. . . no other way, probably, can a provision of equal efficacy for the public defense be made at so little expense or more consistently with the public liberty.

The receipts into the Treasury during the year ending on the 30th of September last (and amounting to more than $8.5 millions) have exceeded the current expenses of the Government, including the interest on the public debt. For the purpose of reimbursing at the end of the year $3.75 millions of the principal, a loan, as authorized by law, had been negotiated to that amount, but has since been reduced to $2.75 millions, the reduction being permitted by the state of the Treasury, in which there will be a balance remaining at the end of the year estimated at $2 millions. For the probable receipts of the next year and other details I refer to statements which will be transmitted from the Treasury, and which will enable you to judge what further provisions may be necessary for the ensuing years.

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