The aggregate amount of outstanding appropriations on the 4th day of March last was $33,429,616.50, of which $24,210,000 will be required during the current year; and there will also be required for the use of the War Department additional appropriations to the amount of $2,511,132.98, the special objects of which will be seen by reference to the report of the Secretary of War. The anticipated means of the Treasury are greatly inadequate to this demand. The receipts from customs for the last three quarters of the last year and first quarter of the present year amounted to $12,100,000; the receipts for lands for the same time to $2,742,450, shewing an average revenue from both sources of $1,236,870 per month.
A gradual expansion of trade, growing out of a restoration of confidence, together with a reduction in the expenses of collecting and punctuality on the part of collecting officers, may cause an addition to the monthly receipts from the customs. They are estimated for the residue of the year from the 4th of March at $12,000,000. The receipts from the public lands for the same time are estimated at $2,500,000, and from miscellaneous sources at $170,000, making an aggregate of available fund within the year of $15,315,000, which will leave a probable deficit of $11,406,132.98. To meet this some temporary provision is necessary until the amount can be absorbed by the excess of revenues which are anticipated to accrue at no distant day.
There will fall due within the next three months Treasury notes of the issues of 1840, including interest, about $2,850,000. There is chargeable in the same period for arrearages for taking the Sixth Census $294,000, and the estimated expenditures for the current service are about $8,100,000, making the aggregate demand upon the Treasury prior to the 1st of September next about $11,340,000.
The ways and means in the Treasury and estimated to accrue within the above-named period consist of about $694,000 of funds available on the 28th ultimo, an unissued balance of Treasury notes authorized by the act of 1841 amounting to $1,955,000, and estimated receipts from all sources of $3,800,000, making an aggregate of about $6,450,000, and leaving a probable deficit on the 1st of September next of $4,845,000.
In order to supply the wants of the Government, an intelligent constituency, in view of their best interests, will without hesitation submit to all necessary burthens. But it is nevertheless important so to impose them as to avoid defeating the just expectations of the country growing out of preexisting laws. The act of the 2d of March, 1833, commonly called the “compromise act,” should not be altered except under urgent necessities, which are not believed at this time to exist. One year only remains to complete the series of reductions provided for by that law, at which time provisions made by the same law, and which then will be brought actively in aid of the manufacturing interests of the Union, will