US Presidency
1825

The actual receipts of the first two quarters have fallen very little short of that sum; it is not expected that the second half of the year will be equally productive, but the income of the year from that source may now be safely estimated at $ 1,500,000. The act of Congress of 1824 - 05 - 18, to provide for the extinguishment of the debt due to the United States by the purchasers of public lands, was limited in its operation of relief to the purchaser to the 10th of April last. Its effect at the end of the quarter during which it expired was to reduce that debt from $ 10,000,000 to $ 7,000,000 By the operation of similar prior laws of relief, from and since that of 1821 03 - 02, the debt had been reduced from upward of $ 22,000,000 to $ 10,000,000.