Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-12-17
synopsis OF the Report OF the Secrs.
.tary or the Treasury.

synopsis OF the Report Of the Secres
tary or the Treasury.
The following synopsis of Secretary
Chase's Report, which we find telegraphed
to the Yankee press, will be read with gen.
eral interest as indicating the condition Of
affairs in his department:
NEW YORK, Dec. 2.
The Secretary of the Tressury's report,
after referring to the recommendations con-
tained in his July report, gives the manner
in which he obtained loans for various pur-
poses of the Government.
The immediate exigencies we're provided
for by issuing S4.0l9,0 034 in 6 per cent two
years Treasury notes, and S12, $50 in
same rates, payable in sixty days. His
next care was to provide for disbursements
for the war, and he adopted the plan to en-
gage the banking institutions of the three
commercial cities of the seaboard to ad-
vance the amount needed in loans for three
years $40 bonds to be redeemed from
proceeds Of similar bonds subscribed for by
the people, hoping thus to combine the
capital of the banks and the people with
the credit of the Government so as to give
efficiency to administrative action and COM
petent support to public credit, and the re-
suit has fulfilled the hope. He then re-
hearses the agreement catered into between
the banks and himself by which the for
mer agreed to take the loans. The history
Of the first two loans has been made public.
The second loan was negotiated with the
banks on the 10th of November, by which
ne agreed to issue to them fifty millions in
6 per cent bones at par for the bonds bear
ing $40 interest. This agreement was
coupled with 40 arrangement for reimburse
ments and entailed no expense except the
preparing and issuing the bonds. This was
also coupled with the option to the banks
that on or after the 1st of January fourth
advance of fifty millions should be made,
on the same terms as first or second, if re-
quired. In addition to these loans, $21,-
145, 220, up to the 30th OF November, were
issued in Treasury notes of fves, tens. and
twenties, payable on demand, and So, 1885,,
105 remained in the Treasury. This
amount may be regarded as loan from the
people.
The aggregate realized from loans, in va
rious forms, is $l97, 742, 589 The revenue
eceipts have not fulfilled his eIpeotutions.
He says an act modifying the rates of duties
differed from the measure he sumitted to
Congress. In most of these particulars, es-
pecially in diminished duties on tea, coffee
and sugar, and exempting goods in ware
house and on shipboard, the difference was
disadvantageous to the revenue, while a
political cause Of reduced receipts may be
found in the changed circumstances of the
country proving unfsvorable to foreign
commerce.
These circumstances compel him to re-
duce his innate for 1862 from the revenue
from ISL ,OO0, 900 to $32, 19s, ,6O2. The es-
| Inmates from receipts from lands and miscel-
| laneous sources he reddces from So, ,0CO, 900
| to 2, 304, ,052. The only other sources of
revenue i'd direct tax authorized by Con-
| gress which, if incre ased to the limit pro-
| posed by the Secretary and assumed by the
| States, the further sum Of twenty million
| dollars may be expected The aggregate
| Of revenue may be thus estimated st S54,-
| $50, $50, which is S25, Al, 1884 less than the
| estimate of July. The Secretary states the
estimate for July were based on the raising
| Of 220. 900 volunteers, and an increase of
| the regular army by eleven regiments. But,
after that report had been closed, Congress
authorized the acceptance by the President
Of Eve hundred thousand men, besides ad-
dItional companies and oficers- This large
increase has and must necessarily augment
the expenditures far yond the limit indi-
Gated by the original estimates, which will
be still further extended by the increase of
the navy, and additional appropriations are
asked for. OF these additional propris-
tious S47, ,9S5, ,566 were suthoriIed by the
acts Of last session, and $l43, 130, 921
are now asked for-making an aggre-
gate, including go, 787, 1888 for inde6-
mite appropriations, of S2l3, 904, 427. To
provide these large sums, retrenchment and
reform are indispensable. Contracts should
be subjected to strict supervision, and con-
tractors to rigorous responsibility. All an
necessary Offices should be abolished and
salaries and pay materially reduced. While
thus recommending retI enchment, ne feels
himself constrained 70 renew suggestions
heretofore subritted by him, that property
of rebels should be made to pay, in part at
least, the cost of the rebellion. Property
of great value in loyal States Is held by
proorietors virtually engaged in guilty at
tempts to break up the Union, which should
be subjected to sequestration or conhscation,
and the proceeds applied to the satisfaction
of claims arising from the war. Property
of rebels in rebel States should be treated in
the same manner. Rights TO services under
State laws must of necessity form an ex-
esption to any rule Of conhscation. Per-
sons held by rebels under such laws to ser
vice as slaves may, however, be justly lib
Grated from their constraint and made more
valuable in various employments through
voluntary and compensated service than if
confiscated as subjects Of property. The Sec
retary says the most sacred duty of the Amer
ican people now requires the consecration of
all their energies and resources to the estab-
lishmsnt of the Union, and sound policy
would seem to suggest no extension Of for
eign trade but more absolute reliance on
American labor, American skill and Amer
lean toll. He recommends duties on tea,
1A -.