These payments, with those which had been made in 3 years and a half preceding, have extinguished of the funded debt nearly $18M of principal. Congress by their act of 1803 November 10, authorized us to borrow $1.75M toward meeting the claims of our citizens assumed by the convention with France. We have not, however, made use of this authority, because the sum of $4.5M, which remained in the Treasury on the same 30th day of September last, with the receipts of which we may calculate on for the ensuing year, besides paying the annual sum of $8M appropriated to the funded debt and meeting all the current demands which may be expected, will enable us to pay the whole sum of $3.75M assumed by the French convention and still leave us a surplus of nearly $1M at our free disposal.