US Presidency
1828

The receipts of the present year have amounted to near $ 2,000,000 more than was anticipated at the commencement of the last session of Congress. The amount of duties secured on importations from the first of January to the 30th of September was about $ 22,997,000, and that of the estimated accruing revenue is $ 5,000,000, forming an aggregate for the year of near $ 28,000,000. This is $ 1,000,000 more than the estimate last December for the accruing revenue of the present year, which, with allowances for draw-backs and contingent deficiencies, was expected to produce an actual revenue of $ 22,300,000. Had these only been realized the expenditures of the year would have been also proportionally reduced, for of these $ 24,000,000 received upward of $ 9,000,000 have been applied to the extinction of public debt, bearing an interest of 6 percent a year, and of course reducing the burden of interest annually payable in future by the amount of more than $ 500,000.