These engagements
amount during that period to $10,500,000, which, with near one million
for the civil, miscellaneous, and diplomatic expenses, both foreign and
domestic, and $17,800,000 for the military and naval expenditures,
including the ships of war building and to be built, will leave a sum
in the Treasury at the end of the present year equal to that on the 1st
of April last. A part of this sum may be considered as a resource for
defraying any extraordinary expenses already authorized by law beyond
the sums above estimated, and a further resource for any emergency may
be found in the sum of $1,000,000, the loan of which to the United
States has been authorized by the State of Pennsylvania, but which has
not yet been brought into effect.
This view of our finances, whilst it shows that due provision has been
made for the expenses of the current year, shows at the same time, by
the limited amount of the actual revenue and the dependence on loans,
the necessity of providing more adequately for the future supplies
of the Treasury. This can be best done by a well-digested system of
internal revenue in aid of existing sources, which will have the effect
both of abridging the amount of necessary loans and, on that account, as
well as by placing the public credit on a more satisfactory basis, of
improving the terms on which loans may be obtained.
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