1st of January. "This sum," the Secretary says, "does not include such
amounts as may be appropriated by Congress over and above the estimates
submitted to them by the Departments, and I have no data on which to
estimate for such expenditures. Upon this point Congress is better able
to form a correct opinion than I am."

The Secretary then estimates that the receipts into the Treasury from
all sources between the 1st of July and the 1st of January would amount
to $25,000,000, leaving a deficit of $15,000,000, inclusive of the sum
of about $3,000,000, the least amount required to be in the Treasury
at all times to secure its successful operation. For this amount he
recommends a loan. This loan, it will be observed, was required, after a
close calculation, to meet the estimates from the different Departments,
and not such appropriations as might be made by Congress over and above
these estimates.

There was embraced in this sum of $15,000,000 estimates to the amount of
about $1,750,000 for the three volunteer regiments authorized by the act
of Congress approved April 7, 1858, for two of which, if not for the
third, no appropriation will now be required. To this extent a portion
of the loan of $15,000,000 may be applied to pay the appropriations
made by Congress beyond the estimates from the different Departments,
referred to in the report of the Secretary of the Treasury.

To what extent a probable deficiency may exist in the Treasury between
the 1st July and the 1st January next can not be ascertained until the
appropriation bills, as well as the private bills containing
appropriations, shall have finally passed.

Adversity teaches useful lessons to nations as well as individuals. The