THE TREASURY BUDGET.
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In the following columns will be found the Mes
sage of the President of the United States, accom-
panied by Report from the Secretary of the Trea-
sury, in reply to call by the Senate for the views
OF the Executive as TO any probable deficiency in the
Revenue, and the means Of supplying it.


deficiency in the Revenue, to an amount far
exceeding the surplus in the Treasury is, every
one must have anticipated, beyond any doubt. That
deficiency is, we have just little doubt in our own
mind underrated by our Minister of Finance. In
stead OF the deficiency for the fiscal year uhat end
ing June 3Oth, ls47) being what is estimated, we
believe, from our own observation and experience,
that the whole amount of money proposed to be
raised for the extra expenses of that year will not
carry the Government mnch further than the
next meeting of Congress-that is to say, than De-
cember next. Congress will, however, be then in
session, and the additional necessary provision of
ways and means may be well deferred till that time.


AS to the mode of raising the required additional
revenue it takes conurer to foretell that il will
not be accomplished by the modification of the I'm
post Duties proposed and recommended. If those
notifications could be carried through Congress,
and would produce the precise effects calculated up
on by the Secretary Of the Treasury, they could
not be put into operation in time to meet the exi-
gency. Other resources must therefore be looked
to. The only other resource-for we place no re-
lance additional revenue from the land fund.- now
that " annexation has brought into market much
penny-cheap lands borrowing. To that COM
plexion we must come at last. There are two
modes of borrowing the one in the form Of loans,
the other in that of Treasury Notes. Mr.. Secre-
sary WALKER proposes to combine the two snd we
do not see what better can be done.


We trust therefore, that, without wasting more
time in Improbable attempts to modify the Tariff,
and mpracticabe efforts to tax the necessaries OF
life imported free of duty, Congress will forth
with authorize the loan and the issue of Treasury
Notes, and relieve the Government from the pain
full and dsreputabe predicament i'll which, if we
mistake not, the Treasury is likely otherwise TO
find itself before many weeks pass our heads.