The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1861-12-11
Secretary Chase's Report.


Ihe Report Of the Secretary of the Treasur,
as fne snost important and able document sen
-nto congress this Session, and we regret <
ocedrngiy that its great length forb;ds US from
giving anything bus the brielcst abstract Of it,
tacts, arguments, and figures.
l'be Report gives the amount realized by tho
Government during the year, in round numbers
az @l9' ,Coo,U0O. The receipts from customs
nave net come up to the Secretary 9 expectations
&na are estimated Tor the current wear endino
sept 81, 90, at $50 900, 600. The falling off
~"v Secretary charges mainly 10 the business OF
~Ns country, which has proved unfavorable 70
1oEe;gn commerce. From other sources. cno,,ob
revenue IS expected to make the receipts for the
current fiscal year, $54 10000 The entire
receipts tor Tie year, including what is already
realized from loans, and what is expected from
loans already authorized, and from the drect
lax, are set down at $500 $780, 900. The actual
ZIG estimated expenditures for the year, are
So43, 4o0, 600, leaving an excess of ex penditures
over receipts Of more than 1913 900 600. for
switch Congress must make some provision. The
Secretary also makes an estimate. based on the
supposed continuance Of the war, of the expen.
citures ior 1903, IN excess of any receipts under
Che laws as they now are, fixing the sum at
$3.50, 100000.
The following is the estimate of the public
debt
On Tie LIST day of July, 1860, the public debt
e7as $G4, 769,703 OS on the LIST day Of .Julv
SOL the public debt was 800 ,S67 1928 Is on
he list day Of July, 1862, the public debt will
&c >e3l7 1872 500 90 ; on the lst day of july.
! 65, the public debt will be 1897 ,372, 500 %
20 meet in part the enormous expenditures of
<-he Government the report commences with the
toilowing suggestion
an the judgment Of the Secretary, it will /.
necessary to increase the direct tax SO az to nro
:fuce IRON the loyal States alone revenue Of ot
: eat twenty millions of dollars, and to Law s.cb
duties on Stills and distilled liquors, on tobacco
% hank notes on carriages, on legacies, on paner
audiences OF debt and instruments for CONVEYANCE
OF property, and other like subjects of taxation
IS VIII proGuse an equal additional SUN Tbe
existing provision for an income tax, lust in its
peinclpie, lnasmuch as it requires largest con.
'rioutlons from largest means, may, possibly
3rd Il somewhat modified will, probably. nro.
luce ten millions of dollars more. The aopro-
5aate taxation will thus amount to ifty millions
II dollars. '''''0n'
For the rest, the Secretary says reliance
allst b, placed in loans" In another nlacs
he Secretary says:
IL VIII be Tor aae wisdom of Congress to de. |
1fminc how iar the annual and the aggregate
ufdens Oh the people shall be diminished Inv
etfefEII'ent, ny economy, by -. ut vet VIC.
Eous adjustment Of means goo. .nE nv ;ne,
oItE'ou'ionS from rebel p',, -, sajhine
acre certainly enhances creo .., 10
oafcos ihan the reduction OF " - yiso
nergy IN administration.
.Lhc Secretary also makes ,. ,r,.,7tan.
uSspstiHn to Congress, whe b, not nd.
jslblc to issue Treasury not. i,rcr.st.
edee!naoie in coin, to TAX h, ce oe the
aux notes of private corpor, 80 .a. ~ gen.
rally used as u circu lating l. Pa.
The Report embraces tn fa, ,t.,suent
Is faotiog the specie in the conn,.:
Ihe operations at the Mi rrs rbe last
ca, were es.so beyond pre-, The net
Mount of bullion received wa 49, e, III, oil;
he amount coined was : of 20 lm. sto, 500,
81 OF silver coins, So, COS, 7UO ag cent coins,
l0l 600; of gold bars, $40, ,l63 81; and
silver bars $278,00 "a; making the total
,inage Of the year $83 Goa, 767 IS. OF the
ul!ion deposited, $54, l49 1868 80 were received
the assay Office in New York; of the gold
are $40 ,94S,72S SO, and of the silver bars
1877 ,O7S GO, in value were stamped at the same
Gee. OF $799, 1923 1862 IA the entire coinage
nee the establishment Of the mint $500 OO0,-
90 have been coined from bullion derived from
hines of the United States.
OF tue gold deposited during the last year
81, 1899 50, and Of the silver 500 oil 20
-ere from the mines OF the United States the
~ ainder formed part of the unusually large
'eeipts during the year from foreign countries
u means exist Of ascertaiDing with ais ,,uie
certainty, the quantity Of coin now in the Unit
ID States tut the best accessible data lead the
Secretary to concur in the judgment Of the Di-
ector of the Mint, that the amount is between
wo hundred and sey"nty-fvc millions and three
hundred millions Of dollars.
GARRETT DAVIS has been elected y. s. Sena