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

4. State of the Union Address: December 2, 1828 (continued)

The condition and prospects of the revenue are more favorable than our most sanguine expectations had anticipated. The balance in the Treasury on January 1st, 1828, exclusive of the moneys received under the convention of November 13th, 1826, with Great Britain, was $5,861,972.83. The receipts into the Treasury from January 1st, 1828 to September 30th, 1828, so far as they have been ascertained to form the basis of an estimate, amount to $18,633,580.27, which, with the receipts of the present quarter, estimated at $5,461,283.40, form an aggregate of receipts during the year of $24,094,863.67. The expenditures of the year may probably amount to $25,637,111.63, and leave in the Treasury on January 1st, 1829 the sum of $5,125,638.14.

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% a year, and of course reducing the burden of interest annually payable in future by the amount of more than $500,000. The payments on account of interest during the current year exceed $3,000,000, presenting an aggregate of more than $12,000,000 applied during the year to the discharge of the public debt, the whole of which remaining due on January 1st, 1829 will amount only to $58,362,135.78.