, 1861-12-13
THE TRNASUas Y.
Retrenohinenta4a Economy Proposed
PROPERTY OF REBELS TO PAY
WAR EXPENSES.
Credit Circulation Of Treasury Notes.
The Secretary Of the Treasury, III Obedience
to law, submits the following report to Con-

sct.e.9 lnu4sipies y nn1en, ~ tte sec
le!al3 cunce1ses, tuG auihi1istlation ofIne
papnt nnals ;E,. tn siouu y: 1egulatga, WIN w.! =
f;sucy ecnnnTny md Sanen,J nrosnar;,v - z,san,
set forth, With Us much clearncss aud plain
ness as he Is capable of, in his report n1adc to
: Congress on the 9Th day Of July last.
:; In that report, also, the Serrstarv submitted
to the ronsideration of the Tegis,at1re tie
measures by which. in his oui1ion. The recu-
mary means. neeessary tn fI1c sncedF and
efiectual suppression Of the -rfrautic rebellion
set or foot f,v criminal cnnsT,;Focv aoaiist The
Government and the neonje Of the united
States, might be most certainly and most
economically ottained
-o;n,,,t, -e,r,,,..s
n,:. ,% n
lhe es1imates OF ,the- sefcSaf UeIal!ateu.e ts.
lhen 1ald before congress pF toe aeclct3Iy'
contemplated an aggIrgase @ esn.3, 4a uua
1a; 1aE tae nsE y 9c1 g O. ei4u VI sAo
'og, " ;ds tl,;S e11n, fhe Secretary rrorose
4oPloniu9e tnls eut 49, ~ 80, t,.!sr ~
eagn PILL to,Iaa a. Wo,,1d IN h;s i,ipment ma.
a,,da ~ mn, sd 1 f0 and Snch IONS
" ,.o,;ons farms mi exreed;np n fer aeore
5Ecsi3se '
W;thout ado1,tinr an his recou,me datfon5
:, rannTd "a c1sf0ms and internal taxes. Chm
.1rrss made sucl 1rorIsion for both is was
6eemed necegsary 10 secure the sun proposed
n hc drrjrcd frnn1ss fhos,, sourres. and nrthor-
led loans, in the mode and to the extent pro
Dosed by fbc Secretary. for obtaining the ad-
tlitional sum reaulrcd by the cstinates.
rop,Irp ,,r,a,-pps nm Tur1p oprp.r,oxs
'e1."l-n Af.AanSs 16'D tne4'' oFh-s'A A4o'7 T.
oo,'+,4 ~ 10 a@ao9+;n,, ae,J ~.
Of these measures and in the perfornance Of
it he so1icits, hfst, the attention of Congress
to that part of them relating to loans
The acts authorizing loans provided
.Ffrst, For a National loan of one hundred
millions of dollars, OF any larger sum, not ex-
eceding the whole amount authorized, in
: bonds or treasury notes, bearing 80 per cent.
interest, payable three years after date, and
convertible at or before maturity into tRenty
years six per cent. bonds.
Secondly, For loan in Europe, or in the
United States, at the discretion Of the Geere,
tary, Of one hundred millions Of dollars, pay.
est not exceeding seven per cent.
Thirdly, For the issue, in payment to public
creditors, or in exchange for coin, Of treasury
notes paFable one wear after date, bearing at
interest Of 365 per cent. and convertible int{
the three years ESQ bonds or treasury notes.
demand, and receivable On al pubic dues. L
be used as coin in payments and exchanges.
The aggregate Of notes Of tlc two last de
seriptions was limited to fifty millions Of dol
lars, in denominations less than INV, hut no
less than i've tfo}1ors ~
! to issue Treasury notes Of aay Of tile Specifics
| denominations. bearing six mr. rent frterps
| and payab{e not orrr twelve months frou
| date, to an amount not exceeding s2O, ,OOO. .OOl
Dno,7n,.,c ror, ,,t,., ,.,-,-rs.e1-,.
49, ~ W. - f4AAoS.''
| io provide 1oT lGlmednte eMgencie5 ma
! thc nTst guy OF AcSecfetarF, nnd he perform
90 II oy ISSUING undef author1t1es con1erre
| W various 2cfs, lor payment 70 public credl1
@ ols Or tor advances q eash, Sl4ols,05466 I
no.es payaolc ~ 'No seafs, ~ sn9 o yea:
TT,srEv notea he, mo ti,o @ sara ~ ~ NJ
~ Int naro1,1a s;vtv iars aftrr d,to ~ Ai@s
Ijis nayt cars was Il 1i5orido 1ar tho ,ao,,,.
,,d an.stin.rn,ss "de ~ p1usauc iol ~ ~ uai
urn 1'dos ~, at. t1' " ea9 w w
Its sts W e euly eees,oA, alln ~
tu.s slen - satIluns esanneu t1e !41lol y.
poMe5s, Eonlesasu y t pn MN soihpassd WIN II
pr3.1to 49, " ~ aelis; ai1u 1.aioPta
i;Te sd1nntarea and of iIe 9he 81
et;t1 toldas lda ~ toa1 a9tnorl1s4. t!I Y a.
nfs isAectaona ieo u!Il " tne conclusl9nt e "a
tne s,!sel, sulest a4u nlosl ue1cAct1 pls
"eula p9 ~ ens7age tAc oahAa1g instatnl1oI
u LUG lnIec Gnlc1 commercial elt1es oi q
si-sboa1u ~ 4osa,Se 4s tHe alhonhss neeoea !
