Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1861-12-12
FINANCIAL CONDITION OF THE ooUN-
TRY.

The Report Of the Secretary of the Treasury
is published in full in the leading metropolitan
naners of Tuesday. It is too long for our col |
umns, and this week we have room for but the
briefest abstract. The Report itself is of as
much interest to most readers as the Executive
Message, and it will repay careful persueol.
It furnishes the strongest evidence of the great
financial yigor and ability of the distinguished
gentleman at the head of that department to
which we must look for the sinews of war;
At the Extra Session of Congress Mr.. Chase
submitted an estimated expenditure for the
year ending June 80, 1862, of S31S,5l0,5S1,
which estimate was based upon the employment
of 100000 men in the army. Subsequently the
army has been increased to 600 ,O00 which in
crease called for greatly increased estimates,
and the total expenditures for the current year
are now raised to S543 AIS, 422, calling for new
appropriations of about s2l5, 100000.
The estimate Of July placed the revenue from
customs at S57 100000, and from lands at 49,
100000; but it now appears that but about
S34 600, 900 will be realized from these two
sources OF the loans authorized, the Secrea-
ry has already negotiated $3.50, 100000, and is
sued 1924, 55O,325 demand Treasury notes. of
the last S50O00,O0O loan, only SAG, 795,47S
were realized, having been sold at a rate that
would produce an interest of per cent. In
addition to the bonds and notes negotiated I'M
ner the provision for the S250,000,000 loan,
S26,S96,7S4 were borrowed upon two-year
bonds and Treasury notes, making the whole
amount realized from loans in various forms,
S197,242,5 SS.
If the loans required TO meet the estimated
expenditures are negotiated the total debt Of the
United States at the close of the present fiscal
year, will be $517,312, 500. 1t is the provision
for this in which the public feels the greatest
interest, and to which the Secretary devotes the
greater portion of his report.
To provide for these large sums lie recon-
mends retrenchment reform and the most ngid
economy the scquestation or confscation OF
the property of rebels; and an increase of the
duties on sugars 1-2 and 3 cents, on green
teas 20 cents, and on coffee 5 cents per pound
He deems it necessary to increase the direct
tax so as to produce from the loyal states a
revenue of at least S2O,0O0,000 and laying
such duties on stills, distilled liquors, tobacco,
bank notes. carriages, legacies on paper, evil
dences of debt conveyanccs Of property and
other like property, as will produce an equal
additional sum. The income tax will probably
produce $4,000, 900 more, making an aggre-
gate of $5O,0O0,00O. The secretary is aware
the sum is large, but seeing no probability of a
revenue exceeding S4O,OOO,OOO during the cur
rent year, he feels that he must not shrink from
plain statement of the actual necessities of
the situation. Two fths of one per cent on
the real and personal property of the loyal
states will produce S44 100000, the proposed
income tax adding sl0,0O0,000.
The secretary also recommends plan for
national circulation of notes, the features of
which are a circulation of notes bearing COM
mon impress sion, and authenticated by common
authority. These notes will be redeemed by as
sociations and institutions to which they may be
delivered for issue, and the security of that re-
demption will be realized by pledge of United
States stocks and an adequate provision of spe-
Gle. An important advantage to the people by
this plan would be in the increased security OF
the Union springing from common interests in
its preservation, created by distribution of its
stocks TO ASSOCIATE ons throughout the country
as the basis of circulation, and the secretary
entertai MS the opinion, if credit circulation be
desirable, it is most desirable in this form. The
secretary states that it is earnestly hoped, and
not without sufficient grounds, that the present
war will be brought to an suspicious termina-
ton before midsummer, and in that event. the
provision of revenue by taxation recommended,
will amply suffice for all financial exigencies
without additional loans and to enable the gov
eanment at once to begin the reduction of ex-
listing debt. If war continues till July LIST 1862,
the public debt will be @6l7 ,372. SOP. and if it
continue till July LIST 1868, it will be in round
numbers, S900,000,000. The prohibition of
trade with rebel stat has been fully enforced.
Regulations have been established by which
cotton, rice, and other property, in insurgent
districts occupied by our troops, will be collect.
ed and sent by sea to New York, all sales will
be for the account of the government, and the
proceeds will be paid into the national treasu-
ry. As general rule commerce should follow
the flag and when the authority of the Union
is fully restored in the states, the ports should
be opened without restriction and all commerce
freely permitted. The secretary closes by say
ing it has been his endeayor to infuse into his
department the greatest possible activity and
vigor, and hopes that continued endeavor with
larger experience will make it what it ought tc
be-