The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1861-12-14

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aGsVsgs eGsAs Ssesssasy e ~ sx1sasaSy.s
Kyw Yoax Dec. s-The Secretary Of ths
Trsasurys report after referrips % recon.
nsndatioos contained ia his July report gives
~ mannsr In which b obtained loass fer -.
sious purposes q the Government The inme-
date sxieencies Wsre provided for By Issuing
Ga, OH, O3A In s Per cent two years Treasury
notes and tls ST., $50 10 same notes, payable u
90 dAya s So 'lli u.
nspis far Ne war, and be adopted che plan to
engage he banking institutions Of the three
great commercial ciIies Of the eea.boasd % ~
Ii S-l0 boads. - b reimbursed ftoa The pro
ceeds Of similar bonds subscribed for By the peo-
ple-hoping this would combine The capital Of
the banks and the people, with the credit Of the
Government % - To- give ef1cisacy 70 admins
trative action and competent support 70 public
credit, and The result fulfilled the hope. He
then rchearses the agreements entered into be-
tween the banks and himself, BY which the for
uer agreed 70 take the loans.
The history q the first two loans has been
made public. The second loan Vas negotiated
with the banks on the 10th Of Nov. by which
be agreed 10 issue 70 them Afty millions in ok
per cent bonds q par for The bonds, bearing
seven per cent interest; this agreement vas
coupled with no arrangement for reimbursement.
and entailcd no expense except the preparing
and issuing the bonds. This was also compiled
with-the option 70 the banks that ON or after
the lst Of January fourth advance Of Fifty
millons should be made on the same tesm0 -
first or second If required.
In addition to these loans $2l, l6b, ESQ up TO
3Oth November we're issued in treasury notes Of
bs, los and 2Os, payable on demand, Is, Ss5, l06
remained In the Treasury. This amount may be
regarded . loan from the people. The g.
gregate realized from loans 10 various forms b
4l07, 742 ,588. The revenue receipts have not
fulfilled his expectations.
He says an act modifying the rates Of duties
differed from the measure he submitted TO Con-
gress in most of these particulars, especially u
diminished duties on tea, coffee and sugar, and
exempting goods in ware house and on ship
board. The difference was dissdvantageous 70
the Revenue while potential cause Of reduced
receipts may be found in the changed circuu,-
stances Of the country, proving unfavorab'e to
foreign commerce.
These circumstances compel him to reduce
his estimates for 1862, from the revenue from
$57. OOO. 900 TO $50, l9s, COZ. The estimates
from the receipts from lands and miscellaneous
sources be reduces from 81, OO0,O GOO TO q, S04,-
O62 of revenue There is direct tax author
lied by Congress, which if increased to the
limit proposed by the Secretary, and assumedby
States, The further sum Of $40, 0O, 900 may be
expected. The aggregate Of revenue may be
thus estimated at *b4 ,552, $50, which Is $25,.
AL, ss4 less than the estimate Of July.
The Secretary states tho estimates for July
we're based on the raising Of 26O, 600 volunteers,
and an increase Of the regular army BY eleven
regiments, but after that report had been closed
Congress authorized the acceptance, by the Pre-
sident, of 60O,OOO men, besides additional CON-
panies and officers. This large increase has, and
must necessarily augment the expenditures lar
beyond the limit indicated by the original esti-
mates which will be still further extended by the
increase of the Navy, and additional appropria-
ton are asked for.
If these additional appropriations 81, 9s5, 500
were authorized by acts of last session, $l43,-
1870, 1927 are now asked for; making an aggregate
including 1872, 49,, 93S. For indefinite appropria
ton S2l3,9O4, APT. To provide these large sums
retrcnchment ard reform are indispensable.
Contracts should be subjected to strict super
vision, rigorous responsibility, all unnect ssary
officer should be abolished, aud salaries aud
pay materially reduced.
While recommending retrechment he feels
himself constrained to renew suggestions here
tofore submitted by him that fthe property Of
rebels should be made to pay in part, ut least,
the cost Of rebellion. Property bf great value
in loyal States is held by proprietors virtually
engaged in guilty attempt to break up the Union
which is justly forfeited to the people, which
should be subject TO se4uestrations or confis ca.
tion, and the proceeds applied to the satisfac.
ton OF claims arising from the war.
Property Of rebels in rebel States should he
treated in same manner. Rights to services
under State laws must Of necessity form an ex-
ception to any rule of copiscation. Persons
held By rebels under such laws to service as
slaves may however be justly liberated from
their cOnstraint and made more valuable in va.
Iious employments through voluntary and COM
pensated service than If confscsted az subjects
of property.
The Secretary says the most sacred duty of
the American people now requires the consecra-
ton of all their energies to the establishment of
the Union, and sound policy would seem to sug.
gest no extension Of foreign trade, but more ab
solute rellance on American labor, American
skill and American soil.
BE recommends that duties on tea, coffee and
sugar be increased, to &c per pound on brown
sugar; &c on clarified; cocoon green tea; &c on
coffee, and that NO other alterations Of tariff
be Made, unless further experience shall de.
monstrate the necessity.
He deems it necessary to increase the direct
tax SO a. to produce from loyal States revenue
of at least SEC, 0OO, 900, estimating such tiles
on stills, distilled liquors. tobacco, bank notes,
carriages, legacies on paper. evidences of debt,
and conveyances Of property, and other like
property a. viii produce an equal additional
sum. The income tax Will probably produce
$4,000. 600 more, making an aggregate Of $780,
100000.
Tho aan,o<.,r Z. .-... 49, a.. -.
but seeing no probability Of revenue exceeding
4O.OOO, 900 during the current year he feels
that he must not shrink from plain statement
Of actual necessities Of the situation. 25 of
one per cent. in real and personal property of
the loyal States will produce A, O0O, 900, the
proposed income adding SIC, OO0, 900.
The Secretary recommends q plan for a.
tional circulation of notes. the features of which
are circulation by notes bearing common i'm
preston and authenticated by common author:
ity. The redemption Of these notcs by associa.
lions and institutions to which they may be de-
livered fer issue, and the security of that redemp
ton by the pledge of United States stocks and
an adequate provision of specie. An important
advantage to the people BY this plan would be
in the increased security OF the Union springng
from the common interests in its preservation,
created by the distribution of its stocks to asso.
Citations throughout tue country, a. the basis of
this circulation, and he entertains the opinion if
q credit circulation be desirable it is this FORM
he states that it is earnestly hoped, not with.
out sufficient ground, that the present war will
be brought 70 an suspicious termination before
midsummer, and that in that event the provision
by taxation recommended will amply, suffice
for all financial exigencies without additional
loans and enable the Government at once 70 be-
gin reduction of the existing debt ~
II the war continues to July LIST 1862 the
public debt will be S5l7, S22, sO2; if till July
LIST 1862 il will be in round numbers 500, OOO,-
600. The prohibition Of trade with the rebel
States has been fully enforced. Regulations
have been established by which rice, cotton and
other property In the irsurrectionary district
occupied by our troops will be collected and
sent by sea TO New York. All sales will be