The extent of this
conversion is daily increasing, and little doubt remains that the
establishments formed and forming will, under the auspices of cheaper
materials and subsistence, the freedom of labor from taxation with us,
and of protecting duties and prohibitions, become permanent. The
commerce with the Indians, too, within our own boundaries is likely to
receive abundant aliment from the same internal source, and will secure
to them peace and the progress of civilization, undisturbed by practices
hostile to both.
The accounts of the receipts and expenditures during the year ending
the 30th of September last being not yet made up, a correct statement
will hereafter be transmitted from the Treasury. In the meantime it is
ascertained that the receipts have amounted to near $18,000,000, 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 $2,300,000 of the principal of our funded
debt, and left us in the Treasury on that day near $14,000,000. Of
these, $5,350,000 will be necessary to pay what will be clue on the 1st
day of January next, which will complete the reimbursement of the 8 per
cent stock. These payments, with those made in the six years and a half
preceding, will have extinguished $33,580,000 of the principal of the
funded debt, being the whole which could be paid or purchased within the
limits of the law and of our contracts, and the amount of principal thus
discharged will have liberated the revenue from about $2,000,000 of
interest and added that sum annually to the disposable surplus.
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