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the persistent refusal to come to grips with a critical problem in one sector of American agriculture; the continuing threat of inflation, together with the persisting tendency toward fiscal irresponsibility; in certain instances the denial to some of our citizens of equal protection of the law.
As a result of economy of administration by the Executive and of appropriation by the Congress, the end of this fiscal year will leave a surplus in the Treasury estimated at $383,000,000. Unless otherwise ordered, such surplus is used for the retirement of the war debt. A bond which can be retired today for 100 cents will cost the people 104 1/4 cents to retire a year from now.
An examination of the details of our exports, however, will show that the increased value of our exports for the last fiscal year is to be found in the high price of cotton which prevailed during the first half of that year, which price has since declined about one-half.
As a contribution to the situation the Federal Government is engaged upon the greatest program of waterway, harbor, flood control, public building, highway, and airway improvement in all our history. This, together with loans to merchant shipbuilders, improvement of the Navy and in military aviation, and other construction work of the Government will exceed $520,000,000 for this fiscal year.
The public expenditures for the fiscal year ending 30th June, 1857, amounted to $70,822,724.85, of which $5,943,896.91 were applied to the redemption of the public debt, including interest and premium, leaving in the Treasury at the commencement of the present fiscal year, on the 1st July, 1857, $17,710,114.27.
Your attention is respectfully called to the report of the Postmaster General for the detailed operation of his Department during the last fiscal year, from which it will be seen that the receipts from postages for that time were less by $1,431,696 than for the preceding fiscal year, being a decrease of about 23 per cent.
The latter was instructed to see to it that the income from the tax should first be applied to cover the fiscal arrears of the Jews, then to provide for the maintenance of the Crown schools and the official promotion of agriculture among Jews, and only as a last item to be spent on the local charities.
We stood into the harbour that night, and next morning, which, according to our account, was Tuesday, but with the Dutch Wednesday, two Dutch orambies, as they call the vessels used at that place, came on board us, each of which was paddled by forty men. In these vessels came the fiscal and several Dutch gentlemen, with eighty soldiers, who immediately took possession of our bark.
First, I asked for certain appropriations which are intended to keep the government expenditures for work relief and similar purposes during the coming fiscal year at the same rate of expenditure as at present.
Without proper care the small balance which it is estimated will remain in the Treasury at the close of the present fiscal year will not be realized, and additional millions be added to a debt which is now enumerated by billions.
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