Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-12-10
aanratnrv Chnao,e Teport.

fioug purposes OF the Government. Inc imme
diate exigencles were provided for by isSuine
$40, ,Ol9, ,034 In six per cent. two years. Treasu
~ notes, and 81 ,o87, IT'S In same notes payable
IN sixty days. His next care was 10 toproylde for
disbursements for the war; and ho adopted the
plan TO engage the banking institutions oil the
three commercial cities Of the seaboard 70 ad'
vance the amount needed in loans for three
years' seven and three-tenth bonds, TO DO REIN
bursed from proceeds Of similar bonds subscribed
for by the people, hoping thus to combine the
capital Of the banks and the people with the
credit Of the Government, 80 as 10 give eff
cheney TO the Administration action and compe-
tent support to the public credits and the result
has fulfilled the hope. ~ 81 '''
He then rehearses the agreement entered In
10 between the banks and himself, BY which the
former agreed 10 take the loans. The history
of the first two loans has been made public =
The third loan was negotiated with the banks
on the 10th Of November, BY which he agreed
to Issue to them fifty millions In SIX per cent.
bonds at par for the bonds bearing seven three
tenths per cent. interest. This agreement was
coupled with no arrangement for reimburse
ments, and entailed no expense except for pre-
pairing and issuing the bonds. This was also
coupled with the option to the banks that on
or after the first Of January fourth advance
OF fifty millions should be made on the same
terms as the first or second, If required. -,
In addition TO these loans, $2l, ,l65 200, up to
the 30lh November, were issued In Treasury
notes Of hves, tens and tWenties, payable on
demand, and 1886, Jos remaining in the
Treasury. This amount may be regarded as q
loan from the people. The aggregate realized
from loans in various forms, Is $l97, "a, ,558.
The revenue receipts have not fulfilled his
expectations. He says an act modifying the
rates Of duties differed from the measure he
submitted to Congress, In most OF these particu'
lars, especially in diminished duties on tea,
coffee and sugar, and exempting goods in ware
houses and on shipboard. The difference was
disadvantageous to the revenue, while a poten.
tial cause OF reduced receipts may be found In
the changed circumstances of the country prov
ing unfavorable to foreign commerce. These
circumstances compel him to reduce bis esti-
mates for 1862 from the revenue from $57 ,0O0,-
600 to $32, 1888 SOP. The estimates from re.
ceipts from bonds and miscellaneous sources be
reduces from $3,000,00O to 1924, 4,062. The
only other sources Of revenue is a direct tax au-
thorized by Congress, which, IL increased to
the limits proposed by the Secretary and as.
sumed by the States the further sum Of $780,
600, 900 may be expected. The aggregate Of
revenue may be thus estimated at $54, $50,
66O which Is $o6, AZ, 1884 less than the estimate
Of July. 10
The Secretary states the estimates 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 hundred
thousand men, besides additional companies and
officers. Thislarge increase has and must neces-
sarily augment the expenditures far beyond the
limit indicated by the original estimates, which
will be still further extended by the increase Of
the navy, and additional appropriations are
asked. Butsf.it.t-I ~
OF these additional appropriations, $47, 1885,
566 were authorized by acts of the last session
$l4, ,3l3,097 are now asked for, making an ag-
gregate, including 500, ,787, ,933 for indefinite ap
proprations, of $2l3,9O4,427.
To provide these large sums, retrenchment
and reform are Indispensable. Contracts should
be subjected to strict supervision, and contract
ors to rigorous responsibility. All unnecessary
Offices should be abolished, and salaries and pay
materially reduced.
While thus recommending retrenchment, he
feels himself constrained to renew 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 Ia held by proprietors vir-
tually engaged in the guilty attempt to break
up the Union, which is Justly forfeited to the
people, which should be subject to sequestra-
ton or confscation, and the proceeds applied to
the satisfaction of claims arising from the war
Property Of rebels In rebel States should be treat
ed in the same manner. Rights to services undel
State laws must OF necessity form an exception
to any rule of con6scation. Persons held b,
rebels under such laws to service, as slaves
may, however, be justly liberated from thei
cons traint and made more valuable In variou
| employments, through voluntary and compen
sated service, than if confsoated as subjects o
property. eai
The Secretary says the most sacred duty O.
the American people now requires the conse
Grafton Of all their energies and resources t
the establishment of the Union, and sound pol
icy would seem to suggest no extension of for
eign trade, but more absolute reliance OF
American labor, American skill and American
soil. 4 .11s u o 1fi ri' gps Ia Lr Hre-f
He recommends that the duties on tea, coffee
and sugar be increased to two and half cents
per pound on brown, three cents on clayed
twenty cents on green tea, five cents on coffee
and that no other alterations of the tariff be
made unless further experience shall demon
s'rS.e .ue necs9sisy, a, t.LL 80,
ne aeems lsoesssry s 70 lncrsSse sne oltec'
san 50 ~ psouaSS Ssn rU rN0 on0 Hsa.es reve
sue VI ~ lenSs SSv,Uoo,ovo, esMHaung sucn
ouues On E'Sellsu iquors, TOBACCO, pank-notes'
carriages, iegaclesi on paper eVioenoes OF oeDtl
anu conveyanyss Vi properly, anu ot9er IKE
property as wnl pIouuce an equai soditional
su S,m mn neo ne income sa1 wiz PROBABLY ptoauce
$to00o'So0 $1o0o' S00 n'ore' nAAlng an aggregate OF
$YT,oov,ooV. $ e5L ~ 81. - laic.
me eeCressry - aMaIe .,. s9as tue sum ls large
eoS eoSnS nSn ~ prvpavy ol revenue e1ceeeing
SfV,v,VV'oVV pullng tue current year, ne teels