, 1861-07-10
oulit,irg fractions, Of sixteen thousand MT
Inns nf dnll4ts

on,it,ire fractions, Of sixteen thousand mt.
The value Of real property Is estimated at
81, ,272 BH. and tie value Of per!onal pro-
perry al 1850 880, ,235. The proportion Of the
property Of both descriptions In the qaltso
sn2fsse ss e5s9'segS e sess s. q xse es6ss
s7eso, $50 srepresents according to ths q a sast
esfimates. the value Of the real, and *S,@1u,-
~. .4N the value Of the personal properly.
rate a oue-eighth of one per cent az sasofsm
On HE vhole real and PERSONA o tx g ~ ~
rate Of one f1fth Of one per cenf. on the real
and neraonal property Of the sta:e' not uadsr
fnsnTTeetion would produce the sum OF 52l,-
sO0O50; and 9 rate Of three tenths q oae PR
the real ytef oaf n !nsun sa1a bsn
would produce 11s,oytt ,t '1eon;1ed 9et't ''''- >s'
IN some of the States the revenue 1or al
Durposes of State, county and munfcipA e1-
perditures ig raised in this manner, and the
assessments Of real and persona properly
levied on valuations mnde unoer etats au,
thcrity from certain and Convenient metnod
of collection. II such valuation existed IN
all the States 1t would not be dithcuit through
the assumption and payment ~ tne several
States OF their several proportions OF ne ta1,
or through the cooperation Of the S:ate au,
thorities in its collection, or through Eeoe5al @
sssrciss created for the purpose; oat using
t.e State valuations to assess and collect the
Ivy for Rational purposes II s the apsence
Of such Variations In some OF the s!ates and
the uncertainty Of effective cooopeFas'oa IN
all which makes the employment Of an e1ten-
siyv and complicated Federal machinery lot
the collection Of direct taxes necessary, ana
supplies the basis for the most serious oojee-
tion against that mode Of leyying revenue. II
has been objected, and not without apparent
reason, to -esort to direct taxes at thus tims,
that in consequence OF the disturbed condi-
ton Of the country, the apportionment re-
quired by the Constitution ca;1not be made
internal duties may be collected more cheaplF
than direct taxes, BY fewer agents, and with
less interference with the finances OF the States
They may also be made to bear mainly upon
articles Of luxury, and thus diminish, to
certain extent, the burdens imposed By duties
on Imposts upon the classes Of the people
least able to bear them. It has been already
shown that light direct tax, from which the
Secretary ventures to suggest Very sual1 pro-
petsies may be properly and aavantageously
exempted, will produce the sum needed for
revenue.
TAX ON LIQUORS, TOBACCO AND BANK NOTES.
In the judgment Of the Secretary, the need
I'd sum maJ also be obtained from moderate
ch11ges On stills and distilled liquors, On ale
and beer, On tobacco, on bank notes, on spring
carriages, on silver ware and jewelry, and on
1egacies. II both sources Of revenue be re-
sorted2 to the extent suggested, the amount
required from loans viii Sc proportionately
diminished, and the basis Of tie public credit
propordonately enlarged and strengthened.
Whether both these modes Of taxation be re-
sorted to under present emergencies, or only
one Of them, the Secretary will but lily par
form his duty to Congress or the people Ii he
oInits to urge the great Importance, the ao5s-
lutte necessity, indeed, of such full provision
Of the annual revenue as will manifest to the
world fixed purpose to maintain inriolate
the public faith, BY strictest fidelity to all pub
lie engagements.
MAKE THE REBELS FAY.
1t will not, perhaps, be thought ont Of place
if the Secretary suggests here that the property
Of thoee engaged in insurrection, or in giving
aid and comfort to the insurgents, may prop.
erly be made to contribute to the expendi-
tn1es, made necessary by their criminal mis-
conduct. AS part OF the punishment due to
the guilt Of involving the nation in the ca.
tamlties Of civil war, and thereby bringing
gress may justly provide for the forfeiture Of
the whole Or part of the estates Of offenders,
and for the payment Of its proceeds into the
public treasury.