1 T 5a t N Inc 10TH o. loans 1of Iar
ssals t.5y pSaos, ~ oe feAaeh1seu, as EAT
paetiIaoi5, !io,l ane piocesus " slla4usf u, pon
+ sunsefineu ls tor " ing people tnIonen Lncage
Sies VI ane a'asaoaM 3:s;a Loan 9shg, mneanHhla
nlllsen' ~ AlnIleu eAlcn', III ala ol tnese 4 4
saness, ine pGMsr ssn % 1ssne h9les o. smallel
A1,nst.ps !t1e i enan ~, pttapte ~ ucal-
upon tnls plu. ~ Eopeu tliat tne eapitI
tno oaun1 n,a1;3t - rs anu snc ea!Gai =
a7t ~ teStte oftSo H,.a " 81 ;uinueu "l.u u
credlt o. inc GoFelnment, III u proper PROV
ION Ior neceesary expenditnres, as TO giEc q
e!.nS1 ~ ua"nliinstia.nt III attIon, huctneF u,
VI nil1ta1S, e., ala eo1Ipetent support 70 pup
eieuA. 1hc result 1iius LIT las 1tlniled III
hope.
TIE ARRANGEMENT WITH TIE BANKS.
, Representatives from the banking iusti,
: tiops Of The three cities, responding 10 lis
l vitation, met hiiu in Ncw York, ana after Fl
, conference, agreed to unite rs associates
= moneye support to the Government, and
subscribe 1T once loan of s50, ,o00, 600,
which s5, ,0GD, COO wcre to be paid immediate
to tile Assistant Trcasurcrs, in coin, aud t
t residue, also in coin, as needed for d1sbu
i 1nent. lAe secretary, on Ills hart, agreed
ioar;n~ cxn1 5.sc rs;tb tSe " o.
of en,;s1 nrnonnt fn c,npe hnoGs Il s'h.cr =
tfons tn tlc N1tinn osnoi ~ ~ in,,1ao5;a11 y,
onanaS. ~ rairn1,,rsa th ~ oGra1nn A. ~
RI II snh,rr;ntfon. and 10 d.1;Tor - 4b.r, =
: hnnds ar TrrasnTT Notea IN +i,a annn1t :,
fins reimbursed r was fnrthnr 1,nJnrs+o
n tjr,t the secTrtarv n n the T-easnrv o sho1
issue limited a1nnnnf, NJ IIn;tpfl Etafce Mt
payable on demand, in aid Of TIC operate
stitutions 1shcn the t,rst aranca ~ ~ n
n0 sTon1d hc ny-11ordrd TonI5 r. t;,s,t
: mako another and 1vl,ar fha+ cLccnI5 -
P iausted sIilI annthcr a,tv.nce % ~ ~ az. Nv
mcnt. Of the same amonnt. % md m 'ou nn 1JnI s;n.i
ia tefrs' Tvs oh;oo+e of +,,;. ;,
: tn n1sce IT he cotan,s7,d - nc "s,s, y
!, ~ isrrc ~ su,oe ;nI1ad;a+oix lIa % Ean
ut naymcnt of 1natir;n1 Traee,;rr ,,otas a.,d ~
T, afier isbursemants nr,iina2v o,v ond cqtrl ~
~ dirarvs r. secnrn - Iho ,;aorin at,.,a1
- nnrtnni+y Jv;1h thn hes,1ee ~ t:st :qaat
y IL n.y. LIZ Ilhhs, lot
the GnTar11n,o.,+ ona ~ nspoa;atna ~" ;,.ot
tinns -, ~ i;s,ara1 ~ - te INK nlet
P tatn and ~ y. ngas s7sn] 70 ~
or ernmcrt ~ tha aesociotae e roos;.a ~ ~
1sh9 to ;nsnrc % + noss;hie tia ra;ntana
u # n,r1ncnts :; sneo; poie'o a tai I;
,,,l =. i's,ms!s , ~ spees, OF lis ACTUAL eq''
'ents ''io representatives..
be WHAT WAS ACCOMPLISHED
b. Alltlesc objects were, happily accomplish
- Fifty millions of dollars were Immediately
). books Of subscription to be opened fhron ron
out the countr{. and the yeonle snhseri
freely to the 1osu. Thc oInnnnta inns {
il scribed were reimbursed to tht. mnEs,
r. | the sun,s reimbursed thonph then cnrer
~ ~ but little more than half tie amount, enal
re those institutions, when secand loan wss
u quired, to make a second advance of :
WO,OW. A'>' ~ Y
a. Thus two loans of s5of0, f,oo coch !,
a. been neeotiafet5 f,r threa Te.rs ) n hands
X oar. Tie frst If these ioans 1Tos ~ nemnt;a1 ]
and the frst issne of honds beors Jsfa -, a..
u- 1Uh Of August; the second on the 1st Of
1opcr, :looL
.of on !he 10Th OF November a third loan
II neSo1aa,ed with the associated Institute
;of unaer the authority given to the Secretar,
ter noIIo8 4 sum not exceeding one hume
II mhnons, N Europe OF the United states
TO rate OF interest not exceeding sercn
1'n cent: As no reasonable prospect appeare
obtaining terms equally advantageous By
q YeTtlScIuQQtx and It. m1uIfrSfIT fnr