The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1861-12-17
Treasury Report.

provided for by issuing Sl4,0l9,034 in 6 pc
cent. years treasury notes aud l2,877, ,65!
in the same notes payable 10 sixty days. Hi
next care was to p'ovide Tor disbursements e.
the war, and be adopted the plan to engag'
the banking institutions Of the three CONNER
cial cities Of the seaboard to advance the a
mount needed in loans for 8 years a-l(
bonds to he reimbursed from proceeds Of smi
lar bonds subscribed for the people hoping
thus TO combine the capitol Of the banks anc
the people with the credit of the government
so ms to give efficiency 10 administrative &C
ton and competent support TO public c.edit
and the result has fulfilled the hope.
He then Iehearsed the argument enterot
into between the Banks aud himself by which
the former agreed TO take the loan. The his
tory Of the first two loans has been made
public. The second loan wac negotiated with
the Bankers on the 10Th Of November, by
which he agreed to issue to them fifty million,
in 6 per. cent. Bonds at par for the Bond'
bearing per CO t. interest. This agreement
was coupled with 60 arrangement for reim
bur ement and entails no expense, except the
preparing and issuing the Bonds. This wa.
also coupled with the option Of the Banks that
on or after the lst of January fourth ad
vance of fifty millions should be made on the
same terTs the first or second, if required
| In addition TO these loans, $2l los. .22O up
to the 30lh Of November were issued in
Treasury Notes Of 5s lOs, and 2Os, payable
on demand, and 80 1886, l05 remained in the
Treasury. This amount may be regarded as
loan from the people. The aggregate re-
I a zpI fr,u in ia =
742.5ss.
The revenue receipts have not fulfilled bis
expectons. lie says the act modifying the
rates of ''uties differed from the measure he
submitted to Congress. 10 u ost Of these
particulars, especially in diminished duties on
Tea, Coffee AMI Sugar, and exempting goods
in warehouses and on ship board the differ.
ence was disadvantageous to tho revenue,
while potential cause Of reducad tecr ipls
may be found1in the changed circumstances
OF the country proving u favorable TO foreign
commerce. These circumstances compel him
to reduce his estimates for 1862 from the rev
onuc from s57 ,OOO,OO to $32 100000. The
estimates OF receipts from Lands and misce.
laneous sources he reduced from $4,000, 900
to $2,3o4,062. The only other sources of
revenue is direct tax au: u:horized by Con-
gress, which il increased to tho limit propos
ed bv the Secretary, and assumed by State.
the further sum Of $2O,OOO,00O may be ex-
pected. The aggregate of Revenue may thus
be estimated at $50, ASP, $50 which is $685..
447 1913 less than the innate Of July.
Tho Secretary states the estimates for Ju.
ly were based on the raising of 100000 vol
unteers and an increase Of the regular army
by l 1 rcgim 'nts. But after that report had
been closed, Congress authorized the accept.
t. nee bv the President Of 100000 men, be
sides additional companies and officers. This
large increase has, and must necessarily aug
ineLt the expenditures far beyond the limit
indicated by the original estimates, which will
be still further extended by the increase Of
the Navy, and additional appropriations arc
asked for. Of these additional approp iations
s47, ,9s5 500 were authorized by acts Of last
session, and Sl43,l30,927 are now asked for,
making an aggregate, including S22,7s7,933
for indefinite appropriations Of S2l3, 904 ,421.
To provide these large sums, retrcnehment
and reform are indispensable. Contracts should
be subjected to strict supervision and contrac
tors to rigorous responsibility. All unncssa-
and pay materially reduced.
While thus recommending retrenchment
he feels himself constrained to r.new suppes.
tions heretofore submitted by him that the
OF rebels should be made to pay, in
part at least, the cost Of rebellion. Property
Of great value in loyal Stites is held 10y pro-
prietors virtually engaged in guilty att empt
10 break up the Union. which is justly for
etcd to the people, whlc'l should be subject |,
I'd to scqucst,alion or coDfscatiou, and tho I
proceeds applied TO the satisfaction of claims |
.rsing from the war. Property Of rebels in
ebel States should be treated in the same
manner. Rights TO services under State laws,
must of necessity form an exception to any
ue Of coniscalion. Persons held bv rebels
lnder such laws to service rs slave NAV, how
,ver, be Justly liberated frm their cons,raint
md made more valuable in various employ.
nents through voluntary and compensated
ervicc, than il coufscated as subjects Of pro
,eity.
The Secretary says the most sacred duty
f the American peope now requires the con.
ecration OF all their energies an | resources to
he establishment Of the Unou, aud sound
oHC) Wpuiu oociu W ouSSost W. oA'eus'Vn VI
oregn trade, but more absolute reliance on
american labor, American skill, and Amrri
an soil. He recommends that duties on tea,
Office and sugar be inc eascd to 2tc per pound
n brown, &c on clayed Sugar, zoe on green
ca, SC on coffee, and that no other alterations
{ the tariff he made, unless further expert
nee shall demonstrate the necessity.
He deems it necessary to increase The di
eet tax 50 as to produce from loyal States a
eveuue Of at least 100000, 900, estimating
ucb duties on stills, distilled liquors, tabacco,
aux notes, carriages, legacies, paper eviden-
Us u debt and conveyances Of property, and
ther like property as will produce an equal
,lditioual sum. The income tax will proba
ly produce 100000 900 more, nsking an
ggregatc OF s50,O0O,OOO. The Secretary is
ware that the sum is large, but seeing no
rob bity Of revenue exceeding $4,000, 900
uring tue current year, he feels that he must
OF shrink from plain statcmeat Of actual
ecessites Of the situation. Two fif hs Of one
er cent on real and personal property Of 10y
States will produce s44,000,0O0 the pro.
osed in come adding slO,000,0OO.