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 with regard to the operation of all laws governing the financial policy of the departments. They are, in one aspect, the great yearly balance sheets, exhibiting the receipts and expenditures of the government, its liabilities and its credits; and, in another aspect, general views of the state of industry and of the financial machinery of the country, summarizing the information compiled by the bureau of statistics with reference to the condition of the manufactures and of domestic trade, as well as with regard to the plight of the currency and of the national banks. They are, of course, quite distinct from the “Letters” of the Secretary of the Treasury, which contain the estimates, and go, not to the Committee of Ways and Means, but to the Committee on Appropriations. Though the duties of the Committee of Ways and Means in supervising the management of the revenues of the country are quite closely analogous to those of the British Chancellor of the Exchequer, the lines of policy in which they walk are very widely separated from those which he feels bound to follow. As I have said, the object which he holds constantly in view is to keep the annual balances as nearly as possible at an equilibrium. He plans to raise only just enough revenue to satisfy the grants made in Committee of Supply, and leave a modest