2072. DEBT (United States), Reduction of.—
The receipts of external duties for the
last twelve months have exceeded those of
any former year, and the ratio of increase has
been also greater than usual. This has enabled
us to answer all the regular exigencies
of government, to pay from the treasury in
one year upwards of eight millions of dollars,
principal and interest, of the public debt, exclusive
of upwards of one million paid by the
sale of bank stock, and making in the whole
a reduction of nearly five millions and a
half of principal; and to have now in the
treasury four millions and a half of dollars,
which are in a course of application to a further
discharge of debt and current demands.—
Second Annual Message. Washington ed. viii, 18.
Ford ed., viii, 184.
(Dec. 1802)
