Those
portions of it which will be for some time unavailable consist chiefly
of sums deposited with the States and due from the former deposit banks.
The details upon this subject will be found in the annual report of the
Secretary of the Treasury. The amount of Treasury notes which it will be
necessary to issue during the year on account of those funds being
unavailable will, it is supposed, not exceed four and a half millions.
It seemed proper, in the condition of the country, to have the estimates
on all subjects made as low as practicable without prejudice to any
great public measures. The Departments were therefore desired to prepare
their estimates accordingly, and I am happy to find that they have been
able to graduate them on so economical a scale. In the great and often
unexpected fluctuations to which the revenue is subjected it is not
possible to compute the receipts beforehand with great certainty,
but should they not differ essentially from present anticipations,
and should the appropriations not much exceed the estimates, no
difficulty seems likely to happen in defraying the current expenses
with promptitude and fidelity.
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