Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1861-12-26
Secretary ChaSc's Report.


immediate exigencies wee provided fol
by issuing Sl40,0l9.034 in six per cent
two years Treasury notes, and 81, 2S7,
715 in same notes payable in sixty days
His next care was to provide for disbursc
ments for the war and he adopted the
plan to engage the banking institutions
of the three commercial cities Of the sea
board to advance the amount needed IL
loans for three years seven and three tentl
bonds, to be reimbursed from proceeds Of
similar bonds subscribed for by the peo.
pie, hoping thus to combine the capital Of
the banks and the people with the credit
OF the Government, so as to give eflicien
cy to the Administration, action and com.
petent support to the public credit and
the result has fulfilled the hope.
He then rehearscs the agreement enter
ed into between the banks and himself, by
which the former agreed to take the loans
The history Of the first two loans has bee.
made public.-The third loan was ncgoti
ated with the banks on the 10Th Of Nov.
by which he agreed to issue to them fifty
millions in six per cent. bonds at par fol
the bonds bearing seven and three tenth,
/ per cent. interest. This agreement wa.
coupled with no arrangement for rcim.
bursemcnts, and entailed no expense ex-
cept for preparing and issuing the bonds.
This was also coupled with the option to
the banks that on or after the first of Jan
uary fourth advance of fifty millions
should be made on the same terms as the
first or second, if required.
In addition to these loans, $21, 165,
220, up to the 30th November, were is.
sued in Treasury notes of fives, tens, and
twenties, payable on demand, and SO,
3S5, lO5 rem aiming in the Treasury. Thi,
amount may be regarded as a loan from
the people. The aggregate realized from
loans in various forms, is Sl01 ,142, 5SS
The revenue receipts have not fulfilled
his expectations. lie says an act modi-
| flying the rates of duties differed from the
measure he submitted to Congress, in
most Of these particulars, especially in
! diminished duties on tea, coffee and sugar,
and eXempting goods in warehouses and
on shipboard. The difference was disad-
vantageous to the revenue, while po-
tential cause Of reduced receipts may be
found in the changed circumstances of the
country proving uniavorable to foreign
commerce. These circumstances compel
him to reduce his estimates fol- 1862 from
the revenues from $57 100000 to $35,
| l9S, COZ. The estimates from receipts
from bonds and miscellaneous sources he
reduces from $4,000 600 to 1924, ,062
The only other sources of revenue is III
rect tax authorized by Congress, which
if increased to tho limits proposed by til,
i Secretary and assumed by the States tn
further sum of $4,000, 600 may be ex
pected. The aggregate Of revenue may
be thus estimated at $54, 552, 6G0 which i
$26, ,447 1884 less than the estimate ofJuly
The Secretary states that the estimate.
for July were based on the raising Of two
hundred and fifty thousand volunteers
and the increase of the regular army by
eleven regiments but after that report
had been closed, Congress authorized the
acceptance by the President of five hun.
dred thousand men, lesides additional
companies and officers. This large in
crease has and must necessarily augment
the expenditures far beyond the limit in
dicated by the original estimates, which
will be still further extended by the in
crease Of the navy, and additional appro
priations are asked
OF these additional appropriations
SAT ,985, ,5G6 were authorized by acts o
the last session. S14,3l2,097 arc now
asked for, making an aggregate, inclu,
ding $22, ,7S7 1888 for indefinite appropri
ations' Of $213, 9O4, ,427.
TO provide these large sums, retrench
ment and reform are indispensable. Con.
tracts should be subjected to strict super.
vision, and contractors to rigorous re-
sponsbiity. All unnecessary office,
should be abolished, and salaries and pay
materially reduced.
While thus recommending retrcnch
mont, he feels himself constrained to re-
new suggestions heretofore submitted by
him, that property of rebels should be
made to pay in part at least, the cost OF
the rebellion. Property Of great value IN
loyal States is held by propriotors virtu
ally engaged in the guilty attempt tc
break up the Union, which is Justly for
feited to the people, which should be sub
,ject to sequcstration or coniscNtion, an(
the proceeds applied to the satisfaction o
claims arising from the war, Propert,
of rebels in rebel States should b. treate,
in the same manner. Rights tc service
under State laws must Of necessity form
an exception to any rule of conliscation
Persons held by rebels under such laws t.
service, as slaves, may, however, be iUstl
liberated from their constraint and mad
more valuable IN various cmployments
through voluntary and compensated ser
vice, than if confscated as subjects o
property.
The Secretary says the most sacred lu
ty of the American people now requires
the concentration Of all their energies AM
resources to the establishment Of the I'm
ion, and sound policy would seem to sug
gest no extension Of foreign trade, but
ore absolute reliance on American la
Dor, American skill and American soil
He recommends that the duties on tea
coffee and sugar be increased to two anl
a half cents per pound on brown, thrc,
cents on claycd, twenty cents on greer
tea, five cents on coffee , and that no 9th
er alterations Of the tariff be made unless
further experience shall demonstrate TIN
necessity.
He deems it necessary to increase tn
direct tax so MS To nrOlucn from thp Iowa