US Presidency
1853

The amount of the public debt of all classes was on the 4th of March, 1853, $ 69,190,037, payments on account of which have been made since that period to the amount of $ 12,703,329, leaving unpaid and in continuous course of liquidation the sum of $ 56,486,708. These payments, although made at the market price of the respective classes of stocks, have been effected readily and to the general advantage of the Treasury, and have at the same time proved of signal utility in the relief they have incidentally afforded to the money market and to the industrial and commercial pursuits of the country. The second of the aftereffect objects, that of the reduction of the tariff, is of great importance, and the plan suggested by the Secretary of the Treasury, which is to reduce the duties on certain articles and to add to the free list many articles now taxed, and especially such as enter into manufactures and are not largely, or at all, produced in the country, is commended to your candid and careful consideration.