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Updated: July 18, 2025
The estimated expenditures during the remaining three quarters, to June 30, 1860, are $40,995,558.23, of which sum $2,886,621.34 are estimated for the interest on the public debt.
Our ships, too, had become the great carriers of the deep; our exports for 1807 were $108,343,750, of which $59,622,558 were of foreign origin; our ports, remote from the seat of war, had become the depots of goods; and our commerce, whitening the surface of every ocean, had begun to tempt the cupidity of contending nations.
The revenue depends on the resources of the country, and the facility by which the amount required is raised is a strong proof of the extent of the resources and of the efficiency of the Government. A few prominent facts will place this great interest in a just light before you. On September 30th, 1815, the funded and floating debt of the United States was estimated at $119,635,558.
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