Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1861-07-11
THE UNITED STATES TREASURY.
REPORT OF SECRETARY CHASE.
TREAspRY DEPARTMENT,
Waahincton FRIDAY. july q.

REPORT OF SEChETAhI ChAoE.
TRrAspRY DEFARIxrNf,
s--s--@, Warrington, Friday, July s.
The Secretary of the Treasury required, by law to
rrepare and lay before Congress- at the
Of every session. report the subject OF faance, con-
raining estimates Of The public revenue aud public ex.
pepdiures and plans Coz improving and increasing the
revenue. "a,
This duty, always important and responsible, Is now
rendered douby important and responsible by the Pecu
liar circumstances under Whcn tne present se''''n VI
vast conspiracy sgains the Union Of the States and
the very existence of the National Government, which
has been gathering strength and preparing hosttes ftr
several years past has at length broken out Into
violence and has assumed proportions 80 serious that
AN extraordinary exeruon Of the public force, creating
eIuaordnsry ,mands upon the public resources, re-
oured for lis speedy and complete discontinue and sup
preston In the judgment Of the Secretary the cearest
understanding OF The actual condition OF the public
6oances and OF the demanded by It's exgen-
cies will be obtained by considering the whole subject
under the following general heads:
Frst-The balance arising from the receipts and eI.
penditures of the fiscal yee 1851 ending on the sob Of
June.
Seooad-Tbe demands upon the Treasury. arising uu.
der existing appropriations and created by the nes
YEAR 1852 exgepcies Tor which provision ia 10 be made
| during the fl cal year.
Thrd-Tne best way Of providing for these demands,
| and the means available for that purpose.
1 As TO the first and second branches the Secretary
shows 81 aggregate Of appropriation already made Of
serenty nine mio.s leyen hundred and ten thousand
eight hundred and seventy dollar. 40. eight cents. He
| proceeds:
service of the fiscal year ending June 3O.h 1851 ncla
dig the deficiency caused by the sppica ion Of So 1885,
$50 o. to hs eyyco Of the preceding year, will require
additional appropriations
For Civil LET Foreign intercourse and misoelaneous
objects 1891 495 90; for the interior Department,
si3l 1925 75 for the War Department sls5 2s6S97 10;
for he Navy Department sS0,6o9 $40 20; in the aere-
gate, s2l7 l6s's69 10 in acd'uon to soese demands
upon tbe frsssy viii be necessary to provide for the
Treasury Notes due and maturing 70 tue ayeuot Of t5
GAG sol g. ard for The payment Of the Interest Cd the
public debt to created during the year which lu.ed
for tie s-ersee Of the six months nay be estmated At
! 100000.
amour; required Tor the fiscal year OF 1862 may there
| fore, be stated at SslG, bl9 56l ST.
It will be in the foregoing estimates no provision
for the interest Of the existing public dsbt specifically
appears The omission Is only spparent the estimate for
that interest being included IN the Of nearly $685.
DOC, 900 already appropriated for the year 1862.
On the third branch, VIE: the Ways and Means, the
gscreary ssys:
To piovisi the large Gums required for ordinary
pendiure, by the ex Sting emergency, IL Is quite ap
parent dues imports the chiei resource for Ordinary
| disburse ments wall not be adequate.
The deficiency Of revenue, whether from imports
other sanrcss must necessarily be supplied from loans
and the problem 70 ps 5siveg j. tAst o. so proporouipg
the former the latter AID % adjusting the details OF
| both that The whole AMOUNT needed may DO Obtained
with certainty, with due eeonony With the least possible
Inconvenience and With The greatest possible incidental
, 49,. a. =" the people.
Tho Secretary has given this imp '-D'''' Tue
best conside which tho urgency Of his varied pub
lie duties has allowed, and submits the consdert-
ton OopEess sh great Difference, aud little dstrust
OF Lis Own Judgement, the Sonclsiahs TO slie he Las
arrived He Is Of the opinion that $50 900 GOO should
be provided by tsxston and that $40 900 900 should
be sought through loans II will hardly De disputed
that in every sound system of finance, adequate proyi.
sion by taxation for the promp. discharge OF all ordinary
demands, Tor the puncua payment OF the interest on
loans and fer the creation OF gradually increasing fund
Tor the redemption OF the principal is indispensable Pub
lie credi eau only be created by public iab and public
faith can only be mintained by economical ener
gec aud prudent administration OF public srs and by
III. prompt aud punctusl rliment OF every public obl
ga.ion Il has been ALREADY stated that approprs-
IONS for the ordinary expenditures for The sca year Of
of 1862 Including the permanent ard indefinite d.
