Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1861-12-13
The Report Of the Secretary of the
Treasury.

We publish below a condensed view of the
report of the Secretary of the Treasury, from
the 4" Marylan News Sheet We make one
or two remarks not contained in the extract
1t is known that in our country the land is the
greatest assessable property, as well as the
greatest source of wealth Yet, Mr.. Chase
does not propose TO tax it. Is he afraid Of
the farmers of New York, Pennsylvania and
the Northwestern States? He proposes TO
abandon the income tax. Is he afraid of the
wealthy capitalists of the country? To raise
money for the war, the Secretary proposes to
form the government into a great banking
company. Where is his constitutional au-
thority for so dong2 With such a machine,
the corrupt and specializing part Of the coun-
try would control the labor and business Of
the country absolutely, throwing the whole
wealth of the people into the hands of mo-
neyed aristocracy, the meanest government
ever devised. These great paper schemes have
been often tried, and always ended in the
bankruptcy Of the government and the ruin of
the people. The old United States Bank was
thought to be bad enough but the little fin
ger of Mr. Chase's plan is heavier than the
loins Of the old bank:
at would be difficult to follow Mr.. Chase
through his long statement Of the measures
which have been adopted by him thus far un-
der Congressional sanction for raising tie
amount of money necessary to meet the ex-
,raordinary expenditures Of the Government,
and moreover he does but recapitulate what
is already very generally known. We pass,
therefore, this portion Of the report, merely
promising that he succeeded in negotiating
with the associated banks TO the eastward two
loans OF fifty millions each, on the condition
that they were to be reimbursed as far as
practicable, from the amounts to be subscribed
by individuals to the National loan, based on
an issue for three years Of Treasury notes
bearing an interest for that period OF 7.30 per
cent. which bonds were subsequently to be
merged into stock of the United States A
;hird loan was negotiated for fifty millions
with the same parties in November last, by
agreeing to issue TO them fifty millions of dol
lars in six per cent. bonds at rate equiva-
lent to par for the bonds bearing seven per
cent. interest, as authorized by the act Of Ju-
". The amount Of demand notes put into
circulation up to the Both OF November last is
stated to be rather over twenty-one millions
of dollars. The aggregate realized from loans
in various forms is said to be one hundred and
ninety-seven millions two hundred and fifty
two thousand five hundred and eighty EIGHT
dollars.
1.-THE revenue receipts from customs for the
past fiscal year have disappointed the expec-
tations Of Mr.. Chase. He estimated the re-
ceipts at ifiy-seven millions Of dollars-the
returns show but thirty-two millions--but in
uding the direct tax Of twenty millions, and
minor sources Of revenue, the aggregate reye-
nue., it is supposed, will amount to some fifty
four and half millions Of dollars. Ia view
Of the increasing demands upon the Treasury,
Mr.. Chase urges retrenchment and reform in
every department Of the Government.
''To enable the Government to obtain the
means still necessary to prosecute the war TO
a final issue, he suggests the proprety Of de-
priving the backs Of the country Of the au-
iaoFi;y 70 cifte,aie n3tts Of ih,if owa issue,