Evening star. [volume] (Washington, D.C.) 1854-1972, 1861-12-10
REPORT OF SECRETARY CHASE.

As we mentioned In Yesterdays Star, the i'm
Portaut report Of the Secretary Of the Treasury
was presented to Congress yesterday:
STae report enters upon q recapitulstion Of the
statements contained In the Secfetary's report to
Congress al the special session in July last, and
INFORMS that body In consequence of deficiency
In the revenue, aud the augmented expenditures
Ter the War and Navy Departments assumed
WIN view TO short and decisive contest, the
Estimates Of thst period are too low by sbout
s2l3 ,o0l .i27 and some odd cents In other word,
the estimat's for the fiscal year ending 3Oth June
TO! OF s3lS ,5l9 81 81, should have been s532
In view Of this expenditure the Secretary thinks
retrenchment and reform very necessary, and the
strictest supervision of contractors He recon-
mends an increase Of the duty on tea, coffee and
sugar and of the direct tar In the loyal States TO
The Secretary thinks that Congress has the
power TO issue national paper currency, which
snail supersede that OF all local institutions but
az possible sasters outweigh the probable bepe-
hts Of the plan, he feels himself CONTAINED to
foroear recommending Its adoption Another
plan fenains for examination. It's principal fes
lures are (lst) circulation of notes bearing com
mon Impression and authenticated by a Common
authority; I'D the REDEEM ption Of those notes BY
the associations and institutions to which tbey
may be delivered for issue; and (3d) the secuftty
OF that redemption by the pledge of United stat.
stocks and an adequate division Of specIe
The notes thus issued and secured would. I'm
his judgm form the safest currency hi. conn
Wy cNtI Wnlle tnelr recelvd bility al
Government dues, except customs would m,te
tnem, wherever payable, Of equal value az a chr.
fehcy, In every part Of the Union. The large
amount OF specie now In the United States, reach
Ing total Of not less than two hundred and sew
eniy-hve millions Of dollars will easily SUPPORT
payments OF duties in coin, while these paynents
and ordinary demands will aid in retaining this
Culation md loans "
The secretary entertains the belief that, a, the
result OF thls plan, the whole circulation of the
would after the lapse Of two or three wears. hen,
the impress OF the nation, whether in coin or
notes while the amount of the latter, always
easily ascertainable and Of course always gene
rally knswn, would not be Ike to be Increased
beyond the real wants Of business
ln review OF these projects the report says:
III the secretary has omitted the discussion OF
the z question OF tie constitutional power Of Con.
gress to put this plan into operation tits because
no arg ument Is necessary to establish the PROPOSE
tIon thdt the power to regulate commerce and the
value OF coin includes the power to regulate the
currency OF the country, or the collateral PROPOSE
tion that the power to effect the end includes the
meansn
The report sets out in tabular form the further
loans required Under the conviction that the
war will be ended by next midsummer the total
OF actual and estimated expenditures will be
s143 4O6,lS2 But should the war be prolonged,
the estimates for the Rext fiscal year would alta n
Win the preceding, total Of 1854 ,95o gao An
exhibit Of the public debt under this view of the
case makes II about sixty-fve millions on the LIST
July, 1850; about ninety millions on the LIST july
Ie6li about five hundred millions on the lst July
Is32i and about nine hundred millions on the Isl
July, 1853.
The report enters upon a discussion of CONNER
cial operations In reference to Southern affairs,
lhe operations Of the mint, and other general
matters pertaining to the Department
Inc great value Of the Coast Survey has been
strikingly attested by recent events The atten-
non OF Congress Is invited to the importance of a
UNIFORM system Of weights measures and coins
10 the commerce Of the world