US Presidency
1824

Under the act of the 24th of May last a loan of $ 5 million was authorized, in order to meet the awards under the Florida treaty, which was negotiated at par with the Bank of the United States at 4.5 percent, the limit of interest fixed by the act. By this provision the claims of our citizens who had sustained so great a loss by spoliations, and from whom indemnity had been so long withheld, were promptly paid. For these advances the public will be amply repaid at no distant day by the sale of the lands in Florida. Of the great advantages resulting from the acquisition of the territory in other respects too high an estimate can not be formed. It is estimated that the receipts into the Treasury during the year 1825 will be sufficient to meet the disbursements of the year, including the sum of $ 10 million, which is annually appropriated by the act of constituting the sinking fund to the payment of the principal and interest of the public debt.