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

3. State of the Union Address: December 4, 1827 (continued)

Turning from the momentous concerns of our Union in its intercourse with foreign nations to those of the deepest interest in the administration of our internal affairs, we find the revenues of the present year corresponding as nearly as might be expected with the anticipations of the last, and presenting an aspect still more favorable in the promise of the next.

The balance in the Treasury on January 1st, 1827 was $6,358,686.18. The receipts from that day to September 30th, 1827, as near as the returns of them yet received can show, amount to $16,886,581.32. The receipts of the present quarter, estimated at $4,515,000, added to the above form an aggregate of $21,400,000 of receipts.

The expenditures of the year may perhaps amount to $22,300,000 presenting a small excess over the receipts. But of these $22,000,000, upward of $6,000,000 have been applied to the discharge of the principal of the public debt, the whole amount of which, approaching $74,000,000 on January 1st, 1827, will on January 1st, 1828 fall short of $67,500,000. The balance in the Treasury on January 1st, 1828 it is expected will exceed $5,450,000, a sum exceeding that of January 1st, 1825, though falling short of that exhibited on January 1st, 1827.

It was foreseen that the revenue of the present year 1827 would not equal that of the last, which had itself been less than that of the next preceding year. But the hope has been realized which was entertained, that these deficiencies would in no wise interrupt the steady operation of the discharge of the public debt by the annual $10,000,000 devoted to that object by the act of March 3d, 1817.

The amount of duties secured on merchandise imported from the commencement of the year until September 30th, 1827 is $21,226,000, and the probably amount of that which will be secured during the remainder of the year is $5,774,000, forming a sum total of $27,000,000. With the allowances for draw-backs and contingent deficiencies which may occur, though not specifically foreseen, we may safely estimate the receipts of the ensuing year at $22,300,000--a revenue for the next equal to the expenditure of the present year.