ry next to $48,565,406.50, including seven
millions of 5 per cent stock subscribed to the Bank of the United
States. The payment on account of public debt made on the 1st of July
last was $8,715,462.87. It was apprehended that the sudden withdrawal of
so large a sum from the banks in which it was deposited, at a time of
unusual pressure in the money market, might cause much injury to the
interests dependent on bank accommodations. But this evil was wholly
averted by an early anticipation of it at the Treasury, aided by the
judicious arrangements of the officers of the Bank of the United States.

This state of the finances exhibits the resources of the nation in an
aspect highly flattering to its industry and auspicious of the ability
of Government in a very short time to extinguish the public debt. When
this shall be done our population will be relieved from a considerable
portion of its present burthens, and will find not only new motives to
patriotic affection, but additional means for the display of individual
enterprise. The fiscal power of the States will also be increased, and
may be more extensively exerted in favor of education and other public
objects, while ample means will remain in the Federal Government to
promote the general weal in all the modes permitted to its authority.

After the extinction of the public debt it is not probable that any
adjustment of the tariff upon principles satisfactory to the people of
the Union will until a remote period, if ever, leave the Government
without a considerable surplus in the Treasury beyond what may be
required for its current service. As, then, the period approaches when
the application of the revenue to the payment of debt will cease, the
disposition of the surplus will present a subject for the serious
deliberation of Congress; and it may be fortunate for the country that
it is yet to be decided. Considered in connection with the difficulties
which have heretofore attended appropriations for purposes of internal
improvement, and with those which this experience tells us will
certainly arise whenever power over such subjects may be exercised by
the General Government, it is hoped that it may lead to the adoption of
some plan which will reconcile the diversified interests of the States
and strengthen the bonds which unite them. Every member of the Union, in
peace and in war, will be benefited by the improvement of inland
navigation and the construction of highways