The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-07-19
Our National Finances...IOw the
S4OO,OOO,OOO is to be Raised

The report of Secretary CHASE is an in
teresting document, but SO lengthy as to
prevent our publishing it entire. A synop-
sis of it, however, will serve our readers as
we'll. The Secretary after taking hasty
glance at the general situation of affairs,
submits an aggregate amount OF $217 $685.
$50, as estimates for the present fiscal year,
in addition to the appropriations already
made by Congress-. Of this sum $l85 1885,
397 is required for the army, and
$3O,6O9,397 for the navy. There are also
$12,639,85l of treasury notes to be redeem
ed, and about So, 100000 to be paid for in
terest. The total amount required for the
year ending June 80, 1862, is therefore put
at $3lS,579,58l.
In regard to the ways and means for
raising this sum, the Secretary recommends
that eighty millions be raised by taxation
and two hundred and forty millions by loan.
The former would cover the ordinary ex.
penditures and provide five millions for re-
demption of the national debt. The
sources of revenue are duties on imports,
direct taxes, and internal duties or excuses.
Mr.. CHASE glances briefly at the advantages
and disadvantages of each, expressing his
preference for the first. He recommends
only such notifications of the existing ta>
riff as will produce the principal part of the
needed revenue. But as the total receipts
from import duties last quarter were only
five and half millions in round numbers,
this will go short way toward pro-
ducing the amount required. With the
restoration of the Union revival of bust.
ness may be expected, causing great i'm.
provement in the revenue. But for the
time being other sources must be looked to-.
He proposes, therefore, that duty of
two and half and three and four cents per
pound be levied upon brown, clayed and re-
fined sugars respectively; six cents per
pound on candy; six cents per gallon on
molasses and four on sour molasses five
cents per pound on coffee; fifteen cents on
black and twenty cents on green tea per
pound. The prod ucts of these are estimat.
ed at twenty millions rer annum. Modifi'
cations in the tariff on articles now exempt
or such as are either too lightly or too heav>
lily burthened, may be made to yield, be con.
siders, seven millions additional. The total
revenue from imports he estimates at fifty
seven millions, to which should be added
three millions from the sale of public lands
and miscellaneous sources.
The remaining twenty millions it is pro-
posed to raise by direct taxation, by inter-
nal duties, or both. As showing the i'm
mensity of our national resources, the Sec
rotary alludes to the value of real and
personal property of the PEOPLE of the
United States, which amounted last year
to sixteen thousand millions of dollars,
emitting fractions. Of this eleven and a
quarter billions consisted of real estate only.
Including the loyal states only, the aggre-
gate value is nearly eleven thousand mil
lions, on which rate of one fifth per cent.
would produce s2l 100000, which is more
than the amount required. There are diff.
culties in the way OF levying such taxes /;
but the Secretary believes every constitu-
tional requirement would be satisfied were
Congress to apportion it among the several
states in the required manner.
But excise duties are on the whole more
advisable than direct taxes, bearing mainly
upon articles of luxury. The sum needed
may readily be obtained from moderate
charge on stills and distilled liquors, ale
and beer, tobacco, bank notes, spring car
riages, silver ware, jewelry and legacies.
An important suggestion is made respec-
ting the con6scation of property belonging
to those engaged in the insurrection, part
of the punishment due to the D." guilt of in.
vQlving the nation in civil war;" He also
recommends reduction of ten per cent On
government salaries, where such change
will not interfere with existing contracts |;
while an equal sum may be saved by abol'
fishing the Thanking privilege and reducing
postal expenses.
Mr.. CHASE recapitulates the various loans
authorized by Congress during the year,
and what has been done with them. The
aggregate amount of these not negotiated
is$2l393, 45O; but as they consist largely
OF six per cent. treasury notes to be given
at par, they are hardly available at present.
The Secretary, therefore, proposes national
loan of one hundred millions. to be issued
in the form of treasury notes or exchequer
bills, bearing a yearly interest OF seven and
three.teuth per cent, and redeemable at
the pleasure OF the United States govern
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