The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1861-12-19
synopsis Of the Secretary of the Treasu-
ry's Report.
NEyy YoRK Dec O

NEW \ DIRK, Dec. 8.
Tho Secretary of the Treasury's re-
port, after referring TO recommends
tions contained in the July report, gives
the manner in which he obtained loans
for various purposes of Government.
The immediate exigencies were pro-
vided for by issuing sl4, ols,O34 in six
per cent. two years Treasury Notes,
and sl2,s77,750 in the same notes pay
able in sixty days.
His next care was to provide for dis
bursements for the war. and he adopted
the plan to engage the banking institu-
tutions of the three commercial cities
of the seaboard to advance the amount
needed, in loans for three years $40
bonds, to be reimbursed from the pro-
ceeds of 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
as to give efficiency to administrative
action, and competent support to public
credit, and the result has fulfilled the
hope.
lie then rchearses the agreement
entered into between the Banks and
himself by which the former agreed TO
take the loans. The history of the first
two loans has been made public. The
second loan was negotiated with the
Banks on the 18th of November, by
which he agreed to issue to them fifty
millions in six per cent. bonds at par
for the bonds bearing seven per cent.
interest. This agreement was COM
piled with no arrangement for reim-
bursement and entitled no expense ex-
cept the repairing and issuing the
bonds. This was also complied with
the option TO tie banks that on or after
the lst of January, a fourth advance of
fifty millions should be made on the
same terms as the first, or second if re-
quired. In addition to these loans.
S2l, 165 ,22O up to the 3Oth of Novein-
Der, were issued in Treasury Notes of
SIS los and 12's payable on demand,
and S3,3S5.1O5 remained in the Treasu-
ry. This amount may be regarded as
loan from the people. Tho aggrc.
gate realized from loans in various
forms is S19S,742, $50.
The revenue receipts have not full
filled his expectation. He SAYS An act
modifying the rates of duties differed
from the measures he submitted to
Congress, in most of these particulars,
especially in diminished duty on tea,
coffee and sugar, and cxempting goods
in warehouses and on silipboard. The
difference was disadvantageous to the
revenue, while potential cause of re-
duced receipts may he found in the
changed circumstance of the country,
proving unfavorable to foreign com
merce. These circumstances compel
him to reduce his estimates for 1862
from the revenue, from $50, 200, 900, to
$32, los, 6O2. The estimates of receipts
from lands and miscellaneous sources,
he reduces from $4,000. 600 to 81, 3O4.-
60. The only other source of revenue
is direct tax, authorized by Congress,
which, Il increased : TO the limit pro-
posed by the Secretary, and assumed
by the States, the further sum of $780,
OoO,O may be expected.
The aggregate may be thus estimated
at 1852 600, which is S25 ,447, 1874
less than the estimate of July. The
Secretary states that the estimates for
July were based on the raising of ESQ.,
900 volunteers and an increase of the
regular army by eleven regiments, but
after that report had been closed Con-
gross authorized the acceptance by the
President of 100000 men, besides adj
ditional companies and officers This
large increase has and must necessarily
augment the expenditures far beyond
the limit indicated by the original esti-
mates, which will be still further ex-
tended by the increase of the navy,
and additional appropriations are asked
for.
Of these additional appropriations
SAT 1885,, 566 were authorized by acts of
last session, and SAB, 80, 926 are now
asked for, making an aggregate includ-
ing 500, 7S7, 1893 for indefinite appropri-
atoms, of s213,9O3,427. To provide
these large sums retrenchment and re.
form are indispensable. Contracts
should be subjected to strict supervis-
ion, and contractors to vigorous respon-
sibilty. All unnecessary Offices should
be abolished, and salaries and pay ma
terially reduced. While thus recon-
mending retrenchment, he feels himself
constrained to renew the suggestions
heretofore submitted by him, that prop
erty Of rebels should be made to pay in
part at least the cost of the rebellion.
Property of great value in loyal States
is held by proprietors virtually engaged
in guilty attempt to break up the
Union which is justly forfeited to the
people, which should be subjected to
sequestration or coniscation and the
proceeds applied to the satisfaction of
claims arising from the war. Property
of rebel States should be treated in the
same manner. Rights to services under
State laws must of necessity form an
exception to any rule of confscation.
Persons held by rebels, under such laws,
to service as slaves, may, however, be
justly liberated from their constraint
and made more valuable in various en-
ployments through voluntary and COM
pensated service than if confiscated as
subjects of property.
The Secretary says the most sacred
dufv of tho American paoplo NOV, -