The president recommends that the surplus revenue, after the debt shall have been paid off, should be portioned out to the different states, in proportion to their ratio of representation; which appears to be judicious, as the question of congressional power to appropriate money to road-making, &c., although of a general character, involves also the right of jurisdiction; which congress clearly has not, except where the defence of the country, or other paramount interests, are concerned.
The national debt will be totally extinguished in four years, when this country will present a curious spectacle for the serious consideration of European nations. During the space of fifty-six years, two successful wars have been carried on—one for the establishment, and the other for the maintenance of national independence, and a large amount of public works and improvements has been effected; yet, after the expiration of four years from this time, there will not only be no public debt, but the revenue arising from protecting tariff duties alone will amount to more than the expenditure by upwards of 10,000,000 dollars.
A brief abstract from the treasury report on the finances of the United States, up to the 1st January, 1831, may not be uninteresting.
Balance in the treasury, 1st January,
1828 6,668,286 10
Receipts of the year 1828 24,789,463 61 _____________ Total 31,457,749 71 Expenditure for the year 1828 25,485,313 90 _____________ Leaving a balance in the treasury, 1st January, 1829, of 5,972,435 81
Receipts from all sources during the
year 1829 24,827,627 38
Expenditures for the same year, including 3,686,542 dol. 93 ct. on account of the public debt, and 9,033 dol. 38 ct. for awards under the first article of the treaty of Ghent 25,044,358 40