John Quincy Adams: State of the Union Addresses of John Quincy Adams

State of the Union Address: December 5, 1826 (continued)

It is also highly gratifying to perceive that the deficiency in the revenue, while it scarcely exceeds the anticipations of the last year's estimate from the Treasury, has not interrupted the application of more than $11 millions during the present year to the discharge of the principal and interest of the debt, nor the reduction of upward of $7,000,000 of the capital of the debt itself. The balance in the Treasury on the first of January last was $5,201,650.43; the receipts from that time to the 30th of September last were $19,585,932.50; the receipts of the current quarter, estimated at $6,000,000, yield, with the sums already received, a revenue of about $25,500,000 for the year; the expenditures for the first 3 quarters of the year have amounted to $18,714,226.66; the expenditures of the current quarter are expected, including the $2,000,000 of the principal of the debt to be paid, to balance the receipts; so that the expense of the year, amounting to upward of $1,000,000 less than its income, will leave a proportionally increased balance in the Treasury on January 1st, 1827, over that of the first of January last; instead of $5,200,000 there will be $6,400,000.

The amount of duties secured on merchandise imported from the commence of the year 'til September 30 is estimated at $21,250,000, and the amount that will probably accrue during the present quarter is estimated at $4,250,000, making for the whole year $25,500,000, from which the draw-backs being deducted will leave a clear revenue from the customs receivable in the year 1827 of about $20,400,000, which, with the sums to be received from the proceeds of public lands, the bank dividends, and other incidental receipts, will form an aggregate of about $23,000,000, a sum falling short of the whole expenses of the present year little more than the portion of those expenditures applied to the discharge of the public debt beyond the annual appropriation of $10,000,000 by the act of March 3d, 1817. At the passage of that act the public debt amounted to $123,500,000. On the first of January next it will be short of $74,000,000. In the lapse of these 10 years $50,000,000 of public debt, with the annual charge of upward of $3,000,000 of interest upon them, have been extinguished. At the passage of tat act, of the annual appropriation of $10,000,000, $7,000,000 were absorbed in the payment of interest, and not more than $3,000,000 went to reduce the capital of the debt. Of the same $10,000,000, at this time scarcely $4,000,000 are applicable to the interest and upward of $6,000,000 are effective in melting down the capital.