Eleven
millions and a half of dollars, received in the course of the year
ending the 30th of September last, have enabled us, after meeting all
the ordinary expenses of the year, to pay upward of $3,600,000 of the
public debt, exclusive of interest. This payment, with those of the
two preceding years, has extinguished upward of twelve millions of the
principal and a greater sum of interest within that period, and by a
proportionate diminution of interest renders already sensible the effect
of the growing sum yearly applicable to the discharge of the principal.
It is also ascertained that the revenue accrued during the last year
exceeds that of the preceding, and the probable receipts of the ensuing
year may safely be relied on as sufficient, with the sum already in the
Treasury, to meet all the current demands of the year, to discharge
upward of three millions and a half of the engagements incurred under
the British and French conventions, and to advance in the further
redemption of the funded debt as rapidly as had been contemplated.
These, fellow-citizens, are the principal matters which I have thought
it necessary at this time to communicate for your consideration and
attention. Some others will be laid before you in the course of the
session; but in the discharge of the great duties confided to you by
our country you will take a broader view of the field of legislation.
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