The national Republican., 1861-07-09
ABSTRACTS OF THE REPORTS OF
THE SECRETARIES OF THE TREAS
URY, WAR, AND NAVY. q,

THE SECRETARIES OF THE TREAS.
URY, WAR, AND NAVY. =
REroRT OF rHE SECRETARY OF raE TREASURY.
The Hop.,s P. ohasc, the Secretary Of the
Treasury, commences his report of the Treas.
ury Deparimentb by briefly alh,ding to the state
of the country and Sta effects apou the finance
of the Union.
He next submits AN aggregate amount of
S2l7 1868, $50 as estimates for the present fiscal
yeary in addition to the appropriations already
made by Congress. Of this sum, $ls5, ,296,397
is required for the army, and sac, sos, 1891 for
the navy. There are also $l2 ,639,s6l of Treas.
ury notes to be redeemed, and about nine mil.
lions 10 be paid for interest. The total amount
required for the year ending June 30, 1862, is
therefore put atl $3lS,579,58l. ..fr. r. ,.r !
In regard to the ways and means for raising
this sum, the Secretary recommends that
eighty millions be raised by taxation and two
hundred and forty millions by loan. The for
mer would cover the ordinary expenditures
and provide ive millions for redemption of the
national debt. The sources of revenue are
duties on imports, direct taxes, and internal
duties or excuses. Mr.. Chase glances briefly
at the advantages and disadvantages of each,
expressing his preference for the first. He re-
commends only such notifications Of the ex.
isting tariff as will produce the principal part
Of the needed revenue. But as the total re.
ceipts from import duties last quarter were
only Eve and half millions in round numbers,
it is evident that this will go q short way to-
ward producing the amount required. With
the restoration Of the Union revival of busi
ness maybe expected, causing great improve
ment in toe revenue. ,, But for the time being
other sources must be looked to. t.,,7 rJ.r :.
= He proposes, therefore, that duty of two.
and-a-half three, and four cents per pound be
levied upon brown, clayed, and refined sugars,
respectively; six cents per pound on candy;
six cents per gallon on molasses, and four on
sour molasses five cents per pound on coffee |;
fifteen cents on black, and twenty cents on green
tea, per pound. The products Of these are esti
mated at twenty millions per annum. Modif.
cations in the tariff on articles now exempt, or
such as are either too lightly or too heavily
burdened, may be made to yield, he considers,
seven millions additional. The total revenue
from imports he estimates at fhy.seven mil.
lions, to which should be added three millions
from the sale Of public lands and miscellaneous
sources. .... rr-.--....r
= The remaining twenty millions it is proposed
to raise by direct taxation, by internal duties,
or both. As showing the immensity of our ma.
ional resources, the Secretary alludes to the
value of real and personal property of the people
Of the United States, which amounted last year
to sirteen thousand million dollars, emitting
fractions. Of this, eleven and quarter mil.
lions consisted Of real estate only. Including
the loyal States only, the aggregate value is
nearly eleven thousand millions, on which q
rate Of one.ffth per cent would produce twenty.
one million eight hundred thousand dollars,
which is more than the amount required. There
are difficulties in the way Of levyipg such taxes;
but the Secretary believes every constitutional
requirement would be satisfied were Congress
required manner.
But excise duties are on the whole more ad.
vissble than direct taxes, bearing mainly upon
articles Of luxury. The sum needed may readi.
ly be obtained from q moderate charge on stills
and distilled liquors, ale and beer, tobacco,
bank notes, spring carriages, silverware, jew,
elry, and legacies. An important suggestion
is made respecting the confscstion Of property
belonging to those engaged in the insurrection,
a part Of the punishment due to the "guilt Of
involving the nation in civil war" He also
recommends reduction of tep per cent. on
Government salaries, where such change will
not interfere with existing contracts, while an
equal sum may be saved by abolishing the
franking privilege and reducing postal ex.
peuses.
Mr.. Chase recapitulates the various loans
authorized by Congress during the year, and
what has been done with them. The aggre.
gate amount of these not negotiated, is $2l $685.,
450 but as they consist largely of six per cent.
treasury notes to be given at par, they are
hardly available at present. The Secretary,
therefore, proposes national loan of one hun.
dred millions, to be issued in the form Of trea.
sury notes or exchequer bills, bearing yearly
interest Of seven and three.tenths per cent, and
redeemable at the pleasure OF the United States
Government after the expiration of three years.
1t is not intended to restrict the loan to any
precise limit, but this amount is named as that
for which it now seems expedient to rely. The
for every fifty dollars-is the principal reason
assigned why this rate of interest is recon.
mended.
In case that it is deemed inexpedient to raise
the whole amount warranted by the national
loan, the Secretary proposes that bonds be
issued at not less than par, in sums of $780,
$1,000, and $4,000, and flO0, $500, and
$1,000, not to exceed 500, 100000 in Federal
money, or f20,O00,000 in sterling. These
bonds to be Of o common date, not later than
January !, 1862, to bear interest not exceeding
seven per cent, payable in London or at the
y. s. Treasury, with exchange equivalent
thereto.
For whatever sums may be needed to supply
the amount wanted for the present fiscal year,
an issue of Treasury notes, payable one year
after date, not to exceed $4,000, 900, in sums
Of $40 and $40, to bear interest at the rate
Of 1856 per cent, or one cent day on the
$l00, to be exchangeable at the will of the
holder for three years seven per cent. Treasury
notes. Or if it is deemed preferable, they could
mand in coin.
The public debt on the lst of July, 1860,
was $66,243, ,72l.63, and stands on the lst of
July, 1861, at 9Os67, 1928 .6s, showing an in
crease during the year Of $24, ,624, l07.05.
As to obviating the difficulties in collection