Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1824-12-15

make to our citizens the indemnity to which
they are entitled, and thereby remove, from
our relations, any just cause of discomfort on
our side.
1t is estimated that the receipts into the
Treasury during the current year, exclusive
OF loans, will exceed S18,5O0,OO0, which,
with the sum remaining in the Treasury at
me end OF the last year, amounting to $9,463,-
922 81, will, after discharging the current dis
oursements OF the year, the interest of the
pubic debt, and upwards of 81, $3.50 So
OF the principal, leave balance of more than
$4,000, 600 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 six
per cent. becoming redeemable in the course
oil the ensuing year, than would be discharg-
ed by the ordinary revenue, the act of Goth
May authorized loan of S5,000,000, at a
per cent. to meet the same. By this arrange
ment, an annual saving will accrue to the
public of $4,000.
Under the act of the Oath May last, loan
OF S5,OOO,OO0, was authorized, in order to
meet the awards under the Florida treaty.
winch was negotiated at par with the Bank
OF the United States, at d per cent. the linz
1t OF interest fixed by the act. By this pro-
VISION, the claims of our citizens, who had sus-
tanned so great loss by spoiations, and from
"hom 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 &C
QUESTION OF the Territory, in other respects,
too high an estimate cannot be formed.
1t Is estimated that the receipts into the
treasury, during the year 1925, will be sufiic-
lent to meet the disbursements of the year,
including the sum of Sl0,000,000 which is
annually appropriated by the act constituting
the< Sinking Fund, for the payment of the
principal and interest of the public debt.
The whole amount of the public debt ON
the first day of January next, may be estimat-
ed at $4,000, 900, inclusive of %. SOC, 900 of
the loan authorized by the act of 26th Nav
last. In this estimate is included stock of
S7,oOO,OOO, issued for the purchase Of that a
mount of the capital stock of the Bank of the
U. States, and which, as the stock of the Bank
still held by the government, will at least be
fully equal to its reimbursement, ought not to
be considered as constituting part of the
public debt. Estimating, then, the whole a
mount of the public debt at S79, 1000, 900, and
regarding the annual receipts and expendi-
lures OF the government, a well-founded hope
may be entertained, that, should no unexpect-
ed event occur, the whole of the public debt
may be discharged in the course of ten years.
and the government left at liberty afterwards
to apply such portion of the revenue as NAV
not be necessary for current expenses, to such
other objects as may be most conducive to the
public security and welfare. That the sums
applicable TO these objects will be very con-
siderable, may be fairly concluded, when it is
recoliected, that large amount of the public
revenue has been applied, since the late war,
to the construction of the public buildings in
this city, to the erection of Notifications along
the coast, and of arsenals in different parts Of
the Union; to the augmentation of the Navy
to the extinguishment of Indian title to large
tracts OF fertile territory; to the acquisition of
FLORIDA to pensions to Revolutionary officers
and soldiers; and to invalids Of the late war
On many of these objects, the expense will
annually be diminished, and at no distant pc
riod cease on most of all. On the fist day of
January, 1917, the public debt amounted to
Sl23, 491, 1865 l6; and, Notwithstanding the
large sums which have been applied TO these
objects, it has been reduced since then, { 81,
446, 961 70.-The last Of the public debt will
be redeemable on the first of January, 1885,
and while there is the best reason to believe
that the resources Of the government will he
continually adequate TO such portion of it as
may become due, in the interval, it is recon.
mended to Congress to seize every opportunity
which may present itself, to reduce the rate
of interest upon every part thereof. The
high state of the public credit, and the great
abundance OF money, are at this time very
favourable TO such result. 1t must be.very
gratifying to our fellow-citizens to witness this
fourishing state of the public finances, when
it is reCollected that no burden whatever has
been imposed upon them.
The Military Establishment, in all its bran
ches, in the performance Of the various duties
assigned to each, iustifies the favourable view
which was presented of the efficiency of ITS
organization, at the last session. All the APP
preparations have been regularly applied to
the objects intended by Congress; and, so
far as the disbursements have been made, the
accounts have been rendered and settled,
without loss to the public. The condition of
the army itself, as relates to the officers and
men, in science and discipline, is highly res
peCldDle' 1He MILITARY hCdueuV, on WHICH
the army essentially rests, and to which it is
much indebted for this state of improvement,
has attained, in comparison with any otter
institution Of like kind, high degree of
perfection. Experience, however, has shown,
that the dispersed condition of the Corps of
Artillery is unfavorable to the discipline of
that important branch of the Military Estab-
lishment. To remedy this Inconvenience, e.
leven companies have been assembled at the
fortification erected at Old Point Comfort, as
school for artillery instruction; with inten-
ton, as they shall be perfected in the various
duties OF that service, to order them to other
posts, and to supply their places with other
companies, foI instruction in like manner.
In this mode, complete knowledge of the
science and duties of this arm will be extend
ed throughout the whole Corps of Artillery.
But, to carry this object fully into effect, will
require the aid of Congress; to obtain which,
the subject is now submitted to your consid-
GRAFTON.
Of the progress which has been made in the
construction of Notifications for the permanent