The receipts in the Treasury from the 1st of October to the 31st day of March last, including the sums received on account of Treasury notes and of the loans authorized by the acts of the last and the preceding sessions of Congress, have amounted to $15,412,000. The expenditures during the same period amounted to $15,920,000, and left in the Treasury on the 1st of April the sum of $1,857,000. The loan of $16,000,000, authorized by the act of the 8th of February last, has been contracted for. Of that sum more than $1,000,000 had been paid into the Treasury prior to the 1st of April, and formed a part of the receipts as above stated. The remainder of that loan, amounting to near $15,000,000, with the sum of $5,000,000 authorized to be issued in Treasury notes, and the estimated receipts from the customs and the sales of public lands, amounting to $9,300,000, and making, in the whole, $29,300,000, to be received during the last nine months of the present year, will be necessary to meet the expenditures already authorized and the engagements contracted in relation to the public debt. These engagements amount during that period to $10,500,000, which, with near one million for the civil, miscellaneous, and diplomatic expenses, both foreign and domestic, and $17,800,000 for the military and naval expenditures, including the ships of war building and to be built, will leave a sum in the Treasury at the end of the present year equal to that on the 1st of April last. A part of this sum may be considered as a resource for defraying any extraordinary expenses already authorized by law beyond the sums above estimated, and a further resource for any emergency may be found in the sum of $1,000,000, the loan of which to the United States has been authorized by the State of Pennsylvania, but which has not yet been brought into effect.
This view of our finances, whilst it shows that due provision has been made for the expenses of the current year, shows at the same time, by the limited amount of the actual revenue and the dependence on loans, the necessity of providing more adequately for the future supplies of the Treasury. This can be best done by a well-digested system of internal revenue in aid of existing sources, which will have the effect both of abridging the amount of necessary loans and, on that account, as well as by placing the public credit on a more satisfactory basis, of improving the terms on which loans may be obtained. The loan of sixteen millions was not contracted for at a less interest than about 7 1/2 per cent, and, although other causes may have had an agency, it can not be doubted that, with the advantage of a more extended and less precarious revenue, a lower rate of interest might have sufficed. A longer postponement of this advantage could not fail to have a still greater influence on future loans.
In recommending to the National Legislature this resort to additional taxes I feel great satisfaction in the assurance that our constituents, who have already displayed so much zeal and firmness in the cause of their country, will cheerfully give any other proof of their patriotism which it calls for. Happily no people, with local and transitory exceptions never to be wholly avoided, are more able than the people of the United States to spare for the public wants a portion of their private means, whether regard be had to the ordinary profits of industry or the ordinary price of subsistence in our country compared with those in any other. And in no case could stronger reasons be felt for yielding the requisite contributions. By rendering the public resources certain and commensurate to the public exigencies, the constituted authorities will be able to prosecute the war the more rapidly to its proper issue; every hostile hope founded on a calculated failure of our resources will be cut off, and by adding to the evidence of bravery and skill in combats on the ocean and the land, and alacrity in supplying the treasure necessary to give them their fullest effect, and demonstrating to the world the public energy which our political institutions combine, with the personal liberty distinguishing them, the best security will be provided against future enterprises on the rights or the peace of the nation.
The contest in which the United States are engaged appeals for its support to every motive that can animate an uncorrupted and enlightened people—to the love of country; to the pride of liberty; to an emulation of the glorious founders of their independence by a successful vindication of its violated attributes; to the gratitude and sympathy which demand security from the most degrading wrongs of a class of citizens who have proved themselves so worthy the protection of their country by their heroic zeal in its defense; and, finally, to the sacred obligation of transmitting entire to future generations that precious patrimony of national rights and independence which is held in trust by the present from the goodness of Divine Providence.
Being aware of the inconveniences to which a protracted session at this season would be liable, I limit the present communication to objects of primary importance. In special messages which may ensue regard will be had to the same consideration.
JAMES MADISON.
SPECIAL MESSAGES.
MAY 29, 1813.
To the Senate of the United States:
The Swedish Government having repeatedly manifested a desire to interchange a public minister with the United States, and having lately appointed one with that view, and other considerations concurring to render it advisable at this period to make a correspondent appointment, I nominate Jonathan Russell, of Rhode Island, to be minister plenipotentiary of the United States to Sweden.