A convention
has therefore been entered into which provides for a practicable
demarcation of those limits to the satisfaction of both parties.
An account of the receipts and expenditures of the year ending the 30th
of September last, with the estimates for the service of the ensuing
year, will be laid before you by the Secretary of the Treasury so soon
as the receipts of the last quarter shall be returned from the more
distant States. It is already ascertained that the amount paid into the
Treasury for that year has been between $11,000,000 and $12,000,000, and
that the revenue accrued during the same term exceeds the sum counted on
as sufficient for our current expenses and to extinguish the public debt
within the period heretofore proposed.
The amount of debt paid for the same year is about $3,100,000, exclusive
of interest, and making, with the payment of the preceding year, a
discharge of more than $8,500,000 of the principal of that debt,
besides the accruing interest; and there remain in the Treasury nearly
$6,000,000. Of these, $880,000 have been reserved for payment of the
first installment due under the British convention of January 8, 1802,
and two millions are what have been before mentioned as placed by
Congress under the power and accountability of the President toward the
price of New Orleans and other territories acquired, which, remaining
untouched, are still applicable to that object and go in diminution of
the sum to be funded for it.
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