A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 503 pages of information about A Compilation of the Messages and Papers of the Presidents.

A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 503 pages of information about A Compilation of the Messages and Papers of the Presidents.

In calling your attention to the internal concerns of our country the view which they exhibit is peculiarly gratifying.  The payments which have been made into the Treasury show the very productive state of the public revenue.  After satisfying the appropriations made by law for the support of the civil Government and of the military and naval establishments, embracing suitable provision for fortifications and for the gradual increase of the Navy, paying the interest of the public debt, and extinguishing more than eighteen millions of the principal, within the present year, it is estimated that a balance of more than $6,000,000 will remain in the Treasury on the 1st day of January applicable to the current service of the ensuing year.

The payments into the Treasury during the year 1818 on account of imposts and tonnage, resulting principally from duties which have accrued in the present year, may be fairly estimated at $20,000,000; the internal revenues at $2,500,000; the public lands at $1,500,000; bank dividends and incidental receipts at $500,000; making in the whole $24,500,000.

The annual permanent expenditure for the support of the civil Government and of the Army and Navy, as now established by law, amounts to $11,800,000, and for the sinking fund to $10,000,000, making in the whole $21,800,000, leaving an annual excess of revenue beyond the expenditure of $2,700,000, exclusive of the balance estimated to be in the Treasury on the 1st day of January, 1818.

In the present state of the Treasury the whole of the Louisiana debt maybe redeemed in the year 1819, after which, if the public debt continues as it now is, above par, there will be annually about five millions of the sinking fund unexpended until the year 1825, when the loan of 1812 and the stock created by funding Treasury notes will be redeemable.

It is also estimated that the Mississippi stock will be discharged during the year 1819 from the proceeds of the public lands assigned to that object, after which the receipts from those lands will annually add to the public revenue the sum of one million and a half, making the permanent annual revenue amount to $26,000,000, and leaving an annual excess of revenue after the year 1819 beyond the permanent authorized expenditure of more than $4,000,000.

By the last returns to the Department of War the militia force of the several States may be estimated at 800,000 men—­infantry, artillery, and cavalry.  Great part of this force is armed, and measures are taken to arm the whole.  An improvement in the organization and discipline of the militia is one of the great objects which claims the unremitted attention of Congress.

The regular force amounts nearly to the number required by law, and is stationed along the Atlantic and inland frontiers.

Of the naval force it has been necessary to maintain strong squadrons in the Mediterranean and in the Gulf of Mexico.

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A Compilation of the Messages and Papers of the Presidents from Project Gutenberg. Public domain.