The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1861-12-18

sysssss u seerey cAs'ss As
The Secretary of the Treasury. af,.. ,,
TO the recommendation contaio<d in 49,
Report gives the manner 10 vhieh h. sx
loans for the various purposes OF Govs,r-
The immediate exigencies sers pso,,a.a
issuing $l4.Ol9,OS4. in 6 per cent to- ~
Treasury ootes. and $i2.s77,76O in ~.
notes, payable in sixty dvya. HE next -.
TO provide for disbursements for the var. "a.
adopted, a. the plan, to engage the hankin. !.
situations Of the three commercial citiee ~ -
seabOard to advance the amount ns.a.S
loans for three years Of 8 10 per eeok -
to be reimbursed from the proceeds az .~
bonds subscribed for BY the people, hoo;., ~.
10 combine the capital Of the bepks e,sA ~
people with the credit Of the Governmen, ~.
70 give efficiency 70 administrative actin. 80
competent support 70 public credit: snd -.
suit has fulfilled the hope. He then reh,.,...
the agreement entered into between the A.nI.
and himself, by which the former agreed n ~.
the loans. Ire history Of the 6rss sse -.
has been made public. The second 10. -.
negotiated With the banks on the lOth a. n.
| ve@beI, BY which he agreed 70 issus a ~
| 81, zoo, 900 in per cent. bonds ct per ior -
| bearing per cent. interest This agresm.,,
Vas coupled with no arrangement for re.euh,,,.
ment and entsiled no expense. except IL ~.
pairing and issuing the bouds. This ~ ~
complied with. The option to the banks 4 ~,
On or after the let Of January, fourth ad,a...
OF Fifty millions should be made, on the -.
terms a. the first or second, if REQUIRED n.
addition to these loans. $2i. les, s2O. up 70 Nov.
80, we're issued in Treasury notes Of 6vea ,.,.
and twenties, payable on demvud; 8 sSs l0s
remaining In the Treasury. This anouus ~,
be regarded - loan from the people. Ths -.
pregate realized from loans in yarious forw.S
tl97, 742,6SS.
The revenue receipts have not fulfilled ha a..
pectatious. He says an act modifying the m.
Of duties differed from the measure he suhm;,.
ted to Congress in most Of these Particular a..
pecially in diminished duties on tea, cofse and
sugar, and exempting goods In warehouse end
on shipboard. The difference vas disadvant,.
geo1s; while q potential cause Of reduced Ne.
ceipts may be found in the changed crcunssan.
ces OF the country. proving unfavorabie to for.
eign commerce. These circumstances coupel
hun to reduce his estimates fer 1862, from he
REVENGE, from fifty seven millions dollars 70 tsa.
l97, COZ. The estimates from receipts iron
| lands and miscellaneous sources, he reduces
from three millions TO 81, S04, O62. Ths only
other source Of revenue 10 direct tax, author.
zed by Congress, which. If increased to the Limit
proposed by the Secretary and assumed BY Tie
States, the further sum Of t20, 100000 may b
expected. The aggregate Of revenue may b.
thus estimated At S54, 552. $50. which 10 cas-.
AL 1874 less than the estimate Of July.
The Secretary states that the estimates Tor
July were based on the raising OF $4,000 vol
unteers aud an increase OF the regular army BY
eleven regiments; but after that report had
been closed, Congress authorized the acceptance
by the President Of 100000 men, besides add.
tional companies and officers. This large increas
has and must necessarily augment the expendi.
lures far beyond the limit indicated BY the osi.
ginal estimate, which will be still further exten.
ded by the increase of the navy; aud additional
appropriations are asked TOR. VI these additional
appropriations, 81, sss, 500 we're authorized BY
acts of the last session, aud $l43. lSO. 921 are
nov asked for, making IN aggregate, including
s22,7s7 $50 for indefinite appropriations, q
s2i3 ,sO4.427. To provide these large susA
retrenchment and reform are indispensable.
Contracts should be subjected to strict supervis-
ion, and contractors to vigorous responsi.
b,lty. All unnecessary Offices ehould be abot
ished. and salaries aud pay materially reduced
While thus recommending retrenchment be
feels himself constrained TO renew suggestions
heretofore submitted by him, that the property
of rebels should be made te pay, in part q lsass
tho cost Of the rebellion. Property Of grss
value in loyal States is held by proprietor viz
tually engaged in . guilty attempt TO break p
the Union, which is Justly forfeited 70 the peo-
pie, and which should be subjected to sequss-
tration or con6scation, and the proceeds applied
to the satisfaction Of claims arising from the war.
The property of rebels in rebelious States
should be treated in the same manner. Their
rights to Services" under State Laws, must Of
necessity form an exception TO any rule Of COZ.
fscation. Persons held bv rebels uudes such
laws TO service as slaves, may, however, b
Justly liberated from their cOnstraint and mads
more valuable in various employ ments through
voluntary aud compensated service, than II con.
6scated as subjects Of property.
| The Secretary says the most sacred duty Of
the American people now requires the coDseess-
ton Of ali their energies and resources 70 ths
establishment of the Union. and sound policy
would seem to suggest NO extension of foeegn
trade, but more absolute reliance on American
labor, American skill, and American coil. He
recommends that the duty on tea, coffee ssd
sugar be increased to IL per cents pr b.;
on brown, and on clayed sugar 3 cents; 70 20
cents on green tea; TO 8 cents on coffee; end
that no further alterations Of the tariff be made
unless further experience shall demonstrate The
necessity. He deems it necessary TO incresss
the direct tax SO as to % % TO produce iron
loyal States revenue Of least $40, 900 00. ssai
mating such duties on stills, distilled hqusds.
tobacco, bank u0tes, carriages, legacses, on p.
| per- evidences OF debt, and conveyaDces o.
property, and other like property, - viii pre-
duce an equal additional sum. The income ~
will probably produce 81 q, OOO, 900 more, making
an aggregate Of $50, OOO, 900. The Secr6easy y
aware that the sum is large. but seeing no Psoe-
ability of the revenue exceeding ~, 900
during the current year, he feels thas be NEST
lot shrink from q plain statement Tso-hfshs
of one per cent on the real and personal prop
erty OF loyal States will produce es4.000.0Oo
the proposed income adding $4,000. 80 more
The Secretary recommends . plan for NJ
tonsl circulation of notes. the features Of shcs
are . circulation Of notes bearing common IN
preston, and authenticated BY common author
ity the redemption OF those notes BY sasociauoc
aud institutions 70 which they may be delivssee
for issue, and the security Of that redeupssoa
by pledge Of United States stocks, and IN ~
quate provision of specie. An important a.
vantage to the people by this plan, would BE- N
the increased security Of the Union, spriHg'ag
from common interests ia its preservation, efss'
| ted by q distribution of its stocks 10 association
throughout the country as the basis OF their CT
culstion, and be entertains the opinion il credit
circulation be desirable, il il most desirable 70
this form. He states il is most earnestly hopes,
and not without sufficient grounds, that the
present war be brought to N aaspicious tef.
mnation before midsummer, and that 10 teas
event the provision OF revenue by tsxas'oc
recommended will amply suffice for oil hnsDc,si
exigencies, without additional loans, and enaoe
the Government at onro IN heOin a reduction o.