thin the estimates of the different Departments,
without making an allowance for any additional expenditures which
Congress may think proper, in their discretion, to authorize, and
without providing for the redemption of any portion of the $20,000,000
of Treasury notes which have been already issued. In the event of a
deficiency, which I consider probable, this ought never to be supplied
by a resort to additional loans. It would be a ruinous practice in the
days of peace and prosperity to go on increasing the national debt to
meet the ordinary expenses of the Government. This policy would cripple
our resources and impair our credit in case the existence of war should
render it necessary to borrow money. Should such a deficiency occur as
I apprehend, I would recommend that the necessary revenue be raised by
an increase of our present duties on imports. I 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 Treasury 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 June 30, 1859, including the loan authorized by the act of June
14, 1858, and the issues of Treasury notes authorized by existing laws,
were $81,692,471.01, which sum, with the balance of $6,398,316.10
remaining in the Treasury at the commencement of that fiscal year, made
an aggregate for the service of the year of $88,090,787.11.

The public expenditures during the fiscal year ending June 30, 1859,
amounted to $83,751,511.57. Of this sum $17,405,285.44 were applied to
the payment of interest on the public debt and the redemption of the
issues of Treasury notes. The expenditures for all other branches of the
public service during that fiscal year were therefore $66,346,226.13.

The balance remaining in the Treasury on the 1st July, 1859, being the
commencement of the present fiscal year, was $4,339,275.54.

The receipts into the Treasury during the first quarter of the present
fiscal year, commencing July 1, 1859, were $20,618,865.85. Of this
amount $3,821,300 was received on account of the loan and the issue of
Treasury notes, the amount of $16,797,565.85 having been received during
the quarter from the ordinary sources of public revenue. The estimated
receipts for the remai