, 1859-01-14

million FIVE hundred thousand dollars
($8s, 500, 0,000), making, with the balance
before stated, an aggregate of seventy mill
lion one hundred and twenty-nine thousand
one hundred and ninety-6ve dollars aud
ifty-six cents go, 1873, 1876 56).
The expenditures during the first quar-
ter Of the present fiscal year were twenty
one million seven hundred and eight thou
sand one hundred and ninety-eight dollars
and ffty-one cents 1921, ,70S, 1913 Sly; Of
which one million and ten thousand enc
hundred and forty-two dollars and thirty
seven cents Isl, ,0l0, l42 37), were applied
to the payment of the public debt and the
redemption Of treasury notes, and the inte-
rest thereon. The estimated expenditures
during the remaining three quarters Of 30th
June, 1859, are ifiy-two million three hun
dred and ninety-eght dollars and forty
eight cents, 1852, ,359, Cos 4s), making an
aggregate Of seventy-four million sixty-fve
thousand eight hundred and Dinety-six dol
lars and ninety-nine cents ($74 ,065, ,896 99),
being an excess of expenditure beyond the
estimated receipts into the treasury from
ordinary sources, during the fiscal year to
the 3Oth June, 1859, of three million nine
hundred and thirty-six thousand seven hun
dred and one dollars aud forty-three cents
(S2, ,936, 70l 43). Extraordinary means
are placed by law within command of the
Secretary Of the Treasury, by the reissue Of
treasury notes redeemed, and by negotia-
ting the balance Of the loan authorized by
the act Of l4th June, 1858, to the extent
of eleven millions Of dollars, which, if real
lied during the present fiscal year, will
leave q balance in the treasury, on the first
day of July, 1859, of seven million sixty
three thousand two hundred and ninety
eight dollars and fifty seven cents 49,
O63, ,29S sly.
The estimated receipts during the next
fiscal year ending 30th June, 1860, are
sixty-two millions Of dollars 1862, 900, ,O00),
which, with the above estimated balance
of seven million sixty-three thousand two
hundred and ninety-eight dollars and fifty
seven cents ($7, ,O63, 29S 5Tl, make an ag-
gregate for the service Of the next fiscal
year Of sixty-nine million sixty-three thou
sand two hundred and ninety-eight dollars
and fifty-seven cents 1850 063, ,298 SD.
The estimated expenditures daring the
uext fiscal year ending 30th June, 1860,
are seventy-three million one hundred and
thirty-nine thousand one-hundred and forty
seven dollars and forty-six cents 1913, 1885,
LAT 46), which leave deficit of estima-
ted means, compared with the estimated
expenditures for that year, commencing on
tue lst of July, 1859, Of four million and
seventy-6ve thousand eight hundred and
forty-eight dollars and eighty-ninc cents
($4,075,S48 s9).
In addition to this sum, the Postmaster.
General will require from the treasury, fol
the service Of the Post Office Department
three million eight hundred and thirty-eight
thousand seven hundred and twenty-eighl
dollars ($3, 1873, 1881, as explained in the
report Of the Secretary Of the Treasury
which will increase the estimated deficit Oh
the 30th June, 1860, to seven million nine
hundred and fourteen thousand five hun
dred and seventy-six dollars and eighty-nint
cents ($7,9l4,576 S9C To provide for tht
payment Of this estimated deficiency, which
will be increased by such appropriations a
may be made by Congress, not estimated
for in the report of the Treasury Depart
ment, as well as to provide for the gradua
redemption, from year to year, of the out
standing treasury notes, the Secretary o
the Treasury recommends such a revision
Of the present tariff as will raise the re
qured amount. After what have ALREADY
said, need scarcely add that l concur ii
the opinion expressed in his report-tha
the public debt should not be increased b.
an additional loan, and would therefor,
strongly urge upon Congress the duty o
making, at their present session, the neces
sary provision for meeting these liabilities
THE PUBLIC DEBT.
The public debt on the lst of July, 1858
the commencement of the present fsca
year, was $25, l55, ,977 &c.
During the first quarter of the presen
year, the sum Of 81 0, 900, 900 has been ne
gotiated of the loan authorized by the &C
of l4th June, I858-making the presen
outstanding public debt, exclusive Of trea
sury notes, $35, 1856, 977 &C. There was OIL
the lst Of July, 1858, of treasury notes is
sued by authority Of the act of December
2S, 1851, unredeemed, the sum of $40, 754,
S00-making the amount OF actual indebt
edness, of that date, $54, ,9lO,777 sc. IL
this will be added $40, ,O0O, 900 during thu
present fiscal year-ths being the remain
ing half of the loan of 500, ,OOO, 900 not ye
negotiated.
The rapid increase of the public debt
and the necessity which exists for modi
fication Of the tariff, to meet even the ordi
nary expenses of the government, ought tC
admonish us oil, in our respective spheres
of duty, to the practice of rigid economy
The objects of expenditure should be limi
ted in number, as far as this may be pruc
ticable, and the appropriations necessary
to carry them into effect, ought to be dis
bursed under the strictest accountability
Enlightened economy does not consist il
the refusal to appropriate money for con
stitutional purposes, essential to tue de