Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1861-12-20

succlnctly tne SUBSTANTIAL PROVISIONS OF tne
several laws of Congress under which he had
acted, and acknowledging the promptitude
and confidence with which Banking institu-
tions and individuals had seconded his efforts
TO meet the sudden and immense drafts on
the Treasury which the war made be states
the amounts raised by loans as follows:
There were paid to creditors or exchanged for
coin at par at different dates in July and August,
6 per cent. years notes, to the amount Of
Sl4,0l9,O34 66
There was borrowed. at par, in
the same months, upon so days
per cent. notes, the sum OF l2,eU,'oO ~
There was borrowed, at par, on
the 10th of August, upon years
100 bonds, issued for the most
part to subscribers TO the Nation
al Loan 5O,OOO,OUc w
There were borrowed on the LIST
Of October, upon like securities 50,0000OO 90
There was borrowed at par, for
I per cent, on the 10th of Novem-
Der, upon 20 years per cent.
bonds, reduced to the equivalent
Of sevens, including interest 45,795,47s Is
There have been issued, and
we're in circulation and on deposit
with the treasurer, on the 30th Of
November, of United States notes,
payable on demand 2i,ooO,SZo W
Making an aggregate realized
from loans in various forms, CT l91 ,2i2,5Se IL
The receipts from customs, from land sales,
and miscellaneous sources. fell below his Tor
mer estimates considerably
"At the date of his report last July the Sec
cd or for
the financial year 1862, of 6fty-seven millions Of
dollars, but circumstances now constrain him to
reduce this estimate to So, 500 SIS.
The estimates Of receipts from land. and mis-
cellaueous sources must also be reduced from
s. zoo. 0e0 TO s., 354 ,062 So. The only other
the reso iroes Of the year is the direct tax su-
thoriSed by Congress, from which, if increased to
the limit proposed by the Secretary, and as
sumed by the States, the further sum of $40 000,-
900 may be expected. The aggregate of revenue
from all sources may, therefore, be estimated at
s54532, 665 Il, which is less by SIS, AL. S3i Sc
than the estimate Of July.
But for all that reduction he would not be
obliged to call for enlarged authority, had
not the government been obliged to enlarge
Its contemplated appropriations.
These estimates, contemplated expenditures In
all departments anu Tor Hi ODJeCts 10 the amoQnt
| of S3lS, 5l9.5sl 81. The basis of the estimates
was the understanding that it would be necessary
TO bring into the field, for the suppression of the
| rebellion, two hundred and fifty thousand volun-
teers and to increase the regular army by the ad-
dition Of eleven new regiments; making a total
force, including the regular army already organ
lied, of about three hundred thousand men. After
estimates Of this force had been furnished the
President thought it expedient, in order to make
| the contest short and decisive, TO ask Con-
gress 10 place at the control Of the Government at
least four hundred thousald men, and four hun
dred millions of dollars. In the number th US
called for the regulars were included. Congress,
| animated by the same desire for short and de-
| cisive contest went beyond this recommendation
Of the President, and authorized the acce ptance
of volunteers in such numbers, not exceeding FIVE
hundred thousand, as he might deem necessary.
An expenditure beyond the Secretary S
former estimate was of curse necessary.
The Secretary enjoins retrenchment and
reform in all unnecessary expenses, thinks the
property of the rebels should help pay the
cost of the war, and intimates that it ought
to be confscated and sold for that purpose
Slaves of rebels may justly be set free.
The revenue from customs fell short Of his
previous estimate, partly because Of the state
Of tue country, and partly because the duties
were not laid as high on sugar, tea and coffee
as be proposed. lie proposes an additional
revenue OF p cents per pound on brown sugar;
cents on clayed sugar 20 cents per pound
on green tea, and 5 cents per pound on coffee;
but mot TO have other alterations made in
the present tariff, unless experience or chang.
ed circumstances shall prove the necessity or
expediency Of them. Under the existing
state of affairs, it is best, he thinks, to RELY
mainly on direct taxes, instead Of on customs.
Tor revenue, and that it will be best to in
crease the direct tax 50 as to produce from
the loyal States alone, revenue Of at least
An, "O 900, and to lay such duties on stills
and distilled ..quors, On tobacco, On bank
notes, on carriages, on legap.es, on paper
evidences of debt and instruments Tor con-
veyances of property, and other like subjects
of taxation, as will produce an equal addi-
tional sum The existing provision for an in
come tax will probably produce $lO,00O.OO0
more. The aggregate taxation will thus
amount to $4,000, 600.
This sum, with $40, 900 900 from customs
will make S9O,OOO,O 900 for the year-a SUN
sufficient to pay the ordinary expenses of the
Government, to pay the interest on loans,
and TO give moderate surplus towards sink
ing the public debt. Large as a tax of
$50 600 900 is, he considers it not to exceed
one s'1th Of one per cent. of the surplus earn
,ngs of the people of the loyal States Of
course, the immense outlay for the war must
be met by receipts from loans to the Gov
ernment-to be paid of after peace and sub
ordination are restored
While the Secretary expresses hope that
the war will be ended before midsummer,
he deems it proper to present an estim-
ate of the public debt to be incurred by it if
shall continue longer.
The whole amount likely to be required from
loans may be thus stated
Fer the fiscal year 1852, under
existing laws, s75,449,675 90
For the fiscal year 1862. under
laws to be enacted, 200 oOO, 900 90
For the fiscal year 1868, also
der laws to be enacted, 1881 ,245 81
Making an aggregate of 654,9SO,929 81
On the lst day of July, lsGO, the
public debt was SEA, 769, 7O3 Os
On the LIST dag of July, 1851, tie
public debt was 9O,s67, S2s 6s
On the LIST day Of 2ly, 1862, the
public debt will be 5l7,372,S O2 80
On the LIST day Of July, 1865, the
public debt will be s97,37O, 500 80
Formidable as this exhibi. is, the Secreta-
ry believes the energies and means of people
are adequate to the necessities of TIE case,
The amount of the public debt in the year
lsl6-after the war Of lSl2-l4-was Sl27,-
=, .