States to be reimbursed only. Should this recommendation accord with the
opinion of Congress, they will recollect that it can not be accomplished by
any means yet in the hands of the Executive.

Gentlemen of the House of Representatives:

The commissioners charged with the settlement of accounts between the
United States and individual States concluded their important function
within the time limited by law, and the balances struck in their report,
which will be laid before Congress, have been placed on the books of the
Treasury.

On the first day of June last an installment of 1,000,000 florins became
payable on the loans of the United States in Holland. This was adjusted by
a prolongation of the period of reimbursement in nature of a new loan at an
interest of 5% for the term of ten years, and the expenses of this
operation were a commission of 3%.

The first installment of the loan of $2,000,000 from the Bank of the United
States has been paid, as was directed by law. For the second it is
necessary that provision be made.

No pecuniary consideration is more urgent than the regular redemption and
discharge of the public debt. On none can delay be more injurious or an
economy of time more valuable.

The productiveness of the public revenues hitherto has continued to equal
the anticipations which were formed of it, but it is not expected to prove
commensurate with all the objects which have been suggested. Some auxiliary
provisions will therefore, it is presumed, be requisite, and it is hoped