Second Comptroller, marked F, and the Estimates for the next year in one from the Commissioners of the Navy, marked G. In the latter it will be found that Estimates have been made of the expence of certain necessary improvements at Thompson's Island, and for the repairs of four of our frigates, which policy and economy require to be placed in such a situation, that their services can be commanded whenever they shall be necessary.

We have, at present, no Frigate which could be sent to sea, without large repairs, creating a delay which, under certain circumstances, might be injurious to the Public Interest.

The general Estimate comprehends the several heads of Expenditure in the form supposed to be best fitted for keeping the accounts, with plainness and accuracy, most easily explained, best adapted to a rigid investigation of the Expenses of the Naval Service, and as far as practicable, conformed to the views of the House of Representatives at the last Session, as understood at the Department. It is accompanied by explanatory statements of the several items, in great detail, exhibiting the propriety of the Estimate, and the necessity of the appropriation.

The Estimates for the Marine Corps, with the explanatory Statements, are added and marked H. I have, &c.,

To the President of The United States.

SAMUEL L. SOUTHARD.

A. VESSELS of The United States' Navy in Commission.—1825.

REPORT from the Secretary of the Treasury, on the state

SIR,

of the Finances of The United States.

Treasury Department, December 31, 1824. I HAVE the honour to transmit a Report, prepared in obedience to the "Act supplementary to the Act to establish the Treasury DepartI have the honor, &c.,

ment."

WM. H. CRAWFORD.

The Hon. the Speaker, House of Representatives.

REPORT.

IN obedience to the directions of the "Act supplementary to the Act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following Report:

1.-Of the Public Revenue and Expenditure for the years 1823 and 1824.

The nett revenue which accrued from duties on imports and tonnage, during the year 1823, amounted (see statement A.)

to

Dollars 17,008,570 80

The actual receipts into the Treasury during the year 1823,

53,758 03

Repayments of advances made in the War Department, for services

or supplies, prior to 1st July, 1816

Viz.: Civil, diplomatic, and miscellaneous, 2,022,093 99

Military service, including fortifications, ordnance, Indian Department, revolutionary and military pensions, arming the militia, and arrearages prior to 1st January, 1817 5,258,294 77

Naval service, including the gradual

increase of the Navy.

Public debt.

. 2,503,765 83

. 5,530,016 41

Leaving a balance in the Treasury on the 1st January, 1824, of.

Dollars 9,463,922 81

The actual receipts into the Treasury during the three first quarters of the year 1824, are estimated to have amounted to

Arrears of internal duties and direct taxes,

and incidental receipts, (H.) 97,321 37

Repayments of advances made in the War Department,

for services or supplies prior

to 1st July, 1816 .

42,498 69

Loan under Act of May 24, 1824, for paying the awards under the Florida Treaty.

5,000,000 00

And the actual receipts into the Treasury, during the fourth quarter of the year, including the moiety of the loan of 5,000,000, authorized by the Act of the 26th of May, 1824, for paying the 6 per cent. stock of 1812, are estimated at

7,350,000

Making the total estimated receipts into the Treasury,

during the year 1824,

.

26,980,893 96

And, with the balance in the Treasury on the 1st of January, 1824, forming an aggregate of.

The expenditures during the three first quarters of the year 1824 are estimated to have amounted to (statement I.)

21,563,702 73

36,444,816 77

Military service, including fortifications, ordnance, Indian Department, revolutionary and military pensions, arming the militia, and arrearages prior to 1st January,

And the expenditures during the fourth quarter, are estimated

Military service, including fortifications, ordnance, Indian Department, revolutionary and military pensions, arming the militia, and arrearages prior to 1st January,

And, leaving in the Treasury, on the 1st of January, 1825, an estimated balance of . Dollars 4,506,668 91

It is to be observed, however, that this balance is not to be considered as subject to appropriation, as there is about an equal amount of unsatisfied appropriations, which, though not called for in the year 1824, are necessary for the objects for which they were severally made, and which are, therefore, an existing charge upon the means of the Treasury.

2. Of the Public Debt.

The funded debt which was contracted before the year 1812, and which was unredeemed on the 1st of October, 1823, amounted (Statement No. 1.) to .. Dollars 16,597,318 58

And that which was contracted subsequently to the 1st of January, 1812, and was unredeemed on the 1st of October, 1823, amounted (No. 2.) to .

Making the total amount of funded debt, unre

deemed on the 1st of October, 1823

In the fourth quarter of that year, there was added in Treasury Note 6 per cent. stock

Making an aggregate of.

73,854,545 45

90,451,864 03

716 75

90,452,580 78

274,565 88

And there was paid, in the reimbursement of deferred 6 per cent. stock

Reducing the funded debt on the 1st of January,

1824, (Statement No. 2.) to

90,178,014 90

From that day to the 1st of October last, there was added in 41⁄2 per cent. stock, under the Act of May 26, 1824

5,000,000 00

Dollars 95,178,014 90

During the same period there was paidThe residue of the deferred 6 per cent. stock.

357,546 26

And in purchasing the 7 per cent. stock 4,123,397 10

Making together

Dollars 4,480,943 36

And reducing the funded debt, on the 1st of October, 1824, (No. 3.) to

90,697,071 54 In the fourth quarter of the year, it is estimated there will be added, in 4 per cent. stock, under the Act of May 26, 1824,

2,500,000 00

Dollars 93,197,071 54

And during the same period it is estimated there will be paid for the redemption of the residue of the 7 per cent. stock 4,483,093 17

And of the exchanged 6 per cent. stock 2,668,974 99

Which will reduce the funded debt unredeemed, on the 1st of Jan. 1825, (including 7,000,000 Dollars 5 per cent. stock, subscription to the Bank of The United States, for which the stock of the Bank held by the Government is considered an equivalent,) to 86,045,003 38

The amount of Treasury Notes outstanding on the 1st of October, 1824, is estimated (No. 4.) at 19,756 00

.

And the amount of Mississippi Stock unredeemed on that day, including awards not applied for, (No. 5.) at ... Dollars 14,016 53

By the preceding exhibition of the fiscal operations of the year, it will be perceived, that if the expectations formed, respecting the fourth quarter, should be realized, the receipts will have exceeded the estimate presented at the last Session of Congress by about 800,000 Dollars. The only failure has been in the proceeds of the public lands; and that has been the result of a disappointment in regard to the relinquished lands; great portions of which were supposed to offer strong inducements to purchasers, in their fertility and situation, and other circumstances. But not only has the quantity sold been less than was anticipated, but owing, it is believed, in a great measure, to combinations of capitalists, by which actual settlers were deterred from competition, the price has not, with few exceptions, exceeded the minimum price fixed by Law. It is to be observed, however, that the actual receipts from that source of revenue, during the present year, will exceed those of the preceding year; and it is estimated that those for the ensuing year will not be less.