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

est and value TO our readers The entire
document is one of great ability, and its
not least merit is the fact that it is written
in plain, Ineligible language that all can
understand. 1t is Report for the people
as well as for 6nancieB.
THE ESTIMATES PRESENTED AT THE SPECIAL
SESSION.
The estimates Of the several departments
then laid before Congress by the Secretary
contemplated an aggregate expenditure,
during the fiscal year to end on the 30th
Of June, 1862, of $3ls,5l9,5sl,s7.
HOW PROVIDED FOR.
To provide this sum, tho Secretary pro-
posed such notifications Of the tariff and
such internal taxes as would, in his judg-
ment, produce the sum of eighty millions Of
dollars and such loans, in various forms, not
exceeding in their aggregate two hundred
and fifty millions Of dollars, as would yield
the required residue.
WHAT HAS BEEN DONE BY THE DEPARTMENT
SINCE THAT SESSION, AND HOW.
1t now becomes his duty to give some ac-
count of the execution and practical opera
ton of these measures, and 10 the perform
ance of it he solicits, first, the attention of
Congress to that part of them relating to
loans.
The acts authorizing loans provided
First-for national loan of one hund
red millions of dollars, or any larger sum,
not exceeding the whole amount authorized
in bonds or Treasury notes, bearing 7.3o
per cent. interest, payable three years after
date, and convertible at or before maturity
into twenty years six per cent bonds.
Secondly-For loan in Europe or il
the United States, at the discretion of the
Secretary, of one hundred millions of dol
lars, payable twenty years after date, anc
bearing interest not exceeding seven pei
cent.
Thirdly-For the issue, in payment tc
public creditors, or in exchange for coin, Of
Treasury notes, payable one year after date
bearing an ihterest of S,e5 per cent. and
convertible into the three years 7,90 bonds
or Treasury notes.
Fourthly-For the issue of notes, paya.
BILE on demand and receivable for all public
dues, to be used as coin in payment and
exchanges.
The aggregate Of notes of the two last
descriptions was limited to fifty millions Of
dollars, in denominations less than fifty
but not less than five dallors.
A further authority was conferred by the
act to issue Treasury notes of any of the
specified denominations, bearing six pei
cent. interest and PAYABLE not over twelve
months from date, to an amount not exceed
ing twenty millions of dollars.
HOW THE IMMEDIATE ExIGENcIEs WERE
PROVIDED FOR.
! To provide for immediate exigences was
the first duty of the Secretary, and he per.
formed it by issuing, under authorities con
fcrred by various acts, for payment to pub
lie creditors or for advances of cash, $l4,-
O19,o94 sc in Treasury notes, payable 10
two years, and bearing six per cent. inter
est, and S12,s77,15O in Treasury notes
bearing the same rate ofinterest, but pay
able sixty days after date.
The banking institutions of New York
Philadelphia and Boston were engaged tc
advance the amounts needed for disburse
ments in the form of loans for three year
7.30 bonds. Three loans of $50,ooo,ooC
each have been negotiated with the banks
and if necessary fourth advance is likely
to be satisfactorily arranged.
THE ISSUE OF DEMAND NOTES.
II, olJ - H. al l.. Al
Secretary has issued United States notes
payable on demand, in denominations o.
Eve ten and twenty dollars, of which there
were in circulation, according to the las
returns, on the 3oth day of November
1851, $2l,165,220; and there remained
in the treasury at the same date, 1886,
los. The amount thus issued, so far as
enters into the circulation of the country
may be regarded as a loan from the pee
, pie, payable on demand, without interest.
The aggregate realized from loans of Va
rious forms, is $l97,242, ,5ss14.
WHAT THE SECRETARY EXPECTED FROM TIL
CUSTOMS AND WHAT IT REALIZES.
At the date of his report, the Secretar,
counted on revenue from customs, for tn,
financial year 1862, of fifty-seveu million
of dollars, but the circumstances to whicl
he has Just adverted now constrain him Il
reduce this estimate to $32,l9s, ,6o2.55.
LAND RECEIPTS.
The estimates Of receipts from lands ant
miscellaneous sources must also be reduces
from SS,Oo0,0oo to S2,S54, ,o62.e9.
ADDITIONAL APPROPRIATIONS.
The army having been greatly increased
since the estimates submitted at tho extr
session we're made, it is necessary to asl
further appropriations.
To meet the increased demands, arisinj
almost wholly from the increase of tn
army and navy, and the increase of pa
and rations beyond the original estimates
large additional appropriations have bee
and will be necessary.
OF those additional appropriations $47
985,566 81. were authorized by acts of tn
last session, and Sl2S,1So,727 are no,
asked for. RI. -....
The Secretary recommends great reduc
ton of expenditures in the way of saloric
&c, and then says:
THE PROPERTY or REBELS TO HELP PAY TIL
EXPENSES.
While thus recommending retreneh