Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 4 (of 16)United States. Congress
History
Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 4 (of 16)
United States. Congress
Law -- United States; United States -- Politics and government
The accounts of the receipts and expenditures during the year
ending on the thirtieth day of September last, being not yet
made up, a correct statement will hereafter be transmitted from
the Treasury. In the mean time, it is ascertained that the
receipts have amounted to near eighteen millions of dollars,
which, with the eight millions and a half in the Treasury at
the beginning of the year, have enabled us, after meeting the
current demands, and interest incurred, to pay two millions
three hundred thousand dollars of the principal of our funded
debt, and left us in the Treasury, on that day, near fourteen
millions of dollars. Of these, five millions three hundred and
fifty thousand dollars will be necessary to pay what will be
due on the first day of January next, which will complete the
reimbursement of the eight per cent. stock. These payments,
with those made in the six years and a half preceding, will
have extinguished thirty-three millions five hundred and eighty
thousand dollars of the principal of the funded debt, being
the whole which could be paid or purchased within the limits
of the law and our contracts; and the amount of principal
thus discharged will have liberated the revenue from about
two millions of dollars of interest, and added that sum
annually to the disposable surplus. The probable accumulation
of the surpluses of revenue beyond what can be applied to the
payment of the public debt, whenever the freedom and safety
of our commerce shall be restored, merits the consideration
of Congress. Shall it lie unproductive in the public vaults?
Shall the revenue be reduced? Or, shall it not rather be
appropriated to the improvements of roads, canals, rivers,
education, and other great foundations of prosperity and union,
under the powers which Congress may already possess, or such
amendment of the constitution as may be approved by the States?
While uncertain of the course of things, the time may be
advantageously employed in obtaining the powers necessary for a
system of improvement, should that be thought best.
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