ke place on
the basis proposed by the colonies. To promote that result by friendly
counsels with other powers, including Spain herself, has been the
uniform policy of this Government.

In looking to the internal concerns of our country you will, I am
persuaded, derive much satisfaction from a view of the several objects
to which, in the discharge of your official duties, your attention will
be drawn. Among these none holds a more important place than the public
revenue, from the direct operation of the power by which it is raised on
the people, and by its influence in giving effect to every other power
of the Government. The revenue depends on the resources of the country,
and the facility by which the amount required is raised is a strong
proof of the extent of the resources and of the efficiency of the
Government. A few prominent facts will place this great interest in a
just light before you. On the 30th of September, 1815, the funded and
floating debt of the United States was estimated at $119,635,558. If to
this sum be added the amount of 5 per cent stock subscribed to the Bank
of the United States, the amount of Mississippi stock and of the stock
which was issued subsequently to that date, the balances ascertained to
be due to certain States for military services and to individuals for
supplies furnished and services rendered during the late war, the public
debt may be estimated as amounting at that date, and as afterwards
liquidated, to $158,713,049. On the 30th of September, 1820, it amounted
to $91,993,883, having been reduced in that interval by payments
$66,879,165. During this term the expenses of the Government of the
United States were likewise defrayed in every branch of the civil,
military, and naval establishments; the public edifices in this city
have been rebuilt with considerable additions; extensive fortifications
have been commenced, and are in a train of execution; permanent arsenals
and magazines have been erected in various parts of the Union; our Navy
has been considerably augmented, and the ordnance, munitions of war, and
stores of the Army and Navy, which were much exhausted during the war,
have been replenished.

By the discharge of so large a proportion of the public debt and the
execution of such extensive and important operations in so short a
time a just estimate may be formed of the great extent of our national
resources. The demonstration is the more complete and gratifying when it
i