STATE OF THE FINANCES.

MESSAGE FROM THE PRESIDENT OF STATES
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In resolution of the Senate OF the Sd instant
communicate herewith estimates prepared by the War and
Navy Departments Of the probable expenses of conducting the
existing with Mexico during the remainder of the present
and the whole of the next fiscal year communicate also
report of the Secretary the Treasury based upon these es
mates containing recommendations of for raising the
additional required 1t probable that the annual
penes incurred during the period specified may fall consider
ably below the estimates submitted which for larger
ber of troops than have yet been called the field As
cauoay measure however, against any possible deficiency,
the estimates have been made the largest amount which
state OF the service may require.


will be perceived from the Report of the Secretary Of the
Treasury that considerable portion Of the additional amount
required may be raised by modification of the rates Of duty
imposed by the existing tariff laws The high duties at pre-
levied many articles totally exclude them from impo
taton, whilst the quantity and amount of others which
imported greatly diminished BY reducing these duties to


Standard is not doubted that larger amount of
the articles which they imposed would be imported and
corresponding of be received at the Trea
suy from this source By imposing duties many
articles permitted be imported free of duty, and by
guatng the within the standard upon Others
large additional will be collected Independently OF
the high considerations which induced me in my annual
message to recommend modification and reduction of the
duty imposed by the Of s42 being not only
proper in reference state of peace, but just to all the
great interests of the county, the necessity OF such modi
caton and reduction measure must now be manifest


The country requires additional for the prosecution OF
the 1t may be obtained great extent by reducing the
prohibitions and highly protective duties imposed by the exist
ing laws rates. by imposing revenue duties on the
free list and by modifying the of duties other articles


The notifications recommended by the Secretary of the
Treasury his annual report in December last were adapted
of peace and the additional duties suggested by





At the conclusion of the these duties may and
should be abolished and reduced to lower rates.


1t not apprehended that the existing with Mexico will
materially affect trade and with the Of the
world On the contrary the reductions proposed would in
crease that trade and augment the derived from it.


When the country in a of war, contingency should
be permitted which there would be deficiency in
the Treasury for the vigorous prosecution Of the and to
guard against such event. recommended that contingent
authority be given to issue Treasury notes. to contract
loan for limited amount reimbursabc early day Should
no exercise the power still may be impor-
an that the authority should exist should there be
sy for il.


II deemed necessary direct excses
the recommended being deemed preferable
of increasing the II is hoped that the with
Mexico if vigorously prosecuted contemplated may be
of short duration. shall be all times ready conclude



manifest like disposition The existing has been
dered necessary by the of Mexico and whenever that
Power shall be ready do justice, shall he prepared to
sheath the sword and tender her the olive branch of peace


JAMES X. POLK.


The following is the Report of the Secretary Of
the Treasury referred to in the preceding message:


TREASURY DEPARTMENT., JuSE Is, 1916.


Sin have duly considered the resolution of the Senate
A. y1 e nf
Secretary of the Navy Of the 9th instant and of the Secretary
of War Of the 18th Instant submitted by you this Depart
men, and respectfully report to you as follows:


1t appears that the aggregate estimated expenditures of the
War and Navy Departments for the fiscal years terminating
the both Of Junc sd6 and the 30h Of june ls47 amount
23 and above the estimates made by these
Departments December last and then submitted in my
nua report Congress In that report it supposed by
this Department that upon the expenditures then estimated for


of peace, there would remain the s of July, lS47,


balance in the Treasury Of s4,332, AL Deducng this
balance from the of expenditures above estimated by
the War and Navy Departments, there would result def
cheney of 81 463 1t believed however, that this de-
cency WILL from augmented receipts accrued and accrung
for the fiscal years ls46 and ls47 be diminished four mil
lions of dollars which would reduce the deficit the st of
July, ls47, to SIS, ,620,463.


asceraned by experience that for the certain prompt
and convenient payment of the public creditors all times
and places throughout extended territory and the supply
of the mint and branch mins for coinage Of four mil
lions of dollars especially during state of war, must remain
on hand in the Treasury which would again the
to be provided for before the Both Jme s47 to 463


Is believed however, that equal TO So, 534 O57 OF
additional may be produced by the modification of the
tariff herein proposed, namely to adopt basis the bill
ducng the tariff reported by the Committee of Ways and
Means the House of Representatives the l4th of April
last together with the augmented and additional duties now
proposed and enumerated schedule A. This change Of the
bull reported by the committee, emitting the fourth section,
would make addition the TO be produced by that
bill Of 81, 034, 057.


After very careful examination of the additional data
which it has been in my power obtain since the month OF
February last my conviction that the bill Of the commit
tee will produce of least twenty millions
OF dollars Ii to this be added the additional duties proposed
to be levied in schedule A. the bill Of the committee with
the notifications embraced in that schedule, would produce
nett Of S3O 057 This would make an addition
of 057 the that would be produced under
the act of the 30h Of August 1872 IT. then, deduct this
S5, ,057 from the deficit above estimated, 1t would sll
leave deficit Of Sl4, 0s6 406.


IT. in addition the modification of the tariff above suggest
ed the waehousng adopted as recommended IN
annual report December last would make an addition
the annual revenue from Of million OF dollars
which, deducted from the above deficit, would leave DELI
cheney still remaining of Sl3, ,0s6, 6,4O6


Ii that the introduction OF the warehousng system
might diminish the during portion OF lhe hst year
succeeding its adoption but that il would add one million OF
dollars per the permanent annual revenue rom Gus
toms is not doubted


1t believed also that the reduction and graduation of the
price of the public lands in of settlers and cultvaors, as
recommended in your message Of December last would make
an annual addition half million Of dollars to the revenue


rvabe from the proceeds Of the sales OF the public ands by
bringing into market many millions Of acres OF the public do
main which are wholly unsaeabe at the present minimum
price established by law Deducing this sum of half mill
lion of dollars from the deficit last above mentioned would
leave still unprovdcd for the Of S2 406, which must
be met by loans Treasury notes. direct taxation,


In addition to the strong objections which have been urged