under
the influence of the latter that our vessels were likewise seized by
the Governments of Spain, Holland, Denmark, Sweden, and Naples, and
from whom indemnity has been claimed and is still expected, with the
exception of Spain, by whom it has been rendered. With both parties we
had abundant cause of war, but we had no alternative but to resist that
which was most powerful at sea and pressed us nearest at home. With this
all differences were settled by a treaty, founded on conditions fair and
honorable to both, and which has been so far executed with perfect good
faith. It has been earnestly hoped that the other would of its own
accord, and from a sentiment of justice and conciliation, make to our
citizens the indemnity to which they are entitled, and thereby remove
from our relations any just cause of discontent on our side.

It is estimated that the receipts into the Treasury during the current
year, exclusive of loans, will exceed $18,500,000, which, with the sum
remaining in the Treasury at the end of the last year, amounting to
$9.463,922.81, will, after discharging the current disbursements of the
year, the interest on the public debt, and upward of $11,633,011.52 of
the principal, leave a balance of more than $3,000,000 in the Treasury
on the 1st day of January next.

A larger amount of the debt contracted during the late war, bearing an
interest of 6 per cent, becoming redeemable in the course of the ensuing
year than could be discharged by the ordinary revenue, the act of the
26th of May authorized a loan of $5,000,000 at 4-1/2 per cent to meet
the same. By this arrangement an annual saving will accrue to the public
of $75,000.

Under the act of the 24th of May last a loan of $5,000,000 was
authorized, in order to meet the awards under the Florida treaty,
which was negotiated at par with the Bank of the United States at 4-1/2
percent, the limit of interest fixed by the act. By this provision the
claims of our citizens who had sustained so great a loss by spoliations,
and from whom indemnity had been so long withheld, were promptly paid.
For these advances the public will be amply repaid at no distant day by
the sale of the lands in Florida. Of the great advantages resulting from
the acquisition of the Territory in other respects too high an estimate
can not be formed.

It is estimated that the receipts into the Treasury during the year
1825 will be sufficient to meet the disbursements of the year,
incl