scripons, amounts TO S65,sS7,sf0 81, and the in
tsrest 10 be paid the deot be incurred during the
year has been es mated 50 600 600 making al sggre
gate OF ordoary expenditure s74 Ss7 S49 81 If to
these sums be adder IS 600 900 provision for the
reduction and Rn.l eIui gushment OF the pgbc debt
he total will be $40 sS7s49 80 To provide Tor these
aymeus Il IL proposed ia accordance With the ptnci
$50 600 0C0 In considering tre choice OF revenue
equate 10 the purposes just indicated the attention OF
the Secretary has been necessarily drawn the ,ren
modes OF taxation authorized BY the Constitution. The
choice Is limit 70 duties on irI ;, direct and in-
terns duties excise duties Dunes imports constitute
the cLirt form Of indirect taxation Direct include
captaton ta.es tsss real estate, and probably gen.
eral tsIes personal property ,ncigded in lists
braei5g al d. sciptoDs, and valued by uniiorm
rule While under the head OF internal duties
NAV ha innludad all tax. m
sumption, and taxes on special descriptions OF
personal property with reference TO use rather
than yslue The principal advantages Of the system Of
direct taxes are iopnd n The sensioy with which they
are fclt ard obsery,d in be motives thus arising for
ocopomy and itty in the Administration and in the
manifest equity OF distributing burdens In proportion TO
means rather than in proportion TO consumption. On
the other hand the advantages Of indirect TAXATION by
duties on imports found in the economy Of coec
,iop in the iac Of payment in the adaptsby 10 the
encouragement OF industry, aud above all in the avoid
ance OF Federal interference with the fnarces Of the
States whose main reliance for revenue for all objects
of Safe administration, must necessarily be upon lrvies
on property. These considerations have doubtless de-
t.rmined the preference which has always been evnced
by the people Of the Uuted States rs well by their
legi.leve and executive, FOR duties imports as the
chief source Of ma iona revenue Only occasions Of
special exigeI CT has been bad direct taxation
or 70 internal duties or eXcses.
No departure 10 proposed by the Secretary from the
line OF policy thus sanctioned He ventures to recon-
mend only such notifications Of the existing tariff az
will produce the principal part Of the needed revenue
aud such resort to Greet take, nterna duties Cir
cumsiances may rquren order to make good whatever
Of duties sy be found TO exist That The present
tar q Of duties will produce the required by
sound principles Of finance under existing circumstances
Is proposition which will co0mand general assent
It was framed, indeed with reference to very differ
en condition OF s,irs. The receipts for tbs last quar-
Ter of the fiscal yesr just closed we're only sI2 246 49,
and though very considerable improvement 10 the
euue may be confidently anticipated for the current fiscal
year, should change be made in the of duties |:
will be inadequate beyond doubt to the demands Of the
Treasury which should be provided for without resort
to l,ans These demsnjs has been already stated,
will reach the oil $40 SS7 $40 a. not greater,
perhspi than may be reasonably expected in pros
perou. years from well adj listed tariff Of duties though
greater then can nov be expected from any tariff.
The disorders OF business incident 10 a disturbed con-
dition Of polcal affairs will be gradually redressed
new channels open to receive the trade obsructed in for
mer courses, and enployments engage the in
dastry displaced from former pursuis With this revival
OF trace and ndustry the revenue viii improve even
though the restoration Of peace may be delayed beyond
our present hope. ]; hardly be dovbted moreover,
that the great body OF the cizens Of the States in
volved in the calaui'iss OF Instruction will long,
become satisfied that order, and peace and security r
ali rights of property aud or all personal and political
rights Ia the Union and under the constitution, pre-
erabe 10 the disorder and cobc and insecurity neces
III incident 70 the attempts TO subver the Govern
mant break up the nsutops and destroy the nation
aiiry by forge spd VIOLENCE When, lnder the influence
of this reasonable conviction the people OF the several
States nov constrained by the criminal folly Of political
partisans into civil against the Union shall In their
turn consain these parsans 10 loyalty 10 Law and ODE
dence to the Constitution, IL is not unreasonable to
pct trat with restored Uoion, viii not merely
renewed prosperity but prosperity renewed in degree
aud measure without parallel in the past experience Of