The estimated receipts during the next fiscal year, ending June 30,
1860, are $62,000,000, which, with the above-estimated balance of
$7,063,298.57 make an aggregate for the service of the next fiscal year
of $69,063,298.57. The estimated expenditures during the next fiscal
year, ending June 30, 1860, are $73,139,147.46, which leaves a deficit
of estimated means, compared with the estimated expenditures, for that
year, commencing on July 1, 1859, of $4,075,848.89.

In addition to this sum the Postmaster-General will require from the
Treasury for the service of the Post-Office Department $3,838,728, as
explained in the report of the Secretary of the Treasury, which will
increase the estimated deficit on June 30, 1860, to $7,914,576.89.
To provide for the payment of this estimated deficiency, which will
be increased by such appropriations as may be made by Congress not
estimated for in the report of the Treasury Department, as well as to
provide for the gradual redemption from year to year of the outstanding
Treasury notes, the Secretary of the Treasury recommends such a revision
of the present tariff as will raise the required amount. After what
I have already said I need scarcely add that I concur in the opinion
expressed in his report--that the public debt should not be increased
by an additional loan--and would therefore strongly urge upon Congress
the duty of making at their present session the necessary provision
for meeting these liabilities.

The public debt on July 1, 1858, the commencement of the present fiscal
year, was $25,155,977.66.

During the first quarter of the present year the sum of $10,000,000 has
been negotiated of the loan authorized by the act of June 14, 1858,