US Presidency
1812

In these receipts is included a sum of near $ 5.85 M, received on account of the loans authorized by the acts of the last session; the whole sum actually obtained on loan amounts to $ 11 M, the residue of which, being receivable subsequent to the 30th of September last, will, together with the current revenue, enable us to defray all the expenses of this year. The duties on the late unexpected importations of British manufactures will render the revenue of the ensuing year more productive than could have been anticipated. The situation of our country, fellow citizens, is not without its difficulties, though it abounds in animating considerations, of which the view here presented of our pecuniary resources is an example. With more than one nation we have serious and unsettled controversies, and with one, powerful in the means and habits of war, we are at war. The spirit and strength of the nation are nevertheless equal to the support of all its rights, and to carry it through all its trials.