Since my last annual message the exchange has been made of the
ratification of treaties of extradition with Belgium, Ecuador, Peru, and
Salvador; also of a treaty of commerce and navigation with Peru, and one
of commerce and consular privileges with Salvador; all of which have
been duly proclaimed, as has also a declaration with Russia with
reference to trade-marks.
The report of the Secretary of the Treasury, which by law is made
directly to Congress, and forms no part of this message, will show the
receipts and expenditures of the Government for the last fiscal year,
the amount received from each source of revenue, and the amount paid
out for each of the Departments of Government, It will be observed from
this report that the amount of receipts over expenditures has been but
$2,344,882.30 for the fiscal year ending June 30, 1874, and that for the
current fiscal year the estimated receipts over expenditures will not
much exceed $9,000,000. In view of the large national debt existing and
the obligation to add 1 per cent per annum to the sinking fund, a sum
amounting now to over $34,000,000 per annum, I submit whether revenues
should not be increased or expenditures diminished to reach this amount
of surplus.
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