The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1861-12-10
LAST NIGHTS REPORT..
Secretary Chase's Report
Interesting financial exhib-
1.-THE Rebel Steamer
Nashville.

the Navy has dispatched one of the fastest
and most powerful vessels in the navy and
swift gun boat to intercept the rebel
steamer Nashville, on her return trip, and
| the instructions of the officers are to ap.
| proaeh the British coast as near as the
neutrality laws will permit, and to cruise
of the coast until the privateer is captured
The Nashville is likely armed, and if TIE
| U. S. vessels fall in with her, she will
/ certainly be taken. A writ of attainder
on the part of the loyal owners of the
Nashville, has also gone out in one of the
late steamers, to be executed in Southamp-
! ton.
| The Secretary Of the Treasury's report,
| after referring to the recommendations con-
tanned in his July report, gives the manner
| ia which he obtained loans for the various
| purposes of government. The immediate
! exigencies were provided for by issuing
| $l4,0lO,o34 in six per cent two years
| treasury notes, and Sl2,577, $50 in same
! notes, payable in 60 days. His next care
was to provide for disbursements for the
war, ana he adopted the plan to engage
| the banking institutions of the three COM
mereial cities of the sea-board, whe adj
vancad the amount needed, in loans for
| three years, $40 bonds to be re-imburs-
bad by the people, hoping thus to COM
| biRe the capital of the banks and the peo-
| pie With the credit of the government, so
| As to give efficiency to administrative ac-
| tIons and competent support to public cred
| II, aRd the result has fulfilled the hope
! BE then rehearses the agreement entered
| into between the banks and himself, by
| which the former agreed to take the loans.
The history Of the FIRST two loans has been
made public. The second loan was nego-
4 tisted with the banks on the 10th of Nov,
| by which he agreed to ISSUE to them 3d.
600, 900 of 6 per cent. bonds at par for the
bonds bearing per cent interest.
This agreement was coupled with no ar
rangement for reimbursement, and entail
ed no expense, except the preparing and is
suing the bonds This was also complied
with. The option to the banks that on
or after the 1st of January, fourth ad-
vance OF $5O,0OO,O0O should be made on
| the same terms with the first or second, if
| required. In addition to these loans SILL
| 145, 22O up to the 30th of November were
issued in Treasury notes of S., $40 and
| $40, payable on demand, and 1885, los
remained in the Treasury.
The aggregate realized from loans in va
rious forms is $197, 742,5s8. The revenue
receipts have not fulfilled has expectati ons
He says an act modifying The rates of duties,
differed from the measure be submitted to
Congress, in most of these particulars, espC-
cially in diminished duties on tea, coffee,
and sugar, and ezempting goods in ware
house, ana on shipboard. The difference
was disadvantageous to the revenue, while
a potential cause of reduced receipts may be
found in the changed circumstances of the
country, proving unfavGrable to foreign
commerce. These circumstances compel him
to reduce his estimates for 1862 from the
revenue from $s7,000,000 to $32, 1913, COZ
His estimates for receipts from lands and
miscellaneous sources he reduces from S.
900, 900 to $2,304,052. The emily other
sources of revenue is direct tax, authoriz-
ed by Congress, which, if increased to the
limit proposed by the Secretary and assumed
by States, the further sum of 100000
may be expected The aggregate OF revenue
may be thus estimated at $54, 55266O, |
which is SIS, 447, 1874 less than the estimate
Of July. The Secretary states the estimates
for July were based upon the raising of
$4,000 volunteers, and the increase of the |
regular army by eleven regiments; but af-
ter that Report had been closed, Congress
authorized the acceptance by the President
of 100000 besides additional companies
and officers. This large increase has, and
must necessarily augment the expenditures
far beyond the limit indicated by the origi-
tended by the increase of the Navy, and ad-
ditienal appropriations are asked for. OF
these additional appropriations SAT, 1856, Soc
were authorized by the acts of last session,
and $l43, l30,927 are now asked for, max
ing an aggregate, including $22, 787, 933 for
indefinite appropriations, of$2I3, 904, AT. To
provide for these large sums, retrenchment
and reform an indispensable. Contracts
should be subjected to strict supervision and
contractors held to a rigorous respon-
siDility. All unnecessary Offices should be
abolished and salaries and pay materially
| reduced. While thus recommending re-
trenchment he feels himself constrained to
renew the suggestions heretofore submitted
by him that the property of rebels should
be made to pay in part at least the cost OF
rebellion Property of great value in loyal
States is held by proprietors virtually en-
| gagged Ia the guilty attempt TO break up
the Union, which is justly forfeited to
the peOpls aud should be subjected to
seQueatFation or conhscation, and the
proceeds applied to the satisfaction of claims
arising from the war. The property of the
rebels in the Rebel States should be treated
] in the same manner The rights of servic-
| es under State laws must of necessity form
| an exception to any rule of confscation.
| Persons held by rebels under such laws to
service as slaves may, however, be justly
| liberated from their eonstraint and made
more valuable in various employmenis
| throughout voluntary and compensated
| service, than If con6scated as subjects of
| property.
| The Secretary says the most sacred duty
OF the American people now requires conse-
Grafton of all their energies and resources
| t. the establishment of the Union,
aud sound policy would seem TO suggest no
extension of foreign trade, but more abso-
lutte reliance on American labor, and Ameri-
can skill, and American soil. He recon-
mends that the duties on tea, coffee and
sugar, be increased to q cts. per pound on
brown, and cts. on clayed; 20 cts. on
green tea, cts. on coffee, and that no
other alterations of tariff be made unless
further experience shall demonstrate the
| necessity. lie deems it necessary to increase
the direct tax so as to produce from loyal
States a revenue of at least $50, 000, 900,
estimating such duties on stills, distilled
| IuBors tobacco bank notes, carriages