It will always be recollected that with one of the parties to those wars, and from whom we received those injuries, we sought redress by war.  From the other, by whose then reigning Government our vessels were seized in port as well as at sea and their cargoes confiscated, indemnity has been expected, but has not yet been tendered.  It was under the influence of the latter that our vessels were likewise seized by the Governments of Spain, Holland, Denmark, Sweden, and Naples, and from whom indemnity has been claimed and is still expected, with the exception of Spain, by whom it has been rendered.  With both parties we had abundant cause of war, but we had no alternative but to resist that which was most powerful at sea and pressed us nearest at home.  With this all differences were settled by a treaty, founded on conditions fair and honorable to both, and which has been so far executed with perfect good faith.  It has been earnestly hoped that the other would of its own accord, and from a sentiment of justice and conciliation, make to our citizens the indemnity to which they are entitled, and thereby remove from our relations any just cause of discontent on our side.

It is estimated that the receipts into the Treasury during the current year, exclusive of loans, will exceed $18,500,000, which, with the sum remaining in the Treasury at the end of the last year, amounting to $9.463,922.81, will, after discharging the current disbursements of the year, the interest on the public debt, and upward of $11,633,011.52 of the principal, leave a balance of more than $3,000,000 in the Treasury on the 1st day of January next.

A larger amount of the debt contracted during the late war, bearing an interest of 6 per cent, becoming redeemable in the course of the ensuing year than could be discharged by the ordinary revenue, the act of the 26th of May authorized a loan of $5,000,000 at 4-1/2 per cent to meet the same.  By this arrangement an annual saving will accrue to the public of $75,000.

Under the act of the 24th of May last a loan of $5,000,000 was authorized, in order to meet the awards under the Florida treaty, which was negotiated at par with the Bank of the United States at 4-1/2 percent, the limit of interest fixed by the act.  By this provision the claims of our citizens who had sustained so great a loss by spoliations, and from whom 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 acquisition of the Territory in other respects too high an estimate can not be formed.

It is estimated that the receipts into the Treasury during the year 1825 will be sufficient to meet the disbursements of the year, including the sum of $10,000,000, which is annually appropriated by the act constituting the sinking fund to the payment of the principal and interest of the public debt.