State of the Union Addresses (1790-2008)United States. Presidents
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State of the Union Addresses (1790-2008)
United States. Presidents
Presidents -- United States -- Messages; United States -- Politics and government -- Sources
Among the unequivocal indications of our national prosperity is the
flourishing state of our finances. The revenues of the present year,
from all their principal sources, will exceed the anticipations of the
last. The balance in the Treasury on the first of January last was a
little short of $2,000,000, exclusive of $2,500,000, being the moiety of
the loan of $5,000,000 authorized by the act of May 26th, 1824. The
receipts into the Treasury from the first of January to the 30th of
September, exclusive of the other moiety of the same loan, are estimated
at $16,500,000, and it is expected that those of the current quarter
will exceed $5,000,000, forming an aggregate of receipts of nearly
$22,000,000, independent of the loan. The expenditures of the year will
not exceed that sum more than $2,000,000. By those expenditures nearly
$8,000,000 of the principal of the public debt that have been
discharged.
More than $1,500,000 has been devoted to the debt of gratitude to the
warriors of the Revolution; a nearly equal sum to the construction of
fortifications and the acquisition of ordnance and other permanent
preparations of national defense; $500,000 to the gradual increase of
the Navy; an equal sum for purchases of territory from the Indians and
payment of annuities to them; and upward of $1,000,000 for objects of
internal improvement authorized by special acts of the last Congress. If
we add to these $4,000,000 for payment of interest upon the public debt,
there remains a sum of $7,000,000, which have defrayed the whole expense
of the administration of Government in its legislative, executive, and
judiciary departments, including the support of the military and naval
establishments and all the occasional contingencies of a government
coextensive with the Union.
The amount of duties secured on merchandise imported since the
commencement of the year is about $25,500,000, and that which will
accrue during the current quarter is estimated at $5,500,000; from these
$31,000,000, deducting the draw-backs, estimated at less than
$7,000,000, a sum exceeding $24,000,000 will constitute the revenue of
the year, and will exceed the whole expenditures of the year. The entire
amount of the public debt remaining due on the first of January next
will be short of $81,000,000.
By an act of Congress of the 3d of March last a loan of $12,000,000 was
authorized at 4.5%, or an exchange of stock to that amount of 4.5% for a
stock of 6%, to create a fund for extinguishing an equal amount of the
public debt, bearing an interest of 6%, redeemable in 1826. An account
of the measures taken to give effect to this act will be laid before you
by the Secretary of the Treasury. As the object which it had in view has
been but partially accomplished, it will be for the consideration of
Congress whether the power with which it clothed the Executive should
not be renewed at an early day of the present session, and under what
modifications.
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