Arkansas true Democrat., 1860-01-11


 to California and Oregon agaist such q naval power by any other means.
 Irepeat the opinion contained in my last annual message, that it would be inexped- tent for the Government to undertake this great work by agents ofits own appointment and under its direct and exclusive control. This would increase the patronage of the Executive to dangerous extent, and would foster system of jobbing and corruption which no vigilance on the part of federal officials could prevent. The construction of this road ought, therefore, to be intrusted to incorporated companies, or other agen- cies, who would exercise that active and vigilant supervision over 1t which can be inspired alone by sense of corporate and individual interest. I venture to assert that the additional cost of transporting troops, munitions of war, and necessary supplies for the army across the vast in tervening plains to our possessions on the Pacific coast would be greater in such war than the whole amount required to con struct the road. And yet this resort would after all, be inadequate for their defense and protection.
 We have yet scarcely recovered from the habits of extravagant expenditure, pro- duced by our overfowing treasury, during several years prior to the commencement of my administration The financial reverses which we have since experienced ought to teach us all to scrutinize our expenditures with the greatest vigilance, and to reduce them to the lowest possible point The dxecutive departments of the government have devoted themselves to the accomp lishment of this object with considerable success, as will appear from their different reports and estimates. To these I invite the scrutiny of Congress, for the purpose of reducing them still lower, if this be practi- cable, consistent with the great public interests of the country. In aid of the policy of retrenchment pledge myself to examine closely the bills appropriating lands or money, so that if any of these should inadvertently pass both Houses, as must sometimes be the case, may afford them an opportunity for reconsideration At the same time we ought never to forget true pubic economy consists, not in with holding the means necessary to accomplish important national objects confded to us by the constitution, but in taking care that the money appropriated for these purposes shall be faithfully and frugally expended.
 It will appear from the report of the Secretary ofthe Treasury that it is extremely doubtful, to say the least, whether we shall be able to pass through the present and the next fiscal year without providing addi- tional revenue. This can only be accom- plished by strictly confning the appropr- ations within the estimates of the different departments, without making an allowance for any additional expenditures which Congress may think proper, in their discre- ton, to authorize, and without providing for the redemption of any portion of the S2O,OOO,OOO of treasury notes which have been already issued. In the event of deficiency, which 1 consider probable, this ought not to be supplied by resort to addi- tonal loans.
 It would be ruinous practice in the days ot peace and prosperity to go on in- creasing the national debt to meet the or dlnary expenses of the government. This policy would cripple our resources and impair our credit in case the existence of war should render 1t necessary to borrow money. Should such deficiency occur as l apprehend, 1 would recommend that the necessary revenue be raised by an in crease of our present duties on imports. 1 need not repeat the opinions expressed in my last annual message as to the best mode and manner of accomplishing this object, and shall now merely observe that these have since undergone no change.
 The report of the Secretary of the Trea- sury will explain in detail the operations of that department of the government.
 The receipts into the treasury from all sources during the fiscal year ending 30th June, 1859, including the loan authorized by the act of 14th June. 1858, and tho issue of treasury notes, authorized by existing laws, were Sl ,692, All 01, which sum, with the balance of S6 1888, ,316 10 re- maining in the treasury at the commence ment of that fiscal year, made an aggre- gate for the service of the year of S,099,- 7S7 II.
 The public expenditures during the fiscal year ending 30th June, 1859, amounted to SS3,751,511 57. Of this sum Sl7, ,405,- 2S5 II were applied to the payment of in terest on the public debt and the redemp- tion of the issues of treasury notes. The expenditures for all other branches of the public service during that fiscal year were, therefore, S66, 1856, 226 13.
 The balance remaining in the treasury on the 1st July, 1859, being the commence ment of the present fiscal year, was $4,- 339 ,275 54.
 The recepts into the treasury during the first quarter of the fiscal year, commencing July 1st, 1859, were $20,61S,S65 S5. Of this amount $3,S21 300 was received on account of the loan and issue of treasury notes.-the amount of $l6, ,797 ,565 S5 hav- ing been received during the quarter from the ordinary sources of public revenue. The estimated receipts for the remaining three-quarters of the present fiscal year to 30th June, 1860. are $50, ,426, 400.
 Of this amount 1t is estimated that $5- 766, 400 will be received for treasury notes which may be re-issued under the fifth section of the act of 3rd March last, and $1, 700, ,000 on account of the loan author ized by the act of June IA, 1S5S-asking $6, ,926, 400 from these extraordinary sour ces of the public revenue-making an az gregate. with the balance in the treasury on the 1st July, 1860, of S755,3S4, ,34l S9 for the estimated means of the present fiscal year ending 30th June, 1860.
 The expenditures during the first quarter of the present fiscal year were 2O,OO7,- 174 75. Four million six hundred and sixty-four thousand three hundred and sixty-six dollars and seventy-six cents of this sum were applied to the payment of interest on the public debt and the redemp- tion of the issues of treasury notes, and the remainder, being S15,342, sos, were ap- piled to ordinary expenditures during the quarter.
 The estimated expenditures during the remaining three quarters, to Juno 30, 1860, are $40, ,995, 55S 23. Of which sum $2,- 5,611 34 are estimated for the interest on the public debt. The ascertained and estimated expenditures for the fiscal year ending 30th June, 1860, on account of the public debt, are accordingly, S4, ,55O, ,9SS 10, and for the ordinary expenditures of the Government S53, ,451744 S9, making an aggregate of $61, ,002,732 99; leaving an estimated balance in the treasury on the