The accounts of the receipts and expenditures during the year ending the 30th of September last being not yet made up, a correct statement will hereafter be transmitted from the Treasury.  In the mean time it is ascertained that the receipts have amounted to near $18 millions, which, with the $8.5 millions in the Treasury at the beginning of the year, have enabled us, after meeting the current demands and interest incurred, to pay $2.3 millions of the principal of our funded debt, and left us in the Treasury on that day near $14 millions.  Of these, $5.35 millions will be necessary to pay what will be due on the 1st day of January next, which will complete the reimbursement of the 8% stock.  These payments, with those made in the six and a half years preceding, will have extinguished $33.58 millions of the principal of the funded debt, being the whole which could be paid or purchased within the limits of the law and of our contracts, and the amount of principal thus discharged will have liberated the revenue from about $2 millions of interest and added that sum annually to the disposable surplus.

The probable accumulation of the surpluses of revenue beyond what can be applied to the payment of the public debt whenever the freedom and safety of our commerce shall be restored merits the consideration of Congress.  Shall it lie unproductive in the public vaults?  Shall the revenue be reduced?  Or shall it not rather be appropriated to the improvements of roads, canals, rivers, education, and other great foundations of prosperity and union under the powers which Congress may already possess or such amendment to the Constitution as may be approved by the States?  While uncertain of the course of things, the time may be advantageously employed in obtaining the powers necessary for a system of improvement, should that be thought best.

Availing myself of this the last occasion which will occur of addressing the two Houses of the Legislature at their meeting, I can not omit the expression of my sincere gratitude for the repeated proofs of confidence manifested to me by themselves and their predecessors since my call to the administration and the many indulgences experienced at their hands.  These same grateful acknowledgements are due to my fellow citizens generally, whose support has been my great encouragement under all embarrassments.  In the transaction of their business I can not have escaped error.  It is incident to our imperfect nature.  But I may say with truth my errors have been of the understanding, not of intention, and that the advancement of their rights and interests has been the constant motive for every measure.  On these considerations I solicit their indulgence.  Looking forward with anxiety to future destinies, I trust that in their steady character, unshaken by difficulties, in their love of liberty, obedience to law, and support of the public authorities, I see a sure guaranty of the permanence of our Republic; and, retiring from the charge of their affairs, I carry with me the consolation of a firm persuasion that Heaven has in store for our beloved country long ages to come of prosperity and happiness.