Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1861-12-17
The Report Of the Secretary of
the Treasury.

The Report of the Secretary Of
the Treasury.
it must be admitted that this document
contains matters and suggestions of vast
importance to the people of the loyal
States. 1t is ably written and however
much we may differ with its recommended
items and policy, we cannot but commend
the clearDess, perspicuity and good order
With which the Secretary discusses, pre-
sents and arranges the subjects embraced in
his report,
The Secretary, after referring to the rec
ommendatious contained in his July re-
port. gives the manner in which he obtain
ed loans for the various purposes of the
Government. lie rehearses the agreement
entered into between the backs and himself,
by which the former agreed to take loans
sufficient for the emergency. The amount
realized ly lans up to the 9th Of Decem-
Der was Sl97 7l2 SIS, which has not been
sufficient to meet the accruing expendi-
lures.
Mr.. Chase admits that the revenue re-
ceipts have not met his expectations. lie
says the act modifying the rates of duties,
differed materially from the measure he rec
commended to Congress, especially in dimin
isbing duties on tea. coffee and sugar, AMI
exemptirg goods in warehouses and on
shipboard. The difference is presented as
disaGvautageous to the revenue.
The receipts of revenue from duties for
1862 is estimated at $50, los Coz, and from
lands and miscellaneous sources $2,304,-
O62.
The report favors the confiscntion of
property in the rebel States, and recom>
mCnis that the proceeds be applied to the
satisfaction of claims arising from the war.
The Secretary, however, thinks that the
slaves should form an exception to any rule
ct c.niscation. In his eyes they are not
property ; and hence he is in favor Of n
general system of emancipation. lie
wants the negroes liberated and placed On
an equality with white men as far as labor
and social privileges are concerned. This,
of course, will meet the appreciation of the
! Abolitiouists.
An increase of duties on tea, coffee and
sugar is strongly urged upon Congress -
| The Secretary is also in favor of increas.
ing the direct tax levied 10y Congress at
the special session, so as to produce from
loyal States revenue Of twenty millions
of dCllars-tne duties on stills, liouors.
legacles on paper, bank notes, and other
evidences of debt, to produce an equal al,
difional sum.
The income tax will probahly produce
$4,000, OGO, making an aggregate Of $50
600 OCO. The Secretary Is aware that tho
sum Is large, but seeing no probability Of
the revcnrc exceeding forty millions dol
lars during the current year, he feels that
he must not shrink from a plain statement
and actual necessity of the situation. Two
ffths of a cent on the real and personal
property of loyal citizens will produce S44.
GOO 900, the proposed income tax adding
$4,000, 900.
In reference to the probable duration Of
the war, Mr.. Chase earnestly hopes that it
will be brought to an auspiciJus termina-
ton before the first of next July; and in
that event he says the provisions Of revenue
already recommended, will amply suffice
for financial basis without additional loan,
and enalle the Government at once to be-
gin reducti. II Of the existing debt.
If the war continues to July Ist, 1862
the national debt will be Sjl7, 332 SOP; ic
till the lst of July, 1868, it will be in
round numbers $1,000, coo, 00O-certainIv
no inconsiderable sum upon which to paw
interest, saying nothing about the reduc-
ton.
The most important portion of the re
port, in our estimation, is the recnmmenda.
ton of the Secretary relative to the issuing
of treasury notes. His views on this sub.
Iect are startling. If his plan for furnish>
ing national currency and carving on
the war be adorted by Congress, and /,
doubtless will be, a financial revolution Will
inevitably ensue. Let the Government is
sue three or four hundred millions of dol
lars IN treasury notes, make them a LEGAL
tender and put them in circulation as
money, every bank in the Union will have
to call in its circulation and SUSPEND, Thus
we may lock for financial change in this
country that will effect every department IF
business and trade 10 degree that cannot
be estimated now
Though the exiscncies Of the case are of
a pressing nature. we believe the Govern
meot should never engage in this treasury
note system. We fear that ultimately /,
sill be attended With uncertain conseauer.
quences. The immediate effects m doubt
vii DO favorabiy felt 70 some extent but
the remote are portentuous Of bankruptcy
and rpn. We 90 nat believe in the q "
ernuIeut turning tauker, nevertheless this
is the scheme OF Mr., Chase He sees no
other way Of carrying on the war, but we
aPPrehend that the present relief will be
swallowed up by future disasters growing
out Of the system.
We agree that if we had no Addition
lst4, no party to oppose the aggressions
OF slIvery-we would now have no war
IlgVglPy-It