unless contingent events should hereafter render extraordinary expenditures necessary.