The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1861-12-20
SYNOPSIS OF REPORTS.
SECRETARY OF THE TREAsuRr's REroRr.

WASHINGTON, Dc. ..
The Secretary of the Trcasury's report
after referring to the recommendations con-
tanned in his July report, gives the manner
in which he obtains loans for various pur-
poses of the Government. The immediate
exsenccs were provided for by issuing Sll,.
009,3 in six per cent. two year treasury
not,s, ami SI2,0..1,1j0 in the. same notes.
payable in sixty days. His next care was to
provide for disbursements for the war. and
he adopted the plan to engage the banking
institutions Of tho three commercial cities of
the seaboard. to advance the amounts needed
in loans for ), ! aud 30 years bonds - b.
reimbursed from proceeds oi similar bonds
subscribed for by the people, hoping thus to
combine the capital of the banks and the
people with the credit of the government,
so rs to give efficiency to administrative ac-
ton, and competent support OF public credit,
and the result has fulfilled the hope lie
then released the agreement entered into
between the banks and himself, by which the
first two loans has been made public. The
third loan was negotiated with the banks on
the 10th of November, by which he agreed
to issue to them fifty millions in six per cent
bonds at par for the bonds bearing per cent.
interest. This agreement was coupled with
no arrangement for reimbursement, and en-
tailed expenses except the preparing and
issuing Of bonds. This was also coupled
with an option to the banks, that on or
after the FIRST OF January, further advance
Of fifty millions should he made on the sinc
terms rs first and second IL required. In ad-
dtion to these loans $2l ,lG5, coup to Nov.
18th, were issued in treasury notes Of fycs,
tens, and twenties, payable on demand, and
80, ,3Sj, ,l0j remained in the treasury. This
amount may be regarded Us loan from the
people. The aggregate realized from the
loans in various forms is Sl95 5,2i2 ,5sS. The
revenue receipts have not fulfilled his cx.
pectation. lie says the act modifying rates
Of duties differs from the message, he sub. |
mitted to Congress in most of these particu.
lars, especially is il diminished on tea, coffee.
sugar and exempting soo,.a IN warehouses
ard on shipboard. Tho difference was disad.
yantascous to the revenue while potential
caus, nf reduced rates may be found in the
cahg i circumstances of the country, prov.
ius uu!aNorlbIe to foreign copmercc. These
circumstances compel him to reduce his cstl.
mate Tor G2 from the revenue irOm Sjl ,OOO,-
COO to $50, lbs .602. The estimates from
receipts from lands and miscellaneous sources
he reduces from 5000, 900 to 2,35l ,OG2.
The only other source OF reycnnc is the
direct tax authorized by Congress. which it
increased tn the limit proposed 10y the sccrc-
tary and assumed by states the further sum
of 81, ,OOO, 900 may be expected. The az.
sregate Of revenue may be thus estimated at
SOL ,jj2, ,6Gj which is S2j, ,ij7 ,33i less than
the estimates Of July. The Secretary states
that his estimates were based on the raising
Of go 900 volunteers, and an increase Of the
army by II regiments, hut after that report
had been closed, Congress authorized the nc
ccptancc by the President OF 5co,Ooo men,
besides additional companies ana o'nc''s'
This large increase has and must ncc'Ts"!
argument expenditure far beyond Tue ''"'
;,d;,.,,,d by original estimation. when VIII
I,c still further extended by the increas' oi
the navy, and additional aTrroIF'"'o"'a'Hc'
for. 80
or these additional appropriations, si'''
os5 500 - were authorized by the acts o'
I,., .e..ion, and Sl43, ,l3O,9OOe q are nov
asked for. making an aggregate, including
500 7s7 1888 neutrality-suspicious. Of S2l3.
oOi .I27. To provide these large sums re-
,renehment and reform are indispensable,
should be subjected To strict super.
vision, contractors TO rigorous responsibility,
all unnecessary Offices should be abolished.
and salaries and pay materially reduced.
While thus recommending rstrenchment,
he feels himself constr aimed to review the
suggestions heretofore submitted by him,
that the property Of rebels should be made
to pay, in part at least, the cost Of the re-
bcllion. Property Of great value in the loyal
States is held by proprietors virtually enga-
ged in guilty attempts to break up the In
ion, which is justly forfeited to the people,
and which should be subjected to sequc-tra-
ton or confscatiop, and proceeds applied to