654 Presidential Addresses 



be expanded or amplified, the amendment can be 

 made as its desirability is shown. Meanwhile they 

 are being administered with judgment, but with in- 

 sistence upon obedience to them ; and their need has 

 been emphasized in signal fashion by the events of 

 the past year. 



From all sources, exclusive of the postal service, 

 the receipts of the Government for the last fiscal year 

 aggregated $560,396,674. The expenditures for the 

 same period were $506,099,007, the surplus for the 

 fiscal year being $54,297,667. The indications are 

 that the surplus for the present fiscal year will be 

 very small, if indeed there be any surplus. From 

 July to November the receipts from customs were, 

 approximately, nine million dollars less than the 

 receipts from the same source for a corresponding 

 portion of last year. Should this decrease continue 

 at the same ratio throughout the fiscal year, the 

 surplus would be reduced by, approximately, thirty 

 million dollars. Should the revenue from customs 

 suffer much further decrease during the fiscal year, 

 the surplus would vanish. A large surplus is cer- 

 tainly undesirable. Two years ago the war taxes 

 were taken off with the express intention of equaliz- 

 ing the governmental receipts and expenditures, 

 and though the first year thereafter still showed a 

 surplus, it now seems likely that a substantial equal- 

 ity of revenue and expenditure will be attained. 

 Such being the case it is of great moment both to 

 exercise care and economy in appropriations, and 



