d and liberal
councils, will find it to comport with its interests and due to its
magnanimity to terminate this exhausting controversy on that basis. To
promote this result by friendly counsel with the Government of Spain
will be the object of the Government of the United States.

In conducting the fiscal operations of the year it has been found
necessary to carry into full effect the act of the last session of
Congress authorizing a loan of $5,000,000. This sum has been raised at
an average premium of $5.59 per centum upon stock bearing an interest
at the rate of 5 per cent per annum, redeemable at the option of the
Government after the 1st day of January, 1835.

There has been issued under the provisions of this act $4,735,296.30 of
5 per cent stock, and there has been or will be redeemed during the year
$3,197,030.71 of Louisiana 6 per cent deferred stock and Mississippi
stock. There has therefore been an actual increase of the public debt
contracted during the year of $1,538,266.69.

The receipts into the Treasury from the 1st of January to the 30th of
September last have amounted to $16,219,197.70, which, with the balance
of $1,198,461.21 in the Treasury on the former day, make the aggregate
sum of $17,417,658.91. The payments from the Treasury during the same
period have amounted to $15,655,288.47, leaving in the Treasury on the
last-mentioned day the sum of $1,762,370.44. It is estimated that the
receipts of the fourth quarter of the year will exceed the demands which
will be made on the Treasury during the same period, and that the amount
in the Treasury on the 30th of September last will be increased on the
1st day of January next.

At the close of the last session it was anticipated that the progressive
diminution of the public revenue in 1819 and 1820, which had been the
result of the languid state of our foreign commerce in those years,
had in the latter year reached its extreme point of depression. It
has, however, been ascertained that that point was reached only at the
termination of the first quarter of the present year. From that time
until the 30th of September last the duties secured have exceeded those
of the corresponding quarters of the last year $1,172,000, whilst the
amount of debentures issued during the three first quarters of this year
is $952,000 less than that of the same quarters of the last year.

There are just grounds to believe that the improvement which has
occurred in the revenue