successfully conducted. The enactment by Congress of a national
banking law has proved a valuable support of the public credit, and
the general legislation in relation to loans has fully answered the
expectations of its favorers. Some amendments may be required to
perfect existing laws, but no change in their principles or general
scope is believed to be needed.

Since these measures have been in operation all demands on the
Treasury, including the pay of the Army and Navy, have been promptly
met and fully satisfied. No considerable body of troops, it is
believed, were ever more amply provided and more liberally and
punctually paid, and it may be added that by no people were the
burdens incident to a great war ever more cheerfully borne.

The receipts during the year from all sources, including loans and
balance in the Treasury at its commencement, were $901,125,674.86,
and the aggregate disbursements $895,796,630.65, leaving a balance on
the 1st of July, 1863, of $5,329,044.21. Of the receipts there were
derived from customs $69,059,642.40, from internal revenue
$37,640,787.95, from direct tax $1,485,103.61, from lands
$167,617.17, from miscellaneous sources $3,046,615.35, and from loans
$776,682,361.57, making the aggregate $901,125,674.86. Of the
disbursements there were for the civil service $23,253,922.08, for
pensions and Indians $4,216,520.79, for interest on public debt
$24,729,846.51, for the War Department $599,298,600.83, for the Navy
Department $63,211,105.27, for payment of funded and temporary debt
$181,086,635.07, making the aggregate $895,796,630.65 and leaving the
balance of $5,329,044.21. But the payment of funded and temporary
debt, having been made from moneys borrowed during the year, must be
regarded as merely nominal payments and the moneys borrowed to make