If we add to these $4,000,000 for
payment of interest upon the public debt, there remains a sum of about
seven millions, which have defrayed the whole expense of the
administration of Government in its legislative, executive, and
judiciary departments, including the support of the military and naval
establishments and all the occasional contingencies of a government
coextensive with the Union.
The amount of duties secured on merchandise imported since the
commencement of the year is about twenty-five millions and a half, and
that which will accrue during the current quarter is estimated at five
millions and a half; from these thirty-one millions, deducting the
drawbacks, estimated at less than seven millions, a sum exceeding
twenty-four millions will constitute the revenue of the year, and will
exceed the whole expenditures of the year. The entire amount of the
public debt remaining due on the 1st of January next will be short of
$81,000,000.
By an act of Congress of the 3d of March last a loan of $12,000,000 was
authorized at 4-1/2 per cent, or an exchange of stock to that amount of
4-1/2 per cent for a stock of 6 per cent, to create a fund for
extinguishing an equal amount of the public debt, bearing an interest of
6 per cent, redeemable in 1826.
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