The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1861-12-19
Report Of the Secretary of the Treasury

aDce. The Secretary alludes to the re
port of the 4th July last, wherein be ask
ed from Congress provision for the expen
ditures amounting to S3ls,5l9,5el >
during the coming fiscal year. Unde
the authority OF Congress, which empow
cred him to raise two hundred and fit
millions in divers ways. the Secretar
proceeded TO realize as follows:
There were paid 10 creditors,
or exchanged for coin at par, at
different dates in July AID Au-
gust. SIX per cent. two years
notes, 10 the amount Of Sl4,0l9, ,034 81
There was borrowed, at par
the same months, upon sixty
days six per ceht. notes, the
sum of l2S77750 OF
There was borrowed, at par
on the 18th of August, upon
three year 7-30 bonds, issued
for the most part to snbscri-
.bers to the National Loan $4,000, 600 OF
There was borrowed, on the
lst of October, upon like secu-
ties 500000 900 0(
There was borrowed at par
for seven per cent. on the 10Th
of November, upon 20 years
six per cent, bonds, reduced TO
the equivalent of seSens, nclu-
ding interest, 45,7O5, AIS As
There have been issued al nd
were in circulation and on de-
poslts with the treasurer, on the
Both Of November, of United
States notes, payable on de-
mand, 24.550.325 90
Making an aggregate realized
from loans IN various forms,
of SI97,242,5SS IA
While success thus complete has so far
attended the measures relating to loans.
the Secretary regrets to say that the re,
ceipts of revenue from duties have not, as
yet, fulfilled the expectations indu ged at
the date of bis July report.
At the date of bis report, the Secretary
counted on a revenue from customs, for
the financial year lso2, Of City seven mil
lions Of dollars, but circuD-taUces DOW
constrain bin to reduce this estimate to
S32.I99. .6O2 55.
The estimates of receipts from lands
and miscellaneous sources must also be
reduced from $4,000, 900 to 81 254 ,O6l
80. The ouly other source of reVenue
which promises an addition to the resour-
ces of the year is the direct tax author
ized By Congress, from which, il increas-
ed to the limit proposed by the Secretary,
aud assumed by the States the further
sun Of s2o 100000 may be expected
The aggregate OF revenue from all sour
ces may, there fore, be estimated at S54,-
552, ,665 A, which is less by S25, ,447 1886
IS than the estimate Of July.
This reduction, however, though large. /.
would not have compelled tho Secretary
to ask soy additional powers for the ne
gotistion of loans, beyond those asked for
in bis July report, bad appropriations
aud expenditures been confined within
the estimate. then submitted
These estimates, it will Re remembered,
contemplated expenditures in all depart
nents, and for all objects. TO the amount
of S3ls s,5l9,5sl 81. The basis of the es-
Inmates wss the understanding that it
would be necessary to bring into the field,
for the suppression of the rebellion, two
huudred and City thousand volunteers,
and to increase the regular array By the
addition OF eleven new regime nts; making
q total force, including the regular army
already organized, Of about three han
dred thousand nen. After estimate for
ibis force bad been furnished, the PreSi
dent thought it expedient. in order to
make the contest short and decisive, TO
ask Congress to place at the control OF
the Government at least four hundred
Thousand uen and four hundred millions
Of dollars. 10 the number thus called
for the regulars we're included. Congress
animated by the same desire for a short
and decisive contest, went beyond this
recon mend alton of the President, and al
tborized the acceptance of volunteers in
such numbers, not exceeding five hundred
thousand, as be might deem necessary.
The Secretary epjoins retrencbmeDt
and reform 10 all unnecessary expenses,
thinks the property of the rebels should
help to pay the cost of the var. and init
mates that it ought to be con6scated and
sold for this purpose.
He proposes an additional revenue of
81 cents per pound on brown sugar, three
cents on clayed sugar, twenty cents per
pound on green tea, and five cents per
pound on coffee. and that no other alter
stioas of the tariff be made during the
present session of Congress, unless furth
er experience or changed circumstances
shall demonstrate the necessity Of expedi-
eney Of them. All considerations of pru-
dence and patriotism, be ADDS. seen to
concur 10 favor of giving to the existing
tariff full and fair trial, aud of re.ery.
Jog the work of revision, modification and