The United States, happily, stood far above this level, but not so far that probably mere good luck did not save us from grave trouble; and it was easy to foresee many dangers--all the worse because they naturally made capital timid--when the hostilities began. The total receipts of the treasury for the fiscal year ending with June 30, 1845, were nearly thirty millions and the ordinary expenditures $22,935,828. It was estimated that during the next year the receipts would fall about three millions, and Walker--allowing the munificent amounts of something more than two and a half millions for the army and something less than five for the navy--expected to reduce the total disbursements a little, anticipating for the period ending with June, 1847, a further saving of more than four millions. The receipts for July-September, 1845, proved to be more than two millions below those of the corresponding months of 1844, and the customs income for the fiscal year 1845-46 was $815,445 less than for the preceding twelve-month. In a word, shrinking revenues and curtailed outlays were the prospect.[33.6] In this condition of things, not only had the unpredictable costs and embarrassments of war to be faced, but those of war in a distant land. Money was to be sent out of the country, never to return, and the bills for supplies to be increased by the burdens of marine transportation, insurance and losses; while risks from privateers and European complication could be seen. Before such an outlook business men shrank from large enterprises. People with money felt disposed to keep it.[33.7] Where, then, were funds to come from? The currency had been inflated by the paper issues of many banks. Stocks were selling far below the prices of twelve months before. Even the business men who did not endorse the tariff of 1842 had adjusted their affairs to it, and now everybody understood that a new scale of duties, based upon free-trade ideas, lay on the treasury anvil. Calls for the government funds held and used by state depositories and for the specie of all the banks were feared. The banks cannot support a loan, and even in peace our capitalists have never done so, remarked the financial editor of the New York _Herald_, probably the best newspaper authority.[33.7]