habit of extravagant expenditures, fostered by a large surplus in the
Treasury, must now be corrected or the country will be involved in
serious financial difficulties.

Under any form of government extravagance in expenditure must be the
natural consequence when those who authorize the expenditure feel no
responsibility in providing the means of payment. Such had been for a
number of years our condition previously to the late monetary revulsion
in the country. Fortunately, at least for the cause of public economy,
the case is now reversed, and to the extent of the appropriations,
whatever these may be, ingrafted on the different appropriation bills,
as well as those made by private bills, over and above the estimates of
the different Departments, it will be necessary for Congress to provide
the means of payment before their adjournment. Without this the Treasury
will be exhausted before the 1st of January and the public credit will
be seriously impaired. This disgrace must not fall upon the country.

It is impossible for me, however, now to ascertain this amount, nor does
there at present seem to be the least probability that this can be done
and the necessary means provided by Congress to meet any deficiency
which may exist in the Treasury before Monday next at 12 o'clock, the
hour fixed for adjournment, it being now Saturday morning at half-past
11 o'clock. To accomplish this object the appropriation bills, as they
shall have finally passed Congress, must be before me, and time must
be allowed to ascertain the amount of the moneys appropriated and to
enable Congress to provide the necessary means. At this writing it is
understood that several of these bills are yet before the committee
of conference and the amendments to some of them have not even been
printed.