convention of 13th of November, 1826, with Great Britain, was
$5,861,972.83. The receipts into the Treasury from the 1st of January to
the 30th of September last, so far as they have been ascertained to form
the basis of an estimate, amount to $18,633,580.27, which, with the
receipts of the present quarter, estimated at $5,461,283.40, form an
aggregate of receipts during the year of $24,094,863.67. The
expenditures of the year may probably amount to $25,637,111.63, and
leave in the Treasury on the 1st of January next the sum of
$5,125,638.14.

The receipts of the present year have amounted to near two millions more
than was anticipated at the commencement of the last session of
Congress.

The amount of duties secured on importations from the 1st of January to
the 30th of September was about $22,997,000, and that of the estimated
accruing revenue is five millions, forming an aggregate for the year of
near twenty-eight millions. This is one million more than the estimate
made last December for the accruing revenue of the present year, which,
with allowances for drawbacks and contingent deficiencies, was expected
to produce an actual revenue of $22,300,000. Had these only been
realized the expenditures of the year would have been also
proportionally reduced, for of these twenty-four millions received
upward of nine millions have been applied to the extinction of public
debt, bearing an interest of 6 per cent a year, and of course reducing
the burden of interest annually payable in future by the amount of more
than half a million. The payments on account of interest during the
current year exceed $3,000,000, presenting an aggregate of more than
twelve millions applied during the year to the discharge of the public
debt, the whole of which remaining due on the 1st of January next will
amount only to $58,362,135.78.

That the revenue of the ensuing year will not fall short of that
received in the one now expiring there are indications which can
scarcely prove deceptive. In our country an uniform experience of forty
years has shown that whatever the tariff of duties upon articles
imported from abroad has been, the amount of importations has always
borne an average value nearly approaching to that of the exports, though
occasionally differing in the balance, sometimes being more and
sometimes less. It is, indeed, a general law of prosperous commerce that
the real value of exports should by a small, and only a small, balance