Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1861-12-19
SECRETARY CHAsE's REPORT.

We take the following comprehensive
abstract of Secretary Chases Report from
the New York Daily Times:
Mr.. Chase commences by recapitula-
ting the estimates submitted by him to
Congress at its last session, and the sew
eral acts of that body 10 provide the men
and means. The estimated expenditure
for the year ending June 30th, 1862, was
S318,519, 58l. Subsequent to this esti-
mate, however, the numerical strength OF
the army has been increased from some
100000 to 100000 men, inclusive OF the
three months volunteers. Such increase
necessarily called for vastly increased eo-
Inmates, and the total expenditures Tor the
fiscal year ending June 30, are raised to
S543,415,422. The appropriations Tor
the year made by Congress at its extra0r-
binary session, were S329,5lO,994. The
new appropriations called for, consequent
ly, equal S213,904,427.
The receipts into the Treasury Tor the
year, exclusive Of loans, were estimated
at S80,0O0,000, of which 81 ,OOO,OOo were
to arise from Customs Revenue; S3,OOU-
900 from Lands, and say S2O,OOO,Ooo
from income and direct taxes. From the
two former sources, only about s34,0OO,-
600. or about one-half Of the estimates,
will be realized. OF the loans, authOrlz-
ed the Secretary has already negotiated
! $50, O0p,OO0, and issued SZ4,5oO,32o
demand Treasury notes. OF the lastsoo,-
100000 loan, only SAC, 795,4o' were re-
allied. b ving been sold at rate that
would produce an interest OF { per cent
In addition to the bonds and notes negoti-
ated unde Ter the provision for the $780,
900 900 loan, S26,896,784 were borrow
ed upon two-year bonds and Treasury
notes. making the whole amount realized
| from loans in various forms, Sl98,24Z,-
| 588.
If the loans required TO meet the estl-
mated expenditures are negotiated, the to-
tai debt of the United States. on the 3Oth
of June, the close of the present fiscal
wear. will be 7,382,802. 1t is the
provision to be made for the future IN
which tie public feel the greatest interest
and in reference to which Mr.. Chase de-
votes th4 great portion OF his report. DE
NAYS a deserved tribute to the banks which
came 20 promptly to his aid in the period
of ~orest need. The prospective wants
of Goydrsment he thinks, can be met
/ from twd sources-by an issue Of Treas
urv or demand notes in sufficient qusntl-
ties to ID rye a currency. which Office they
are IN fill bv a gradual exclusion from
circulation OF bank notes, and by system
of free banking. 4 currency consisting
Of Treasury Notes. he admits, j, open tC
serious objections. a. the Government l.
ALWAYS liable TO find itself in position OF
a bank which has not ready means al al
adequate 10 redeem All excessive cIrcuia'
ton. He, consequently gives preference
to plan which makes the securities OF
the limit ed States q basis for = system o.
banking, uniform in every part Of tht
country Assuming the bills Of banks IL
circulate ION to be equal to, lay s2o2,uoO.
: 600. A displacement OF these for bills -
cured by pledge OF Government Stocks
would dreate a demand for an equa
amount. and in Mr.. Chase's opinion, il
addition to supplying Government with al
the mon ey it at present needs, would Civ
the country stable currency, Away. con
vertable into gold and silver.
Such are the salient features OF Nj
Chase's report. We do not wholly agre
with his recommendations, Tor reasons civ
en- in previous numbers Of the Times
r We still think the Banks are the medium
through whick he can get ali the none
be need S. at lower rates and with less dis
turbance to the commercial community
A than any others. We presume he wi
Y continue his negotiations through them
We she uld regret 10 see Government sup
ply the currency through its demand note
for fear first, Of an excessive expansion
= then of an equally excessive collapse L
q reference to free banking, We think tina
the parties who assume TO engage in j
depositlng Government securities TO tn
: full amount OF their issues Of bills. Woul
; find that they had 80 tar exhausted thel
/ capital as to have very little means let
for their legitimate business
Tic report OF the Secretary has man
; things to commend it. 1t Is lucid an
: frank in its statements and a far As
- proposes any plas for the future, it is with
out arrogance OF assumption. His sugges
tons are timely, as bases for discussion
in Congress, where they will be consider
{ in the same liberal and candid splrl
Il with which they are made. Mr.. Chase
= present wants are 50 well supplied tina
IL | op,plo time fau no ia on for 1plIbpTatIOT
u The means oil the country, as expe1enc
has shown, are sufficient for all the want
IL of the Government. We need haYe II
> fear on this score, if we only make I'll
- right use of them. 1t is matter in whic
), the Government and the people have
u common interest, and we have no doubt
> is one in which they will work to CON
mon purpose.
l. o{ tho third anu1naDV v