REDUCTION OF SALARIES.
Before dismissing the subject Of the proper
provision for ordinary expenditures, including
interest On the public debt and 4 proper
IA14NAAt AoA E4A4AlIS 4AaNa Lie EEEfElAIS IT.
spectfully asks the consideration Of Congress
for the question whether the current disbuFse-
ments OF the government may not be them
selves diminished He ventures to. suggest
that considerable saving may be judiciously
effected by reduction, 1or the time at least,
Of ten per centum upon all salaries and wages
paid by the Feders1 Governm ent, in cases
where such reduction will rot interfere with
the existing contracts and that q further
sewing, perhaps not less considerable, may bc
effected by the abolition Of the frsnklng priv
lege and reduction Of postal expenses. i rcs
trenchmcnt in other directions viii doubtless
suggest itself to tho reflection Of Congress,
and it is NEST respectfully recommended that
every retrenchment, compatible with the rig
| OF and efficiency of the public service be
! promptly and etfectually made.
ASAr1osAL LOAN. OF S100, 900 900.
| The magnitude Of the occasion requires
other measures, as the contest In which the
| government is now engaged is contest for
| national existence and the Sovereignty Of the
people. 1t Is evidently proper that the appeal
| tor the means of prosecuting it with energy
to speedy and successful issue, should be
made, in the first instance at least, to the peo
| pie themselves; and it is highly desirable in
order that the circle of contribution may be
widely extended, to make the bn1then press
| as lightly as possible upon each individual
contributor, aud If possible transmute the
burthen into benefit. To attain these desir-
able objects, the Secretary submits to Con-
tor national loan Of not less than 500 ,O00, :
600, to be issued In the form Of Treasury notes
OF exchequer bills, bearing yearly interest
OF $40 per centum, to be paid half yearly,
and redeemable at the pleasure Of the United
| States after three years from date The SUI,
of S10b, ,ooo, 600 IL named aa the amount fol
which it now seems expedient to rely on for
I 6 subscription Of this kind. But it Is not in
tended to restrict 1oans in this form to any
precise limit short Of the entire sum which
may be required, in addition to the sums t.,
be realized from other sources for all the phs-
poses OF the year. The interest OF I $40 il
suggested, because It is liberal to the subscri-
ber, convenient for circulation, and, under ex-
listing circumstances, . fair rate for the gov.
ernment. It is beneficial to the whole people
that loan distributed among themselves
should be made SO advantageous to the takers
as to inspire satisfaction and hopes Of profit,
rather than annoyance and fears Of loss aud,
ifthe rate Of interest proposed be somewhat
higher than that allowed in ordinary times, it
will not be grudged to the subscribers, when
IL is remembered that the interest On the
loans will 60 into the channels of houc cir
culation, aud is to reward those who come
forward In the hour of peril to place their
convenience of calculation incident to the
rate proposed Is quite obvious, for the inter
est being equal to one cent day on City dol
lars, 1t is only necessary to know the number
OF days since the date Of note, or the last
payment OF interest, to determine at a glance
the amount due upon it.
To increase stili;futher this facility Of calcu-
1atton it Is proposed also to issue treasury
notes of this loan In sums Of $50, 300, $500,
81 eco, 5000, with the amount Of interest for
specified periods engraved on the back Of each
note. The facility thus secured to the holder
Tor determining the exact amount Of the note
and interest without auy trouble OF compata-
tion, will materially enhance its value for all
purposes Of investment aud payment. While
the rate proposed Is thus liberal and coaveai
eEt, the Secretary regards 1t also as, undcs
existing circumstances, fair and ca uitable to
the goyeTrmt Mt. The bonds Of the United
States, bearing an interest of six per cent,
and redeemable twenty years after date, can.
not be disposed Of at current market rates, SO
that the interest on the amount realized will
not exceed and three-tenths per cent, nor is
! there any reaEon to believe that treasury notes
bearing an interest of six per cent, re
eeiyable for public dues aud convertible
into twenty yeaTs six per cent. bonds eau be
disposed OF in any hrge amounts, so that
l the 11terpRt the s11rn rea1iySd mt f,1