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year under the epsfstsoa of the saksF 4. w ,s was 9t.SS Fus ana the Asti revsuas frc. 'osI semss dasiag the yeis ending Dscsnhss i.s ,ss sas oeing lhe htst year under tke operatiou of m. 4,, lcse' was about @St ,soa 0n0, bsiax an inr,,.S ot revenue hr the st year asder the ac, oS 's ot more than $s 0ss, over ,liat of inc se cyer the tatiA pf tel7 te

 The expenditures during the 6seul x..r ..4, on the S0sa of Jane last are AS0 4ki ns, ss Os whsch $s. .0s2 2T was oa aecount af - " Y et Rrispas and interest af the puhlic arh nsss ing Tsasafy notes redeemed and see fnndss, M sAPead.easss. exclusive oi payment q plblic a.s were SaAS3g 09s 2s. S It's estimated that ihe receipts mic A. ,,... sos the hssal year eedag 30sh 1aae Isss, inrs.,.l oaiance in the treasury oa the lst Of Jalv h~, .3 amount 10 $s9y yysS. .S&8 %; of which al.Ooa eaa n estimated, will he derived lrom eas,oms ss z. e'F1 :lam the sase ef Iaass-- es0Oa aao finn ;.S aeHtai sources. including sales mAde by the ss,.. eoe ~ he lTeesaFy-~amd SS 2SS. .2ea aS frum Is.s Mseeay aath"sssed hy law which. with .As A.l a"ee n the treasury, on the krsl of Julv I..i .h the sun estimated. @>@' Ihe expenditures for the ssm0 aeyir.l if a... w"n Mexieo shali not be concluded, and ihe .,., shaiI De increased IS proposed will amount. insa. aang the neceessaFy payments, on account ol rri.s pct and interest of the public debt, and trss~a,r notes to SSs, 6l5. .6eUs0f IVY SA .ne hfst ot tne present. month the amount sf sae Puo.m neet seeaaly tncarrcd, including sre... i uFy, notes was et5,6s9, 90. Tho pahlic Scel S.. on the 4th March. lsaS, lncladinR srsasurs o,.s. was $lI and consequently aaaltlSa msa. to The fubic debt, since that time, s Aa7 .s7O sSq 7S. Of the loan of S3,0O0. .0a0 Tathcsi.sa hv v,A act ot 18th of January, lS47 the sum of AS nA m was paid out to the public ereditosu, or exrhss.s at par toF specie. The Femaininr kls.00A 00N V. ofseFred for specie b the highest bidder, ue h,le par, oy an adveFtlseHieas hsucd by the Seeresary the Treasury, And published from the 9th ef Fak ', the 10th of April, ls47. whom t was awarded ,o ,s. ssveral highest htddcrs al premium varying ,s., one-cighth of enc per cent. to two per cent .hs,s par. Tho psemiam has been paid iaio the tr...sr, and the sama awarded deposised in spccln |. G. treasury, as fast it was needed by the want. {, the government

 To meet the expenditures of the remainseF of k. present, and for tho next iscal year, endnv on A. JOth of June, Ss9, further loan, in aid ,ke s,a, nary reveuae, will be necessary. Retaining sa6 cient surplus in the treasury the loan rcesirsd f the remainder os the present fiscal year wil he E. bove SIS 800 600. Ii the duty en tea and coa,e k imposed, and the graduation of the public Iand, shall be made at an early period of your usssoD as recommended, the leans for the fiscal year ma, be reduced to $i7,000.000 They may bs iarhe, reduced. whatever amount of expenditures caa !, saved by the military contributions collected ls

 

 menlation of these contributions have been dir,r, ed and very considerable sum k expected from that source. Its amount cannot, however he cal culated with any certainly. lt is recommended a, ] the loans to be made be authorized upon the am, terms, and for the same time which was sushc,,S under the provisions of the act of the 2sh of Jaas ary, ts47.

 Should the war with Mexico be continued tiff the 30th of June, 1s49, it is estimated that Ia, ther lean of $20. .500,0 ,0o0 will be required, for sA, fiscal year ending on that lday, in case no daiy be imposed tea and coffee, and the public aAds be not reduced and graduated in price, and no mill. tary contributions shall be collected In Mesico- II the duty tea and coffee be imposed, and h. lands reduced and graduated, in price, as proposed the loan may be reduced to ST 900 00O; and will | subject to be still further reduced by the amour, al the military co ntrlbutions which may be coieetet in Mexico. It is not proposed, however, 10 ast Congress for authority 10 negotiate the loans for s next fiscal year; as It is hoped that the loans, ask cd for the remainder of the present fiscal year aided by military contributions, which may be col. lected in Mexico, may be sufficient. If, contrary to my expectations there shall be necessity for il the fact will be communicated to Congress In tim for their action. during the present sesaion | no event will a sum exceeding $6,000.00 of h amount be needed before the meeting of the @&ha of Congress, of I64S.

 The act ofof the Both of July, l646. reducing .As duties on impOrts has been in force since the ir a Dec. last; and gratifed to state that all ihe b. nefical effects which were anticipated from s Op srations have been fully realized. The public r- venue derived from customs during the ysur saa ing lst of Dec, is47, by more than 6 s,OOOOoa the amount received in the proceeding year, uuds the operations of the act of 1899, and which wss superseded by it. It effects are visible in the gs. and almost unexamped prosperity which preval in almost every branch of business.

 1 While the repeal of prohibi,ory and restrictive duties of the act of lS42. and the substitution i their place of reasonable revenue rates. levied Go articles imported according 10 their actual vsss 1 eign trade, all the great interests have beea n. vaneed and promoted. The great and impcraOl u ' ierests which had been not only too mach neglected but actually taxed by the protective policy, bf hs f beneM Of interests, have been relieved of the bur den which that policy imposed upon them, asd OC farmers and planters under the more just and Iibsr commercial policy, are finding new and prOhlabN markets abroad for their augmented products 0G 1 | commerce is rapidly increasing, and is extehdE ! more widely inc circle of international exchanges Great as has been the increase of our imports of past year, our exports of domestic products sold foreign markets have been still greater

 l Our navigation interests emnently pfospe ous. The number of vessels built in the Uhils | States is greater than during any period of sqss | iehgtn. Large pfohfs nave been derived 0y lbs who have constructed as well ss by those who h" l nayigaied them. Should the ratio ofineresse n fr E humber of our merchant vessels be progressive rz 1 be so great fer the future during the past ysn the time is not distant when our tonage and con merca marines viii De larger than that any she nation in the world. Whilst the interests of ssp culture, of comm rec, and of navigation have bet enlarged. 1t is highly gratifying to observe that os { manufacturers are also in prosperous condition ] None of the ruinous effects upon these interest which were apprehended by some, as the result the operation cf ihe revenue system estsbishafs1 the act oi is46. have been experienced. On contrary, the number of manufactures. and ef " amount of capital invested in them. is rapidly P creasing; afording gratifying proof that Amencr enterprise and skill, employed in this braneh oi d mesiic industry with no other vsniages than AOs fairly and incidentally aceruing from just sys Oi reyenue duties, abundantiy able 10 meet ''f eessfully all competition from abroad, and saii q" i've fair and remunerating profits. l While capital invested in manufactures yisS ing adequate and fair pso6ts. under the new 'Y'sS the wages of labor, whether employed in nanS'H lures. agriculture os navigation, saVe been sug1'' 1 ted.

 The toiling millions. whose daily labor iuf"f''' | the atiF.s.ias s,f ralEnens hec