Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1861-08-17
This amount being go, 600, 900 short

This amount being go, 600, 900 short
of the sum proposed to be raised aside
from loans, it is suggested that the def
cheney in the revenue D2O, ,OOO, ,OOO) be
supplied either by internal duties, direct
property taxation. or both. The value
of the real and personal property of the
people of the United States, according
to the census Of 1860, is $l6, 1O2, ,924,-
40; or, emitting fractions, sixteen
thousand millions of dollars. Of this
amount, over 80, 900, ,OOO, 900 are in the
loyal States. A direct tax Of One-fiffh
of one per cent. on this property would
yield over $21, ,OOO,OOO He also sug-
gests that the deficit might be raised
by levying tax on all beer, tobacco,
silverware, spring carriages, liquors, etc.
Both these modes of taxation might be
resorted to, whereby less would be re-
quired to be raised by loans. lie leaves
the matter with Congress.
He suggests that the property of
those engaged in insurrcction, orin Civ
ing aid and comfort to the insurgents,
may properly be made to contribute to
the expenditures made necessary by
their criminal misconduct. AS part
of the punishment due to the guilt of
involving the nation in the calamitics
OF civil war, and thereby bringing dis
tress upon so many innocent citizens,
Congress may justly provide for the for
feiture of the whole or part Of the cs-
tates of the offenders, and for the pay
ment OF Its proceeds into the public
treasury.
lie ventures to suggest that con-
siderable saving may be judiciously ct
fccted by reduction, for the time at
least, of forty per ccntum upon salaries
and wages paid by the National Govern
ment, in cases where such reduction
will not interfere with the existing con-
tracts; and that further saving, per-
haps not less considerable, may be Of
fected by the abolition OF the franking
privilege.
THE MANNER OF THE PROPOSED LOANS.
The Secretary proposes to make the
loans of the Government as follows
He submits the expedicncy OF opening
subscriptions for u national loan Of not
less than 800, 1000, 900, to be issued in
tho form Of Treasury notes or ex-
chequer bills, bearing yearly interest
of 7 $40 per centum to be paid half
yearly, and redeemablo at the pleasure
of the United States after three years
from date. To increase still further
this faculty of calculation, it is proposed
also to issue the Treasury notes OF this
loan in sums of $50, 800, $500, 81, 900,
and 5000, with the amount of interest
for especial periods engraved on the
back Of each note.
In addition to the sums to be raised
by national loan, the Secretary pro-
poses in case it shall he found inexpc.
dent to provide the whole amount
needed in that mode, that bonds or ccr-
tificatc of debt OF the United States be
issued to lenders in the country, or in
any foreign country, rates not lower
than par for sums Of $500, $1,000 and
$5, 900, or of e1OO, E500 and $1,000
sterling, not exceeding in the aggregate
$1OO, 900, 900, or if issued in the cur
rency of Great Britain not exceeding,
e20, 900, 900 sterling.
For whatever sums may be needed to
supply the full amount required for the
service of the fiscal year, aud as an aux
iliary measure already proposed, the
Secretary recommends that provisions
be made for the issue of Treasury notes
for 80 or go each, payable one year
from date, to an amount not exceeding
in the aggregate $50. .000. 900.