Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1808-11-11

merce, produced by the injustice of
the belligerent powers, and the conse-
quent losses and sacrifices of our citi-
Zens, are subjects of just concern.
The situation into which we have thus
been forced has impelled us TO apply
sportion of our industry and capital to
internal manufactures and improve
ments. The extent of this conversion
is daily increasing and little doubt re-
mains that the establishments formed
and forming, will, under the auspices
of cheaper materials and subsistence,
the freedom of labor from taxation
with us, and of protecting duties and
prohibitions, become permanent. The
commerce with the Indians too, with
in our own boundaries, is likely to re-
ceive abundant aliment from the same
internal source, and will secure to
them peace and the progress Of civili-
cation undisturbed by practices hostile
to both.
The accounts of the receipts and
expenditures during the yearF ending
on the thirtieth day of September last,
being not yet made up, a correct
statement will hereafter be trapsmitted
from the treasury. In the mean time
it is asccrtained that the receipts have
amounted TO near eighteen millions of
dollars, which with the eight millions
ana an half in the treasury OF the be-
ginning of the year have enabled Us
after meeting the current demands,
and interest incurred, TO pay two mil
lions three hundred thousand dollars
of the principal of our funded debt,
and left us in the Treasury on that da
near fourteen millions of dollars. o.
these FIVE millions three hundred and
fifty thousand dollars will be necessa
10 pay what will be due on the first
day of January next, which will COM
plete the reimbursement of the per
cent. stock. These payments, with
those made in the six years and an
half preceding, Will have extinguished
thirtv-three millions FIVE hundred and
eighty thousand dollars OF the principal
OF the funded debt, being the whole
which could be paid or purchased
within the limits of the law and of our
contracts, and the amount of principal
thus discharged will have liberated
the revenue from about two millions
OF dollars OF interest, and added that
sum annually 20 the disposable sur
plus. The probable accumulation of
the surplusses of revenue beyond what
can be applied to the payment of the
public debt, whenever the freedom and
safety of our commerce shall be re-
stored, merits the consideration of
Congress. Shall it lie reproductive
In the public vaults shall the revenue
be reduced or shall it not rather be
appropriated to the improvements OF
roads, canals, rivers, education, and
other great foundations OF prosperity
and union under the powers which
Congress may already possess, or such
amendment of the constitution as may
be approved by the states While un-
certain of the course of things the time
may be advantageously employed in
obtaining the powers necessary for a
system Of Improvement, should that
be thought best.
Awaiting myself o. this, the last oc-
casion which will occur, of address
ing the two Houses of Legislature
at their meeting, l cannot omit the
expression of my sincere gratitude,
for the repeated proofs Of confidence
manifested to me by themselves and
their predecessors since my call to the
administration, and the many indul-
gences experienced at their hands.
The same grateful Acknowledgements
are dne to my fellow-citizeus general
ly, whose support has been my great
encouragement under all embarrass-
ments, In the transaction Of their bu-
siness | cannot have escaped error.
1t IS incident to our imperfect nature.
But | may say with truth my errors
have been OF the understanding, not o.
inter:ion, and that the advance ment o.
their rights and interests has been the
constant motive for every measure
On these considerations l solicit theii
Indulgence. Looking toward with
anxiety to their future destinies, / trus
that in their steady character, unsha
ken by difficulties, in their love Of Ii