Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-12-12

one OF great ability, and Us not least ulell'
the fact that Il is written in plain, intel
sible language that ell can understand. Il
Report for the people as well as for hnsn.
isrs.
IN ESTIMATES PRRsESTED AT FHH SPECIAL
Al SESSION.
The estimates Of the several departments
hen laid before Congress by the Secretary
an aggregate expenditure, dur
nV the fiscal year 20 end on the s0th Of June,
se9, OF $sls, SIS, ,5sl.s7.
HoW PRovIDEp FoR.
10 provide this sum, the Secretary pro-
,osed such notifications OF the tarif and
Iueh internal taxes as would, in his judg- |
nent produce the sum Of eighty millions Of |
dollars, and such loans, in various torms, not |
In their aggregate two hundred |
and fifty millions OF dollars, as would yield
the required residue.
WHAT HAS BEEN DONE By THE DEPARTMENT
SINCE THAT SESSION, AND HOW.
It now becomss his duty TO give scme &C.
count Of the execution and practical opera
ton of these measures and in the perform
ance Of It he solicits, frst the attention Of
Congress to that part Of them relating to
loans,
The acts authorizing loans provided
First-For q national loan of one hundred
millions of dollars, or any larger sum, not
exceeding the whole amount authorized in
bonds or Treasury notes, bearing 7,3o per
cent. interest, payable three years after date,
and convertible at or befO.e maturity into
twenty years six per cent. bonds.
Secondly-For q loan in Europe or in the
United States, at the discretion of the secre-
tsry. Of one hundred millions Of dollars,
payable twenty years after date, and bearing
interest not exceeding seven per cent.
Thirdly-For the issue, in payments to
public creditors, or in exchange for coin, Of
Treasury notes, payable one year after date,
bearing an interest of 365 per cent. End con-
vertible into the three years 7.3O bonds or
Treasury notes.
/ Fourthly-FOr the issue of notes, payable
on demand and receivable for all public
dues, to be used as coin in payments and ex-
changes.
The aggregate Of notes of the two last de.
scriptions was limited to fifty millions o
dollars, In denominations less than fifty, bu
not less tn1n nVe QOllhIss
A further authority was conferred by th'
act to issue Treasury notes Of any o. tn
specified denominations, bearing six per cent
interest and payable not over twelve month
from date, to an amount not exceeding TWEEN
ty millions Of dollars.
how TIE IMMEDIATE EXIGEEOIEs WERE PRoVID
I'd FOB.
e. ;-,-,o5;o4a av;cs1oinu MA
the frst duty of the Secretary, and he pei
formed it by issuing, under authorities cor
( terred by various acts, for payment 70 publ
creditors or for adVrnces of cash, Sl4,ois
O34 66 in Treasury notes, payable in tT
years, snd bearing six per cent. interest, an
, lSI2,s77, ,150 in Treasury notes, bearing Il
same rate Of interest, but payable sixty da!
f after date.
f The banking institutions of New Yorl
. Philadelphia and Boston were engaged
: advance the amounts needed for disburs
/ ments in the form Of loans for three yea
g 7.3O bonds. Three loans of $50, OOO,O
each have been negotiated with the bank
J and if necessary fourth advance is like
!, to be satisfactorily arranged.
TIE ISSUE OF DENAED NOTES.
In addition to the loans thus made, 4
Secretary mas issued United States notes, pa
e able on demand, in denominations Of AZ
L ten and twenty dollars, of which there We
le in circulation, according to the last return
on the 30th day Of November, 1881, 81
l65, 22O; and there remained in the treasu
8 at the same date, So, 1856, ,lO5. The amou
thus issued, 80 far ss it enters into the c
culatiOn of the country, may be regarded
a loan from the people, payable on densn
Y without interest.
at The aggregate, realized from loans Of !
A rlous forms, is $l9z,2i2,5ssl4.
at WHAT THE SECRETARY EXPECTED EEoM t
~ CUSTOMS AND WHAT IT REALI1Es.
90 At the date of his report, the Seereta
counted on a revenue from customs, for
u financial year 1862, offfty-seven millions
IL dollars, but the circumstances to which
n has Just adverted now constrain him to
AZ duce this estimate to S32, ,l9s, ,6O255.
., LAND RECEIPTS.
10 The estimates of receipts from lands a
miscellaneous sources must also be reduC
q from 50, 900, 600 to 50, 1854, ,O628s
n ADDITIONAL APPROPRIATIONS.
81 The army having been greatly increai
: since the estimates submitted at the ex
- session we're made, it is necessary to {
y further appropriations
ne To meet these increased demands, arisi
TT almost wholly from the increase Of the arr
<; and navy, and the increase of Pay and
,,s tons beyond the original estimates, la
additional appropriations have been and Y
be necessary.
nd Of these additional appropriations 81
or 9s5, 566 81 were authorized by acts of
all last session, and Sl43, l3O,927 76 are NJ
asked for.
= The Secretary recommends great red
:, ton of expenditures in the way Of salRl
&C, and then says;
TIE PROPERTY OF REBELS TO HEIP PAY !
EXPENSES.
)ly While thus recommending rstrenchm
H. and the prevention OF abuses, the Secrets
6eels himself constrained to renew ths sugg
lN ton heretofore submitted by hin, that
m property of rebels should be made to pay,
,ur part OF least, the cost of rebellion. Prepe
pir of great value in loyal States IS held
= proprietors who are actually or virtually
gagged in that guilty attempt to break up
ed Union and overturn its government VIII
as has brought upon our country all tbs
no lamities we now endure. The property
:; Justly forfeited to the people, and should
|. - subjected, with due regard for all rights 8
ly interests concerned, to sequestraticn or c.
8 6scatioa, and the proceeds should be appl
he to the satisfaction of claims arising from
war.
Property ofrebels in rebel States sho
bus be treated in like manner. Rights to SCI
snt ces, under State laws, must, Of necessi
sDs form an exception to any rule of confcati
Persons held by rebels, under such laws,
F." service as slaves, may, however, bs jus
me liberated from their constrsint, and ni
Ion more valuable in various employnel
through voluntary and compensated serv
than If confscated as subjects of property