The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1861-12-18

/ with tie banks on the 10th Of ofNOyember, by
which he agreed to issue to them fifty mill
ions in per cent bonds at par for the bonds
bearing Z per cent interest -
/ This agreement was coupled with no arr
rangement for reilnburSmentS, and en- allied
no expense except the preparing and issuing
the bonds, this was also complied with the
optou to the banks that on or after the LIST
OF January. a 4th advances Of 50,000,000
should be made on the same terms as the
first or second ifrequired In addition TO these
loans S2l, 165, 220up to Both fives, tens and
twenties, payable on demand, and So, 1885,.
| l02 remained in the Treasury. The amount
may be regarded as loan from the people.
. The aggregate realized from loans in vari.
Gus forms, is $l97.84l, ,583. The revenue
receipts have not fulfilled his expenditures;
be says, an act modifying the rates of dates
deferred from the measure be submitted to
Congress. In most Of these particulars, es-
peci1ilyn diminished duties ON tea, coffee
and sugar, and extmptng pods in warehous5
and on shipboatd The difference was dis
advantageous to the reNeaue, while q poten-
tial cause ofredi al receipts may be dtnd
I in the changed ci eUm5ta1ces of the country.
proving unfas trab!sto t5feignoammerce, and
,coppel him tn reduce his estimates for 1862,
| from the revenue rom $4,000, 900 to &c.,
] 1850. .LlF ,asaiJ &asill a-.
The estimates from receipts from lands
and miscellaneous sources, he reduces from
| So 0o0IO0 to S234,962, The only other
sources ofreyenue is direct tax authorized
fby Congress, which if Increased to the limits
proposed by the Secretary and assumed by
the States, the further sum Of twenty mill
ions may be expected. . ..-[,..,
p .The aggregate ofrevenue may be thus es-
tnated at S54, ,552, ,660 which is S25, ,44z,-
334 less than the estimate Of July
! 'Fhe Secretary states that the estimates for
kJuly were issued on the raising Of ESQ 000
volunteers, and an increase Of the regular ar
my by eleven regiments, but after that re.
| port had been closed, Congress authorized
the acceptance by the first, of five hundred
Thousand men, besides additional companies
and officers. This large increase has and
must necessarily augment the expenditures
! far beyond the limit indicated by the original
Estimates, which will be still further extern
ded by the increase Of the navy. and addi-
tional appropriations Of SAT, ,985, ,566 were
authori2en by acts OF the last sessions; $f43,-
! 12o,97 are now asked, for, making an saggre-
gate, Including 1921, 7,819, ,33 for indef finite ap.
7 1propiiations, ot S214,9O4 ,427 10 provide
these large sums letrenchment and fefutln
4 are indispensable Gontractsshould be sub.
octed to strict supervision, and contractors
10 rigorous responsibility. All unnecessary
offices Should be abolished aud saliries and
! payimaterial reduced. ,sgss 1870
While thus recommending retrenehuent,
| he feels himself constraiued to renew the
suggestions heretofore submitted by him;
that property OfrebelS should be made to pay
in part at least, the cost Of the rebellion -
Property of great value in loyal States is
hold by propiietors virtually engaged in
guilty attempt to break up the Union, which
is justly forfeited to the people, and which
| should be subject to sequestration or confis-
cation, and the proceeds applied to the sal
iSiaction Of claims arising from the war
The property Of the rebels in rebel States
| should be treated in the same manner The
! right to services. under State laws, must Of
necessity format exception to aty rale of
condscation. Persons held by rebels under
such laws to sereice as slaves may, however.
be Justly liberated from their constraint, and
made more valuable in the various employ
ments throlgh voluntary and compensated
service, than if confscated as subjects of
| property. .t.4
! The Secretary says tho most sacred duty
ofthe American people now requires the
consscertion ofatl' their energies and rssour.
ces to the establishment of the Union, and
the South's policy would seem to suggest nD
extension OF foreign trade, but more absolute
reliance on American labor, American skill,
ana American SOIL. 1
lie recommends thas dntles on tear coffee
ana sugar DE increased TO &c. per ID on
brown, &c. on cIayed,' 2oc. on green tea, 5e.
on coffee, ana That no ot9er alterations OF
larlli be made unless lurther experience shall
demomonstra'e the necessity. lie deems u
noesssa'y 70 s ~ e'easG .ts utees sat,a 40 ~
" p.o.oCe ,lo a. '.'.es y
eIS' o.oHoO'G' o'''tna'lus sun Iu',os ="
s'i'is -Qise@i0e n4uoi ;, 'opseep' 'auH rs.ss'
~ pspeI,
"nu oo,i' ""oS " ptopo' y ""u V..s i'he
puPe'y' 1E Ts -":l p'oUaoe gu n 14uAi a'.'oh- ,,N
al sum oen ~ nno noosie p'upa5 Piy-
~ ~ p . ~ ,1ltn1S1e s-'sa o oo' o"'o
u o'o.oyEop9YSl ,E2ppSSl sulFs NgS saE
The Secretary s.awafe that the sum IS
large, but seeing no PROBABILITY ofthe revenue
exceeding orty million dollars dnring the
curIent-yearS he ieels that he'muSt not shrink
from Statement OF the actual necessities of
the1country. Two fiiths ofone per cent. ON
real personal property Of loyal States will
produce S44OoO0oo the proposed income
adding lO,0OO,ooo. : te! ,sl1si ~. ~ ~
The Secretary recommends plans fofss
national circulation OF notes. the features Of
which are circulation or notes bearing !
common impression and AUTHENTICATED by
common authority. The Redemption Of
these notes by associations and institutions to
which they may be delivered for issue. and
the security ofthat redemption by the pledge
Oft U. s. stocks, and an ADEQUATE prov.
sion ofsoecie. a Ills -a@ .4ahnnilF5a