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The condition of our finances and the operations of our revenue
system are set forth and fully explained in the able and instructive
report of the Secretary of the Treasury. On the 30th of June, 1866,
the public debt amounted to $2,783,425,879; on the 30th of June last
it was $2,692,199,215, showing a reduction during the fiscal year of
$91,226,664. During the fiscal year ending June 30, 1867, the receipts
were $490,634,010 and the expenditures $346,729,129, leaving an
available surplus of $143,904,880. It is estimated that the receipts for
the fiscal year ending June 30, 1868, will be $417,161,928 and that the
expenditures will reach the sum of $393,269,226, leaving in the Treasury
a surplus of $23,892,702. For the fiscal year ending June 30, 1869, it
is estimated that the receipts will amount to $381,000,000 and that the
expenditures will be $372,000,000, showing an excess of $9,000,000 in
favor of the Government.
The attention of Congress is earnestly invited to the necessity of a
thorough revision of our revenue system.


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