Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1861-12-20


the people, aud should be subjected, with
due regard, for all rights and interests con-
cerned, to sequestration or eon6scation, and
the proceeds should be applied to the salts
faction Of claims arising from tho war.
Property Of rebels in rebel States should
be treated in like manuer. Rights to SER
vices, under State laws, must, Of necessity,
form an exceptionto any rule Of con6scation.
Persons held by rebels, under such laws, to
service as slaves, may however, be Justly
liberated from their constraint, and made
more valuable, in various employments,
through voluntary and compensated service,
than if confscated as subjects Of property.
Whatever may be saved by retrench-
ment, however, or exacted from rebellion,
large sums must remain to be provided for
by taxation and loans.
The idea of a perpetual debt cannot be
entertained. 1t is therefore necessary that
such system of direct taxation be adopted
as will, in addition to the revenue other.
wise obtained, serve to gradually redeem
and extinguish the debt necessarily created
by the expenditures of war.
RE-EsTABLIsHMENT OF THE UNION, THE
AMERICAN PEOPLES MOST SACRED DUTY.
But existing circumstances are not propi
tious to wise and permanent adjustment
of imposts to the various demands of rev.
enue, commerce and home industry. The
most sacred duty of the American people
at this moment requires the conservation Of
all their energies and all their resources tc
the re-establishment of the Union on the
permanent foundations of justice and free
dom; and while other nations look with in
different or unfriendly eyes upon this work
sound policy would seem to suggest not tn
extension of foreign trade, but a more absc
lutte reliance, under God, upon America
labor, American skill and American soil.-
Freedom of Commerce is, indeed a wis,
and noble policy; but TO be wise or noble
it must be the policy Of concordant anc
fraternal nations.
The provisions made at the last session
was of two descriptions first direct tax o
$4,000, 900, of which Sl4,846,Ols was ap
portioned to States and territories acknowl
edging their obligations to the Union, and
$5,l53,9s2 to States the citizens of which
repudiated those obligations and are in oper
rebellion and secondly, an internal duty oi
three per centum on all annual incomes
with certain exceptions and doouctions.
DIRECT TAXES TO BE COLLECTED BY GOVERN
oRs OF STATES, AND WHY.
AS it is highly desirable to avoid, a
long as practicable, introduction into th
States of Federal agencies for the assess
ment and collection of taxes, the Secretary
relying on assurances from Governors {
various States that the amount apportione
to them respectively will be assumed, col
lected and paid, through the existing Stat
agencies, has hitherto refrained from ad
vising the appointment of the officers neces
sary for direct assessment and collection.
For the expenses of the war and of othe
current expenditures, further reliance mus
be placed upon loans. To meet even econ
omized disbursements, and pay the interes
on the public debt, and provide a sinking
fund for the gradual reduction of its priu
cipal, the appropriation of ninety million
of dollars will be necessary. A furthe
loan of $21o,ooo,ooo is considered neces
sary for the expenses of the war and othe
departments. The aggregate expenditure
for the coming year is $476, ,SS1, ,246,5 81
The aggregate receipts are estimated a
$95, 100000, leaving balance to be pre-
vided for of 1915, 9,541 ,245 81. The pub
lie debt is estimated as follows:
July lst, 1850, it was $e4,779,1os ot
3" 1861, 90,so7,92e 6S
" " 1862, it will be 5l7,372,sO2 9S
/" 1868, S97, 7,372,so2 9S
Even this enormous public debt can b
easily paid off in thirty years by the 10y,
States alone.
THE COIN IN THE UNITED STATES.
No means exist of ascertaiping, with a
solute certainty, the quantity of coin no
in the United States, but tho best access
bic data lead the Secretary to concur
the judgment of the Director of the Min
that the amount is between two hundre
and seventy-five millions and three hund
red millions Of dollars.
|. The Secretary suggests that Congress f
the rate OF interest upon all governmer
loans; says the operations of the mint hay
been large without precedent, the total coil
age of the year being more than eight,
three and a-half millions; suggests the g
tablishment Of branch mint at DENY,
City, Colorado territory; shows what moi
eys have been avanced by loyal States an
what repaid to them; says that more ma
inc hospitals have been constructed tbs
were necessary, and suggests the disposal
a part of them; gives the number of reyenl
cutters at twenty-nine; and hopes that
uniformity of weights and measures ms
be established all over the world.
Upon the very important subject of r
forms in the banking system of the cou
, try, We quote Secretary Chase's lapgusl
in full, its Importance to all our reader
farmers and mechanics, as we'll as busile
men, fully waTauting the space:
THR PAPER CURRENCY OF THE COUNTRY.
! The circulation Of the banks Of tho III
ted States on the lst Of January, 1876
was computed to be S202, 900, 1877.
. Ia : Il A. A.