The receipts into the Treasury during the year ending on the 30th of
September last have exceeded $13,500,000, and have enabled us to defray
the current expenses, including the interest on the public debt, and to
reimburse more than $5,000,000 of the principal without recurring to the
loan authorized by the act of the last session. The temporary loan
obtained in the latter end of the year 1810 has also been reimbursed,
and is not included in that amount.
The decrease of revenue arising from the situation of our commerce, and
the extraordinary expenses which have and may become necessary, must be
taken into view in making commensurate provisions for the ensuing year;
and I recommend to your consideration the propriety of insuring a
sufficiency of annual revenue at least to defray the ordinary expenses
of Government, and to pay the interest on the public debt, including
that on new loans which may be authorized.
I can not close this communication without expressing my deep sense of
the crisis in which you are assembled, my confidence in a wise and
honorable result to your deliberations, and assurances of the faithful
zeal with which my cooperating duties will be discharged, invoking at
the same time the blessing of Heaven on our beloved country and on all
the means that may be employed in vindicating its rights and advancing
its welfare.
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