For the current year, which will be ended 30th June,
1866, Mr. McCulloch estimates as follows on the basis of one quarter's receipts :—
REVENUE.
EXPENDITURE.
Customs £29,400,000 Civil Service £8,718,000 Lands 124,000 Pensions and Indians 3,656,000 Internal Revenue 54,323,000 War ,„ 94,631,000 Direct Tax 6,000 Navy 10,304,000 Miscellaneous 9,678,000 Interest on Debt 26,617,000 £93,531,000 4143,921,000 So that even in the current year, and even if Mr. M'Cullech's estimate is not, like Mr. Fessenden's, much too sanguine, the , whole taxation will barely raise the army expenditure alone, and will fall short of the whole year's expenditure by some 50,000,0001. sterling. It is impossible to deny that the expenditure is being rapidly reduced, but for a year of complete peace the war ex- penditure is still enormous. It is caused of course by the necessity of paying off so large a number of soldiers in the present year.
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