New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-08-02
THE FINANCES OF THE UNION.

TIE United States Secretary OF the Trea,uryp
does NOT conne Lmfelf those delicate semipolilical
dues which we associate with that title. lie 10
veritahle Chancellor Of the ESchequer; his "Spcc.1l
Report TO Congress i Budget speech on paper, and
forms dry but valuable, sequel to the Prrsdent's
Message. In the present. case u resembles II III It's
faults as well in its meTits in Its ebuGtions OF
sleen against the Sece1ers, and in it, firm and wise
reliance Oh the paiosm aud resources Of tho North.
AZ financial 81 enc il Is far from ambitious and the
terms in which it is recommended TO Congress even
more modest than those in Which Mr. Lincoln defends
bIs general Iolicy. The President professes himself
the humble minister Of the Sovereign peo lie; The
Secretary goes further, and disparages even liz
own personal fitness for the oihce which Lie hlls.
He has but recently. assumed the chage
Of the vast and complicated concerns OF LiS
Department, and he is deeply conscious how inner
f. tly he is fitted by experience, by talents, or by
special requirements, for such charge lie does
not venture SO far as we can gather from ihe come
what abbreviated copies OF his report which have
hitherto been made public, % suggest so large meas.
ure as that which Mr.. Lincoln has boldly taken upon
himself TO propose. lbstead Of the $,UOoOVOyJ for
which the President has asked the country, Mr. Chase
estimates tie whole amount required for the fiscal
year Of 1862 at something lees than S32O,ODO0O0.
Consid, rsbly than bali Of this will be ap
pro- iated 10 the War Department, about onoenth 10
the Navy and the remainder 20 the clnent exJ
of administration the redemption of Treasury Notes
already due approaching maturity, aud tho inherent
upon the rapidly increasing public debt. IL may be
that MT. Lincoln knows better than bis subordinate
that requires large margin, that his
like views have been enlarged since the preparation Of
this rerort, but he certainly comes before Congress
with demand for good round IN excess Of his
estimates.
1t ia curious to observe the different light In which
the old Queftion-out Of which OF the national pockets
the money is 10 come-presents itself 10 the different
nations. Our English theory Is that apgrt from class
Interests the method Of Indirect taxation is most
veuient for ordinary purposes and that an ncometax
Is peculiarly available, If Il should not DO absolutely
reserved, for such emergencies The American
opinion seems 10 be the other way, may ud oi
the sentiments Of audience by the arguments ld-
dressed TO them by speaker who knows Ihtm well.
Mr. Chase balances, alter the tshOn OF writers po-
ticai economy the ival merits Of the Two systems 20
attractiyey personifed by Mr.. Gladstone, and pro-
nouuces unhesitaDgly in favor OF that which passes
for tie less popular. In fiat defiance Of the doctrines
Of Free Trade he pronounces import duties the staple
source of national revenue and treats excise dutieh no
lees than direct taxes income, questionable ezpe-
deEts. II ia but fair 10 add, however, that special
reasons exist In America for preienng In tho case OF
Federal taxation those taxes which be readily rs
se,sed aud levied by Feaeri officers The inquisiio-
rial character Of excise is very much aggavasd when
IL Ia collected by tie agents of authority 10 which
the contributors yield but partial allegiance, and the
difficulties vi appOrtionmcnt aud valuation Ill and Pc
tween The various members Of tho American Union
make tax on real aud personal property much les
simple thing in the United States than IT has become,
TO Tue sorrow Of OF Us, IN these sltDds IL Is
easy 20 zee, moreover, that neither OF these TWO
instruments Of taxation could be made to reach the Be-
ceded States; whereas the federaiiss believe uss,
with superior navy, they may place the South III tie
dilemma Of either being deprived OF all foreign pro.
duce or of receiving it at increased price after
has passed the floating Custom Houses OF the Union
Bat Mr.. Cbaec does lot stop here. He advises the
Government 10 olore by blockade those Southern ports