Our relations with the other powers of Europe have experienced no essential change since the last session. In our intercourse with each due attention continues to be paid to the protection of our commerce, and to every other object in which the United States are interested. A strong hope is entertained that, by adhering to the maxims of a just, a candid, and friendly policy, we may long preserve amicable relations with all the powers of Europe on conditions advantageous and honorable to our country. With the Barbary States and the Indian tribes our pacific relations have been preserved. In calling your attention to the internal concerns of our country the view which they exhibit is peculiarly gratifying. The payments which have been made into the Treasury show the very productive state of the public revenue. After satisfying the appropriations made by law for the support of the civil Government and of the military and naval establishments, embracing suitable provision for fortifications and for the gradual increase of the Navy, paying the interest of the public debt, and extinguishing more than $18 millions of the principal, within the present year, it is estimated that a balance of more than $6 millions will remain in the Treasury on the first day of January applicable to the current service of the ensuing year. The payments into the Treasury during the year 1818 on account of imposts and tonnage, resulting principally from duties which have accrued in the present year, may be fairly estimated at $20 millions; the internal revenues at $2.5 millions; the public lands at $1.5 millions; bank dividends and incidental receipts at $500,000; making in the whole $24.5 millions. The annual permanent expenditure for the support of the civil Government and of the Army and Navy, as now established by law, amounts to $11.8 millions, and for the sinking fund to $10 millions, making in the whole $21.8 millions, leaving an annual excess of revenue beyond the expenditure of $2.7 millions, exclusive of the balance estimated to be in the Treasury on the first day of January, 1818. In the present state of the Treasury the whole of the Louisiana debt may be redeemed in the year 1819, after which, if the public debt continues as it now is, above par, there will be annually about $5 millions of the sinking fund unexpended until the year 1825, when the loan of 1812 and the stock created by funding Treasury notes will be redeemable. It is also estimated that the Mississippi stock will be discharged during the year 1819 from the proceeds of the public lands assigned to that object, after which the receipts from those lands will annually add to the public revenue the sum of $1.5 millions, making the permanent annual revenue amount to $26 millions, and leaving an annual excess of revenue after the year 1819 beyond the permanent authorized expenditure of more than $4 millions.