The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1861-07-17
EXTRACTS FROM THE REPORT OF
THE SECRETARY OF THE TREAS
UNH.

The Secretary SAYS the whole amount req ired
for the fiscal year of 1862 may be stated at S3ls,
579.5Si 81.
To provide the large sums required for ordina-
ry expenditure and by the existing emergency,
it is quite apparent duties on inposts the Chief
resource for ordinary disbursements, will not be
adequate.
The deficiency of revenue, whether from inn
posts or other sources, must necessarily be sup
piled from loans. and the problem to tie solved
i. that Of 80 propoI tioning the former TO the l,t
ter, ard so &as,ing the details of both, that the
whole amount needed may be obtained with eer.
tainty, with due economy, with the least possible
Inconvenience, and with the greatest possible in-
ciiental benefit ID the people
The Secretary has given to this important sub
ject the brst consideration which the urgency of
his varied public duties has allowed, and now
submits to the consideration of Congress, with
great deterence and no little distrust of his owD
judgn ent the conclusions to which he has arriv
ed He is Of the opinion that $50, 10000
should be provided by taxation, and that s24O,-
O00,COO should be sought through loan.
1t will hardly be disputed that in every sound
system OF finance, adequate provision by taxa
ton for the prompt discharge of all ordinary de-
mands Tor the punctual payment Of the interest
cressirg fund Tor the redemption Of the priuci-
pal is Indispensable Public credit can only be
created by public faith, and public faith can only
be maintained by an economical, energetic, aud
prudent administration of public affairs, and by
the prompt and punctus fufment of every pub
| lie obligation. 1t has been already stated that
spprOpi atons for the ordinary expenditures for
the fiscal year OF 1852, including the permanent
and indefinite descriptions amounts to s6s, $751;
$40 81, and the interest to be paid Oh the debt
| to be incurred during the year, has been estima.
ted at S9,OoOOOO, making an aggregate OF ordi-
nary expenses Of !73, ,Ss7, SAG 81. II to these
sums be added $4,000 o as a provision for the
reduction and final extinguishment OF the public
debt, the total will be $79, ,sSi SAG ST. To pro-
vide for these pa, ments it is proposed, in accor-
daance with the principle just stated, to raise by
taxation at least thc sum of S0.OOO,OOO.
The Secretary most respectfully proposes to
Congress that duty of 2 l . ceuts per pound
be laid on brown sugar, and 3 cents per pound
| on cayed sugar, Of cents per pound on loaf
| and other refined sugars, OF l-2 cents per 10.
on the syrup of sugar-cane; OF cents per 10.
on candy; Of 6 Cents per gallon OF molasses, and
of 4 cents per gallon on sour mOlasses and it il
also proposed, that duty of cents per pound
| be imposed on coffee, Is cents per pound on
black tea, and 20 cents per pound on green tea
From these duties il is estimated that addition
al revenue of not less than 81 900 900 annually
may be raised, while the burden of this revenue
upon our own people will be to some consdera
BILE degree mitigated by participation on the part
Of foreign producers. Without going here into
| other details of less importance, he Secretary
thinks it proper TO add i'll general that from the
proposed duties on articles EOn-exempt, aud from
changed duties on articles now either lightly bur
Ii hoo L. II hat th,t
| to prohibition, further increase Of revenue
to the amount of 81 OOO. 900 may be anticipated !;
and that the improving condition Of trade and
industry warrants a just expectation tina, the rev.
enue from the duties of the present tariff, not
affected by the proposed changes, will not fall
short of $50, ,O0O, 900. He estimates, therefore
the total revenue from ports during the present
year at $57, ,0OO, 900, to which may be added the
sum of 81, 900, 100, to be derived from the sales
Of the public lands and miscellaneous sources,
making the total revenue for the year $50, 900,
600. While therefore. there is every reason to
believe that under a modified tariff. when the
prosperity Of the country shall be fully restored,
an annual revenue IF 10 less than $50, ,OoO. 900,
and probably more, NAV be realized, it will be
necessary, in order to sustain fully the pu lie
credit, to provide for raising the sum OF 500 900,
900 for the current year, at least by direct taxes
\ or from internal duties or exclSeS or from Ootn.
| The Secretary submits to the superior wisdom
Of Congress the determination Of the question
whether the resort shall be made to direct taxes
or 10 internal duties or both. for the supply OF
the probable deficiency of that portion of the
public resources, which, upon the principles al
ready explained. must be furnished by taxation.
The value Of the real and personal property
of the people of the United States. according to
the census of 1860. is Sl6, lO2, ~. ll6, or ONT
ting fractions, of sixteen thousand millions Of
dollars.
The value Of real property ia estimated al
4ll ,272 O53, sSl, and the value of personal prop
erty at $4. $50, $40, 2s5. The proportion OF the
property of both descriptions in the United
States, excluding those at present under insur-
rection, is $40, 900, 75S O0?, of which sum $50
$50 603 represents, according to the best esti
mates, the value OF the real and S3. .270, ,227 4oi
the value Of the personal property. A rate Of
one-eighth of one per cent ad vslorem on the
whole real and personal property Of the country
would produce a sum of SEQ. t2S, Col A rate
Of one fifth OF one per cent on the real and per
sonal pr,perty OF the States not under insurrec
ton would produce the sum of SCI 500 ,O56, and
q rate of three-tsnths Ozone per cent on the