By the discharge of so large a proportion of the public debt and the
execution of such extensive and important operations in so short a
time a just estimate may be formed of the great extent of our national
resources. The demonstration is the more complete and gratifying when it
is recollected that the direct tax and excise were repealed soon after
the termination of the late war, and that the revenue applied to these
purposes has been derived almost wholly from other sources.
The receipts into the Treasury from every source to the 30th of
September last have amounted to $16,794,107.66, whilst the public
expenditures to the same period amounted to $16,871,534.72, leaving in
the Treasury on that day a sum estimated at $1,950,000. For the probable
receipts of the following year I refer you to the statement which will
be transmitted from the Treasury.
The sum of $3,000,000 authorized to be raised by loan by an act of the
last session of Congress has been obtained upon terms advantageous to
the Government, indicating not only an increased confidence in the faith
of the nation, but the existence of a large amount of capital seeking
that mode of investment at a rate of interest not exceeding 5 per cent
per annum.
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