It is now estimated that the customs will yield to the Treasury during the present year upward of $28,000,000.  The public lands, however, have proved less productive than was anticipated, and according to present information will not much exceed $2,000,000.  The expenditures for all objects other than the public debt are estimated to amount during the year to about $16,500,000, while a still larger sum, viz, $18,000,000, will have been applied to the principal and interest of the public debt.  It is expected, however, that in consequence of the reduced rates of duty which will take effect after March 3d, 1833 there will be a considerable falling off in the revenue from customs in the year 1833.  It will never the less be amply sufficient to provide for all the wants of the public service, estimated even upon a liberal scale, and for the redemption and purchase of the remainder of the public debt.  On January 1st, 1833 the entire public debt of the United States, funded and unfunded, will be reduced to within a fraction of $7,000,000, of which $2,227,363 are not of right redeemable until January 1st, 1834 and $4,735,296 not until January 2d, 1835.  The commissioners of the sinking funds, however, being invested with full authority to purchase the debt at the market price, and the means of the Treasury being ample, it may be hoped that the whole will be extinguished within the year 1833.

I can not too cordially congratulate Congress and my fellow citizens on the near approach of that memorable and happy event—­the extinction of the public debt of this great and free nation.

Faithful to the wise and patriotic policy marked out by the legislation of the country for this object, the present Administration has devoted to it all the means which a flourishing commerce has supplied and a prudent economy preserved for the public Treasury.  Within the four years for which the people have confided the Executive power to my charge $58,000,000 will have been applied to the payment of the public debt.  That this has been accomplished without stinting the expenditures for all other proper objects will be seen by referring to the liberal provision made during the same period for the support and increase of our means of maritime and military defense, for internal improvements of a national character, for the removal and preservation of the Indians, and, lastly, for the gallant veterans of the Revolution.

The final removal of this great burthen from our resources affords the means of further provision for all the objects of general welfare and public defense which the Constitution authorizes, and presents the occasion for such further reductions in the revenue as may not be required for them.  From the report of the Secretary of the Treasury it will be seen that after the present year such a reduction may be made to a considerable extent, and the subject is earnestly recommended to the consideration of Congress in the hope that the combined wisdom of the representatives of the people will devise such means of effecting that salutary object as may remove those burthens which shall be found to fall unequally upon any and as may promote all the great interests of the community.