Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1861-12-13
Abstract of the treasury Report.

New YoRE, Dec. e.-Tbe Secretary Of the
Treasury report, after referring TO the rec
concentrations contained in bis July report,
gives the manner in which he obtained loans
for the various purposes Of the Government
The immediate exigencies were provided for
by issning sl4,Ol9.O34 in six per cent. two
years Treasury notes, and SI2.87T, 80 in the
I same notes payable in sixty days. His next
care was TO provide for disbursements for the
war; and he adopted the plan 10 engage the
banking institutions Of the three commercial
cities Of the selboard to advance the amount
needed in loans for three years $40 bonds
to be reimbursed from the proceeds of similar
bonds subsc ibed for by the people, hoping
thus TO combine the capital of the banks ard
the people with the credit of the-Go efnment,
! 50 as 10 give efficiency to administrative &C
ton, and competent support 10 public credit;
and the result has fulfilled he hope. He then
rehearsrs the agreement entered into between
/ the banks and himself by which the former
agree 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 he agreed to
issue 10 Them fifty millions in six per cent.
cent. interest. This agreement was coupled
! with no arrangement for reimbursement, and
| entaird no expense except the preparing and
! j suing the bonds. This was also coupled
with, the option of the banks. that on or after
/ the E, 81 of january fourth advance Of City
/ millions should be made on the same terms as
! the first or second, if required. In addition
to these loans, $2I.I45, ,22U, up to the Both OF
/ November, were issued in Treasury notes Of
SIS, los, aud 20's payable on demand, and
S3.3s5,lO' remained in the Treasury. This
amount may be regarded as loan from the
| people. Tie aggregate realized from loans, in
various forms, is 1919, ,5S6- The revenue
receipts have not fulfilled his expectations
| He says an act modifying the rates of duties
differed from the measures he subm tied to
Congress. In most OF these pariiculars-es
pecially in diminished duties on tea, coffee and
sugar. and exemp' ing goods in warehouse and
OIL siip3oar,l-.le difference was disadvanta-
yeous 10 the revenue, while potential cause
of reduced receipts may be found in the
changed circumstances of the country proving
S1fiiYoruble to foreign commerce. These
! circumstances compel him TO reduce his esti-
mates !or 1862 frum the revenue from 81 ,O0O.-
900 to S32, IS, ,602. The estimates from receipts
from lands aud miscellaneous sources, he re.
duces from S3,OO0.OO0 10 81. .3O4, ,O62 The
only other sources Of revenue is q direct tax
authorized by Congress, which If increased to
the limit proposed by the Secretary and as
saned by State, he further sum of twenty
millions may be expected. The aggregate OF
revenue may be thus estimated at $54, So, 500
which is S25 AZ 334 less than the estimate
Of July. The Secretary states that the esti-
mates for July were based on the raising OF
25O,0o0 volunteers and an Increase of the reg
ular army by eleven regiments, but after that
report had been closed, Congress authorized
the acceptance Of five hundred thousand men,
besides dditOnal companies and officers
Th large increase has, and must necessarily
augment lie expenditures far beyond the limit
Indicated by the original estimates, which will
bcstil further extended by the increase Of the
navy and additional appropriations are asked;
for these additional appropriations SAT 1885,
5l6 were authorized By acts Of he last session
and Sl43,I30,927 are now asked for, making
an aggregate inc,uiing S22, ,TsT ,9S3 for iaylcf-
mite appropriations of S2l3904 ,427. To pro
vide these large sums, retrenchment and reform
= are Indispensable. Contracts should Iye sub.
jected to strict supervision, and contractors to
rigorous responsibility All unnecessary Offices
should be abolished and salaries and Ia,y ma
terially reduced. While thus recommending
retrenchmcHt Ic feels himself const rsifned to re-
uSAF suggestions heretofore Submitted by him
that property of rebels should he made 10 nav,
} in part, ut least the cost uf tile rebellion.
Property of great vaEne in loyal States is
held by proprietors virtually engaged in a
/ guilty attempt to break up the Union. which
Is justly forfeited to the psople; which should
be subjected to scqueSteaiioH or couliscation
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 unt!.sr State
flaws must OF necessity form an exception 10
any rue Of confiScation Persons held by
brcba IS under such laws TO service as slaves may
however, justly liberated from their resti aint
and made more valuable in various employ
ments through voluntary and compensated
service than if eontiscated as subjects OF prop
erty. The Secretary says the most sacred da-
iy Of the American people now requires con
secraiiOn Of all their energies and resources to
the establishment of the Onion and sound
policy would seem to suggest no extension oi
Eturcign trade, but more absolute reliance on
: American labor, American skill, American soil
= He recommends duties on tea, cuff e. and sU-
gar be increased to 2 &c per pound on brown
Sc on claycd, zoe on green tea Sc on cnfte
and that no other alterations of the tariff be
made, unless further experience shall demon.
s;rdte the necessity. lie deems it necessary tc
increase the direct tax, :, as to produce from
frsx~t fsac
esIniutiRg such duties TN stills, distilled Ho
uors tebacco, bank notes, carrages, legaeie:
1 on paper, evidences of debt and eonveyauces o.
$ proper y, aud other like property, as will pro
due an equal additional sum. The income
: laS will probably produce $4,000 400 more
+ making an aggregate Of S50,OOO,0O0 Th,
e Secretary is aware that the sum is large. bu
: seeing no probability of the revenue excecdins
{ $40. 10000 clnring the current year he feel
n that lie must not shrink from plain statcmen
Il of the Actual nee, ssiIi;s Of our situation
I TwG5iIhs ofune per cent. on real aud persona
: property Of loyal States, will produce S44,
: e00.000--Ihe proposed income adding $40
: 100000. The Secretary recommends plaI
J. for national circulation of notes bearing
common impression, and authenticated b,
common authority. The redemption of thes
notes by associations and Institutions to whicl
they may Le delivered for issue, and the seeur
y iy of that redemption by pledge of Unite,
n States stocks, aud an adequate provision O
d specie. An important advantage to the peo
s pie by this plan WoAld be in the increased sc
: curity of The Union, springing from CONNER
n interests in its preservation, created by distri
= button of it's stocks TO associations throughou
. the country is the basis of their circulation
d and he enterrans the opinion if u credit circu