To what extent a probable deficiency may exist in the Treasury between the 1st July and the 1st January next can not be ascertained until the appropriation bills, as well as the private bills containing appropriations, shall have finally passed.

Adversity teaches useful lessons to nations as well as individuals.  The habit of extravagant expenditures, fostered by a large surplus in the Treasury, must now be corrected or the country will be involved in serious financial difficulties.

Under any form of government extravagance in expenditure must be the natural consequence when those who authorize the expenditure feel no responsibility in providing the means of payment.  Such had been for a number of years our condition previously to the late monetary revulsion in the country.  Fortunately, at least for the cause of public economy, the case is now reversed, and to the extent of the appropriations, whatever these may be, ingrafted on the different appropriation bills, as well as those made by private bills, over and above the estimates of the different Departments, it will be necessary for Congress to provide the means of payment before their adjournment.  Without this the Treasury will be exhausted before the 1st of January and the public credit will be seriously impaired.  This disgrace must not fall upon the country.

It is impossible for me, however, now to ascertain this amount, nor does there at present seem to be the least probability that this can be done and the necessary means provided by Congress to meet any deficiency which may exist in the Treasury before Monday next at 12 o’clock, the hour fixed for adjournment, it being now Saturday morning at half-past 11 o’clock.  To accomplish this object the appropriation bills, as they shall have finally passed Congress, must be before me, and time must be allowed to ascertain the amount of the moneys appropriated and to enable Congress to provide the necessary means.  At this writing it is understood that several of these bills are yet before the committee of conference and the amendments to some of them have not even been printed.

Foreseeing that such a state of things might exist at the close of the session, I stated in the annual message to Congress of December last that—­

From the practice of Congress such an examination of each bill as the Constitution requires has been rendered impossible.  The most important business of each session is generally crowded into its last hours, and the alternative presented to the President is either to violate the constitutional duty which he owes to the people and approve bills which for want of time it is impossible he should have examined, or by his refusal to do this subject the country and individuals to great loss and inconvenience.

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For my own part, I have deliberately determined that I shall approve no bills which I have not examined, and it will be a case of extreme and most urgent necessity which shall ever induce me to depart from this rule.

The present condition of the Treasury absolutely requires that I should adhere to this resolution on the present occasion, for the reasons which I have heretofore presented.