The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-10
Il RIPPLE SHEET.
New York, Tuesday, December 10, 1861.
THE SITUATION.

THE TUATION.
One OF the most important documents in connec
ion with the rebellion is the report of the Secre
nary OF the Treasury which we publish in full to.
day. Mr.. Chase has grappled with his subject
boldly, and has laid before the public, without dis.
guise, the actual financial condition of the country
THE demands which must be made upon the re-
sources of the people of the loyal States in order
70 crush this unnatural revolt, and the modes by
(which the necessities of the crisis can be met. He
puts down the aggregate public debt which we
shall have to bear in July, 1868, at the amount
of nine hundred millions of dollars; but this, he
says, can be easily liquidated by the loyal States
within thirty years. and with the immense resources
al the command OF the country and the patriotic
spirit which animates the people, who will doubt
that he is right? Mr.. Chase proposes to raise the
sum required to meet the expenses of the fiscal
year lSGl2-whch is estimated at two hundred
and thirteen millions of dollars-in three ways
The direct taxes Of the loyal States to furnish
twenty millions; duties on liquors, tobacco and
on incomes, ten millions. This with the issue of
hundred and fifty millions of dollars in federal paper
currency, substituted for bank currency and Sc
cured By United States stocks will supply the re-
quirements of the year. leaving only small bal
ance Of some thirteen millions to be provided for
and as large portion of the estimated expend
turc is based upon the payment Of the public debt
much of which may not be demanded, it is posi-
BILE that there may be no deficit at ALL
The report of Mr. Chase upon the whole will be
found interesting straightforward and up to the
ment more fully in our editorial columns and our
financial article.
The government received news from color
ed boy yesterday who escaped from the rebels
at Centreve. He says that while review
of eighty thousand men, at which Beaure-
gard and all the chief generals were present,
reached them that the Union army was ad
yanciug, and that panic at once took possession
of the rebels, and they fed precipitately, leaving
their heavy artillery behind them, and overturnng
the wagons, breaking the poles, and the drivers
flying in dismay. Beyond this intelligence there
is nothing to report from the army of the Pc
tomac
An important skirmish occurred in General
Banks division, at Dam No. 5, near Williansport,
on Saturday and Sunday. body of the rebels on
the Virginia side of the Upper Potomac commenced
throwing shot and shell across the river on Satur-
day, doing some damage to houses and barns on
the Maryland side. The next morning they re-
newed the FIRE, but were met with such hearty
response from the rifles Of Col Leonard's men that
they had to retire, leaving their guns behind them.
During the night, however, they recovered the
guns, but they made good their retreat. The rebel
force composed of artillery and cavalry They
Lost twelve men, while only one of the Union
troops was wounded. A despatch from General
Banks, received in Washington yesterday states
that the rebels were moving in force from wnches-
ter towards Harper's Ferry.
General IIalleck, commander Of the Department
nf Missouri, has gone to work the right way to
deal with the rebels. In his last proclama-
ton in ST, Louis, to which we REFEREED seine
days ago, he says that the mild and indul-
gent course heretofore pursued is now at an end.
peace and war cannot exist together, and the
safety Of tue country demands that traitors shall
DC treated summarlly He therefore orders that
Bill persons, without distinction of sex, who are
touho In disguise as pretended loyal citizens, or
under o'hef false pretences, and who may be found
guilty OF giving information TO or communicating
with the enemy, shall be condemned and shot
This viii cause some Tutoring m ST. Louis and
other parts of the State. His views on the carry.
Ing on Of war ere particularly interesting at q
Lime like the present, when he is engaged as a
commander of one of the principal departments
Of the West.
General Buell is also carrying out a similar po
icy. The map Of his department given in thi,
day HERALD, and the correspondence received
pou q cites Of 81. Louis and Louisville, viii b,
20, fcfy Interesting rs these points are now thu
h' vi fa,"i pc ant Increment towards III,
rouUi