US Presidency
1804

Accounts of the receipts and expenditures of the last year, with estimates for the ensuing one, will as usual be laid before you. The state of our finances continues to fulfill our expectations. Eleven millions and a half of dollars, received in the course of the year ending the 30th of September last, have enabled us, us, after meeting all the ordinary expenses of the year, to pay upward of $ 3,600,000 of the public debt, exclusive of interest. This payment, with those of the two preceding years, has extinguished upward of twelve millions of the principle and a greater sum of interest within that period, and by a proportionate diminution of interest renders already sensible the effect of the growing sum yearly applicable to the discharge of the principle.