will secure
to them peace and the progress of civilization, undisturbed by practices
hostile to both.

The accounts of the receipts and expenditures during the year ending
the 30th of September last being not yet made up, a correct statement
will hereafter be transmitted from the Treasury. In the meantime it is
ascertained that the receipts have amounted to near $18,000,000, which,
with the eight millions and a half in the Treasury at the beginning
of the year, have enabled us, after meeting the current demands and
interest incurred, to pay $2,300,000 of the principal of our funded
debt, and left us in the Treasury on that day near $14,000,000. Of
these, $5,350,000 will be necessary to pay what will be clue on the 1st
day of January next, which will complete the reimbursement of the 8 per
cent stock. These payments, with those made in the six years and a half
preceding, will have extinguished $33,580,000 of the principal of the
funded debt, being the whole which could be paid or purchased within the
limits of the law and of our contracts, and the amount of principal thus
discharged will have liberated the revenue from about $2,000,000 of
interest and added that sum annually to the disposable surplus. The
probable accumulation of the surpluses of revenue beyond what can be
applied to the payment of the public debt whenever the freedom and
safety of our commerce shall be restored merits the consideration of
Congress. Shall it lie unproductive in the public vaults? Shall the
revenue be reduced? Or shall it not rather be appropriated to the
improvements of roads, canals, rivers, education, and other great
foundations of prosperity and union under the powers which Congress may
already possess or such amendment of the Constitution as may be approved
by the States? While uncertain of the course of things, the time may be
advantageously employed in obtaining the powers necessary for a system
of improvement, should that be thought best.

Availing myself of this the last occasion which will occur of addressing
the two Houses of the Legislature at their meeting, I can not omit the
expression of my sincere gratitude for the repeated proofs of confidence
manifested to me by themselves and their predecessors since my call to
the administration and the many indulgences experienced at their hands.
The same grateful acknowledgments are due to my fellow-citizens
generally, whose support has been my great encouragement under all
embarr