, 1854-02-18

I from year to year increasing beyond eithel
d the interest or the prospective wants of tht
n country.
e At the close Of the fiscal year ending
G June 80, 1852, there remained in the trea
+ sury balance of fourteen million six hun
+ dred and thirty-two thousand one hundred
D and thirty-siX dollars. The public revenue
l for the fiscal year ending June 30, 1853
amounted to ffty-eight million nine hun
= dred and thirty-one thousand eight hun.
| drcd and siXty-iive dollars from customs
: and to two million four hundred and five
5 thousand seven hundred and eight dollar,
from public lands and other miscellaneous
sources, amounting together to sixty-one
: million three hundred and twenty-scveu
thousand FIVE hundred and seventy-four dol
lars; while the public expenditures for the
same period, exclusive of payments on ac-
count Of the public debt, amounted to for
ty-three million five hundred and iifty-fOur
thousand two hundred and sixty-two dol
lars; leaving balance Of thirty-two mil
lion four hundred and twenty-five thousand
7 four hundred forty-seven dollars of receipts
above expenditures.
This fact, Of increasing surplus in the
treasury, became the subject of anxious
consideration at a very early period of my
administration, and the path of duty in
regard to it seemed to me obvious and clear,
namely; first, to apply the surplus revenue
to the discharge of the public debt, so far
as it could judiciously be done; and second
", to devise means for the gradual rcduc-
i ton of the revenue to the standard of the
public cxigcncies.
OF these objects the first has been in
the course Of accomplishment, in a manner
and to a degree highly satisfactory. The
amount Of the public debt, of all classes
was, on the fourth of March, 1858, sixty
lnine million one hundred and ninety thous-
and and thirty-Scvcn dollars; payments on
account of which lave been made, since
that period, to the amount Of twelve mill
ion seven hundred and three thousand three
hundred and twcnty-nine dollars, leaving
unpaid and in the continuous course Of H.
quotation, the sum Of sixty-six million four
hundred and eighty-six thousand seven hun
dred and eight dollars. These payments,
although made at the market price Of the
respective classes Of stocks, have been ef-
fccted readily and to the general advanta-
ges of the treasury, and have at the same
timo proved of signal utility in the relief
they have incidentally afforded to the mon
cy market and to the Industrial and com
mercial pursuitssof the country. '"I
The second Of the aforementioned OBJ
ccts, that of the reduction Of the tariff, is
of great Importance, and the plan suggcs-
ted by the Secretary of the Treasury,
which is to reduce the duties on certain ar
tirles, and to add to the free list many ar
ticles now taxed, and especially such as en-
ter into manufactures, and are not largely,
or Nt&ll produced in the country, is com
mended to your candid and careful conside-
ration. '
You will find in the report Of the Secre-
tary of the Treasury, also abundant proof
of the entire adequacy Of the present fis-
cal system tomeet all the requirements Of
the public service, and that while properly
administered, it operates to the advantage
of the community in ordinary business re-
lations. i'-l 20"
respectfully ask your attention to sun
dry suggestions of improvements in the set
tlcment of accounts, especially as regards
the large sums of outstanding arrears dae
to the government, and Of other reforms in
the administrative action of his depart
ments, which are indicated by the Secreta-
ry; as also to the progress made in the con
structiOn Of marine hospitals, custom hou-
ses, and of a new mint in California and
assay Office in the city of New York, here
tofore provided for by Congress; and also
to the emincntly successful progress of the
Coast Survey, and of the Light House
Board H lr
Among the objects meriting your atten4
ton will be important recommendations
from the Secretary Of War ard Navy. i
am fully satisfied that the navy of the Uni
ted States is not in condition of strength
and efficiency commensurate with the mag
nitude Of our commercial and other inter
eSts; and commend to your special atteh-
ton the suggestions on this subject, made
by the Secretary Of the Navy respect
fully submit that the army which, under
our system, mustalways be regarded with
the highest interest, as a nucleus around
which the volunteer forces of the nation
gather in the hour Of danger, requires aug
mentation, or modification to adapt il to
the present extended limits and frontier re-
lations of the country, and the condition Of
the Indian tribes in the interior Of the con-
tinent; the necessity Of which will appear
in the communications Of the Secretaries Of
War and the Interior ru N.
In the administration Of the Post Office
Department for the fiscal year ending June
80, 1858, the gross expenditure was seven
million nine hundred and eighty-two thons-
and seven hundred and iifty-sx dollars; and
T the gross receipts, during the same period,
five million nine hundred and forty-two
thousand seven hundred and thirty four
dollars; showing that the current revenue