blessing, but as a heavy burden on the industry of the country, to be
discharged without unnecessary delay.

It is estimated by the Secretary of the Treasury that the expenditures
for the fiscal year ending the 30th of June, 1866, will exceed the
receipts $112,194,947. It is gratifying, however, to state that it is
also estimated that the revenue for the year ending the 30th of June,
1867, will exceed the expenditures in the sum of $111,682,818. This
amount, or so much as may be deemed sufficient for the purpose, may be
applied to the reduction of the public debt, which on the 31st day of
October, 1865, was $2,740,854,750. Every reduction will diminish the
total amount of interest to be paid, and so enlarge the means of still
further reductions, until the whole shall be liquidated; and this, as
will be seen from the estimates of the Secretary of the Treasury, may be
accomplished by annual payments even within a period not exceeding
thirty years. I have faith that we shall do all this within a reasonable
time; that as we have amazed the world by the suppression of a civil war
which was thought to be beyond the control of any government, so we
shall equally show the superiority of our institutions by the prompt and
faithful discharge of our national obligations.

The Department of Agriculture under its present direction is
accomplishing much in developing and utilizing the vast agricultural
capabilities of the country, and for information respecting the details
of its management reference is made to the annual report of the
Commissioner.

I have dwelt thus fully on our domestic affairs because of their
transcendent importance. Under any circumstances our great extent of
territory and variety of climate, producing almost everything that is