The aggregate of means from these and
other sources, with the balance on hand on the 1st of January last, has
been applied to the payment of appropriations by Congress. The whole
expenditure for the year on their account, including the redemption of
more than eight millions of Treasury notes, constitutes an aggregate
of about $40,000,000, and will still leave in the Treasury the balance
before stated.
Nearly $8,000,000 of Treasury notes are to be paid during the coming
year in addition to the ordinary appropriations for the support of
Government. For both these purposes the resources of the Treasury will
undoubtedly be sufficient if the charges upon it are not increased
beyond the annual estimates. No excess, however, is likely to exist. Nor
can the postponed installment of the surplus revenue be deposited with
the States nor any considerable appropriations beyond the estimates be
made without causing a deficiency in the Treasury. The great caution,
advisable at all times, of limiting appropriations to the wants of the
public service is rendered necessary at present by the prospective and
rapid reduction of the tariff, while the vigilant jealousy evidently
excited among the people by the occurrences of the last few years
assures us that they expect from their representatives, and will sustain
them in the exercise of, the most rigid economy.
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