d every other fact necessary to a full consideration of the subject.
Similar information is communicated in regard to such depositories of
the public moneys as are indebted to the Government, in order that
Congress may also adopt the proper measures in regard to them.

The receipts and expenditures for the first half of the year and an
estimate of those for the residue will be laid before you by the
Secretary of the Treasury. In his report of December last it was
estimated that the current receipts would fall short of the expenditures
by about $3,000,000. It will be seen that the difference will be much
greater. This is to be attributed not only to the occurrence of greater
pecuniary embarrassments in the business of the country than those
which were then predicted, and consequently a greater diminution in
the revenue, but also to the fact that the appropriations exceeded by
nearly six millions the amount which was asked for in the estimates
then submitted. The sum necessary for the service of the year, beyond
the probable receipts and the amount which it was intended should be
reserved in the Treasury at the commencement of the year, will be about
six millions. If the whole of the reserved balance be not at once
applied to the current expenditures, but four millions be still kept
in the Treasury, as seems most expedient for the uses of the Mint and
to meet contingencies, the sum needed will be ten millions.

In making this estimate the receipts are calculated on the supposition
of some further extension of the indulgence granted in the payment of
bonds for duties, which will affect the amount of the revenue for the
present year to the extent of two and a half millions.

It is not proposed to procure the required amount by loans or increased
taxation. There are now in the Treasury $9,367,214, directed by the act
of the 23d of June, 1836, to be deposited with the States in October
next. This sum, if so deposited, will be subject under the law to be
recalled if needed to defray existing appropriations; and as it is now
evident that the whole, or the principal part, of it will be wanted
for that purpose, it appears most proper that the deposit should be
withheld. Until the amount can be collected from the banks, Treasury
notes may be temporarily issued, to be gradually redeemed as it is
received.

I am aware that this course may be productive of inconvenience to many
of the States. Relying upon the acts of Congress whic