Home › Jackson's First Annual Message. December 8, 1829 › Jackson's First Annual Message. December 8, 1829: January

Jackson's First Annual Message. December 8, 1829: January

The balance in the treasury on the 1st January, 1829, was $5,972,435 81. The receipts of the current year are estimated at $24,602,230; and the expenditures for the same time at $26,164,595. Leaving a balance in the treasury, on the 1st of January next, of $4,410,070 81. There will have been paid on account of the public debt during the present year, the sum of $12,405,005 80, reducing the whole debt of the government, on the first of January next, to $48,565,406 50, including seven millions of five per cent. Stock subscribed to the Bank of the United States. The payment on account of the public debt, made on the first 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.

The state of the finances exhibits the resources of the nation in an aspect highly flattering to its industry, and auspicious of the ability of the 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 burdens; 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.