It affords me, however, great pleasure to be able to say that from
the commencement of this period to the present day every demand upon
the Government, at home or abroad, has been promptly met. This has
been done not only without creating a permanent debt or a resort to
additional taxation in any form, but in the midst of a steadily
progressive reduction of existing burdens upon the people, leaving
still a considerable balance of available funds which will remain in
the Treasury at the end of the year. The small amount of Treasury notes,
not exceeding $4,500,000, still outstanding, and less by twenty-three
millions than the United States have in deposit with the States, is
composed of such only as are not yet due or have not been presented
for payment. They may be redeemed out of the accruing revenue if the
expenditures do not exceed the amount within which they may, it is
thought, be kept without prejudice to the public interest, and the
revenue shall prove to be as large as may justly be anticipated.
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