The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1861-12-20
Report Of the Secretary ofthe Treasury.

uett OF oCcretafy Chase, IS dOcu
ment ofecarcely less importance than
the Message OF the President. and,
therefore, though the teleg graph has
furnished the press already with n
complete abstract Of its contents VIC
deem il proper TO give our readers
as liberal extracts from it az onr
epacc will admit. We would gladly
publish the document entire, Int as
our readers are already familiar with
much OF the bare details which il
'ccessariIy con,ains, We the more
readily limit ourselves TO literal ex-
tracts.
After having detailed the arrange
ments by which three successive
loans Of $50. 600 600 each were
effected. hy tie Sid of The banks oi
Boston, N,w York and Philadelphia,
and the Popular Loan TO be sub
scrih,d for by tue people, tic Sec.
retary says:
The effects OF this arrangement
were, 1st. to place n, tie command
ot the government the large sums
immediate ly leeded Tor the pay ment
ot maturing treasury notes, aud itr
Nther disbursements, ordinary and
Extraordinary; 81, to secure to the
people equal opportunity, with the
hanks. for participation in the loan;
81, 10 avoid competition le,wct II g
government and the associated in
sriiut.ons in the disposal Of bonde;
h, to facilitate and secure further
advances 10 Il Q vernment by the
aseccistes, il required; AM 5lh, to
insure, il possible, the maintenance
oi payments in specie, or it's actual
,qnival,n and representatives.
An these objects were happily ac-
CON piished. $50. .000,0 900 were I'm.
media,ely advanced by tie banks -
The Secretary caused BE- oks oi sub
scriplicn to be opened throughout
the country and the people cub
scribcd freely TO the loan. The
lamouris lhrs subscribed were REIN
bura,d to the banks. and the sum re
IiuIhurscd. though then covering ln'
Iiiu|e more than half the anouni
iouallcd those institutions. when ;
second loan was required. To make I
Ieeconi advance @! $50 0r0 90.
THUS two loans oi $50 coo ,00t
each have been n,go'ia'ei i'r II r''
.vcars 7:30 honts at par. Tie tn,
of tie lDnps IVES n'e,tia''d. nndrh
nrst i'-u" Ut t,.r--lt- l.. -se d.ic u Ia
10 II or August. Tic 5, coId On 'hc ls
.ul Or"hur 1861
On tie 10Th oi Novcu bcr thir'
loan was negotiated with the assn
.ciarcd institutions. nudcr tie au
lhori'y given to the Secretary to hor
row n SUN no, Xcteiing Sl0O COO,
900, in Europe or the United STATE g
ut rate ui interest not xc, edini
sever per cent. A. no rcasonaLs
Iprosi Get appeared oi obtaining term
,ou.Ily IA advantageous by advrr
:, us,mcnt. and ps it WAS manifest
tor the interest OF the government I
negotiate at home rather than iLcr
the expense and h. zlrd Of regoti'
. ,tion abroad, the Secretary, under Il;
!, anti Gritty of the seventh eection
4 the net August 5, 1861, arrange
- this third loan, also, with the sss'
II ria,cs, by agreeing 20 issue to the
4 $50, ,O00.00 in SIX Ier cent. bond
Il ~ a rate oqnival, mt to par tor Il
4 The bonds hearing seven per cen
;, interest. authorized by tho act
, july II h. This negotiation tho u
a l,se advantageous to the govcrumer
q considered uhder the light oI n uir
F., pic money transaction, Than the tv
~ prior loans, WAS, il some rcsprc
;. ut .east, more So. II was cuurl'
= with no arrangement for rcimburs
>. m,n,, and eulHiled no immCdiu
"A expense on the treasury, hyOI
.r that OF preparing aud issuing Il
bonds. 1t was coupled, also, wi
a an understanding in the form OF
"a option to the associates, that on
|, after the first Of January lonr
II advance OF $50 000 600 should
:. made, on tho same terms with 4
of first aud second, il practicable al
a r. quirpd by the Secretary.
~, in reference to direct taxation n
/. federal agencies for the collection
~. the same within the states, The s.
-. rotary says:
20 "As it is highly desirable TO avo
ri. as long as practicable, introdncti
%. into the states OF federal agencies
do the assessment an collection
an taxes. the Secretary, relying IN
ha surances from Governors OF vnri'
q, states that the amounts 0pportior
or to them respectively will be assn'n
". collected and paid, through exist
state agencies, has hitherto reira
cd from advising the appointment
=, the officers necessary for direct
.n .me sessmens and collection. lie
I,iy been the more readily persnad'
US. this course because both tho il co
sa,, san and the direct tax are rtqnlred
ins be assessed with relererce to vn
ori; ations, which can only be ascertH
rom rom Cd for the purposes OF the inco
'do to tax, after the first of January,
the for the purposes Of the direct
the after the first day Of April next"
Teu u.y;no, ;nd,catod fltv m liOn,