Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1861-12-17
Secretary Chase's Report.

The Report Of the Secretary Of tie Treasury
j. the most important and able document set
u.o Congress tins Session and we regret *
caedmgly hat its great length lorbids Us from
giving anything but the briela.t abstract Of its
Mcts, arguments, and figures.
The Repor. gives tie amount realized by the
Government during he year, inrouod numbers
at Sl97 100000 The receipt. from customs
laycuot come up to tic Secretary expectations
and are estimated for the current year ending
Sept. 80, e., at So 900 GOO The falling of,
the Secretary charges mainly TO tie business Of
the country, which has proved unfWoa5le to
foreign commerce From other sources, enough
revenue is expected to make the receipts for the
current Gscal year, S54 100000. The entire
receipts for the year, including what is already
realized from loans, and what IL expected from
loans already authorized, and from the direct
tax. are yat down at 1929 800, 600. The actual
and estimated expenditures for the year, are
Sji3 100000 leaving an excess Of expenditures
over receipts Of more than $2l3,0 600, for
which Congress must make some provision. The
Secretary also makes an estimate, based on the
supposed continuance of the war, Of the expen.
diturcs for 1863, in excess Of any receipts under
the laws as they now are, fixing the sum at
s371, 100000.
The following is the estimate Of the public
debt
On the lst day OF July, 1850 the public debt
was S64. 100 ,703 06 on the l,t day of July,
1851. the public debt gas $50 SIS o. on
the l.t day Of July 1852, the public debt wall
be S5l1 ,312 500 90 on the Is day Of july,
1863, Inc public debt will he SS91 ,312,So2 95'
Tomeet in part the enormous expenditures Of
the Government the report commences with the
following suggestion
In tie Judgment Of the Secretary, il will be
nrcee4ry to increase the direct tax so as to pro
duce from the loyal States alone revenue of at
least twenty millions Of dollars and to lay such
duties on stills and distilled liquors, on tobacco,
on bank notes on carriages, on egacies on paper
evidences OF debt and instruments for conveyance
Of property, and other like subjects Of taxation,
as will produce an equal additional sum The
existing provision for an income tax, just in its
principle, nasrnuch as it requires largest con-
tribatous from largest means, may, possibly,
and if somewhat modified will, probably, pro-
duce ten millions of dollars more The aggre-
gate taxation will thus amount to fifty millions
Of dollars.
For the rest, the Secretary says " reliance
must b. placed in loans. In another place
the grctary says
Il viii be for the wisdom Of Congress to de-
termine how far the annual and the aggregat.
burdens Of the people shall be diminished by
retrcnehment, By economy, by prudent yet Wig
orOn. adjustment Of means to ends, and by Just
contributions from rebel property. Nothing
NOR. certainly enhances credit and improves re.
sources Than the reduction Of wants and wise
energy in administration
The Secretary also makes the very important
suggestion to Congress, whether it be not ad-
yisable to issue Treasury notes without interest
redeemable in coin, to take the place of the
bank notes OF private corporations, now so gen.
orally used as circulating medium.
The Report embraces the following stotemen
respecting the specie in the country
The operations at the Mint during the last
yea were large beyond precedent The net
amour. OF bullion received was SD, 6,57l Oh
the amount coined was of gold coins, 500, COB
237 of silver coins 2,G0j 200 of cent coins
Sl0l 900; Of gold bars SCOOPS, JOB 81; and
of silver bars S27S, 006 81; making the tota
coinage OF the year $50 ,693,761 IS. or the
bullion deposited, So l49 $50 - We're received
a, theaHiy Office in New York Of the golJ
bar. Slq.94S,72S So, and OF The silver bur
SlS7 .07s 90. ia value were stamped at the sam,
Office o. S790 ,923 3G2 II the entire o1neg.
since the establishment of the mint S52O,O0o,
900 have been coined from bullion derived from
mines Of the United States.
OF the gold deposited during the last yea
s34. 6,SS9 -, and Of the silver 500 OH >,
we're from the mines OF the United States th'
reminder formed part oil the unusually lorg
receipts during the year from foreign countries
No meaus exist of ascertainlng with absolute
certainty, the quantity of coin now in the Unit
cd States but the best accessible data lead the
Secretary to concur in the Judgment Of the Di
rector Of the Mint, that the amount ia between
two hundred and seyenty-iiyo millions and tire
hundred millions of dollars
rus Durorlc tguIr OF TREAsoN.-Ihal Oh