US Presidency
1824

It is estimated that the receipts into the Treasury during the current year, exclusive of loans, will exceed $ 18.5 million, which, with the sum remaining in the Treasury at the end of the last year, amounting to $ 9,463,922.81 will, after discharging the current disbursements of the year, the interest on the public debt, and upward of $ 11,633,011.52 of the principal, leave a balance of more than $ 3 million in the Treasury on the first day of January next. A larger amount of the debt contracted during the late war, bearing an interest of 6 percent, becoming redeemable in the course of the ensuing year than could be discharged by the ordinary revenue, the act of the 26th of May authorized a loan of $ 5 million at 4.5 percent to meet the same. By this arrangement an annual saving will accrue to the public of $ 75,000.