Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1861-12-12
Mr.. Chase's Report.
IFrom the N. Y. Tribune, Dec. lO.l


We sprint ,-tbis morning, the able and very
clear Report of the Secretary Of the Treas
ury, and can most cheerfully anl heartily
commend it to our readers for the encourag-
ing statement he is able to make of the
financial affairs Of the country. He begins
by stating the several expedients resorted to
to meet the estimates made last Summer for
the year ending June, 1869, of $3lS, S,5i9,-
5Sl 81. With these the public are familiar.
10 provide, first, for immediate exigencies,
Treasury Notes for Sl4,0l9,034 66, payable
IN two years, at per cent. interest, and an
other amount OF Sl2,S77, 750, at the same
rate OF interest, but payable in go days, were
Issued. Next an arrangement was made
with the Banks, by which two loans of $780,
900, 900 each in August and October, and
the loan of November 10, on twenty years
six per cent bonds of S45, 1885, ,47S 4S were
effected and in addition to these the de-
mand Treasury notes in circulation and on
deposit of Ss24, $50, 325, made an aggregate
sum of Slg7, ,242, 5SS ID.
The receipts from the Customs have not
been so large AS ths Secretary had estimated
by about S25, 500, 900. But tho appropria-
tions now asked for, making all due allow
ance, from the experience of the last six
months, are 1904, AT 6S.
The Secretary recommends economy, re-
translucent aud reform. Unnecessary Of
fees should be abolished, and salaries re-
duced wherever it is practicable. The pro-
perty OF Rebels, he thinks, should be made
to pay, as far Us possible, for the war they
have provoked, and be confscated to that
end Slaves, he suggests, may be put to a
better use than mere .conliscation, by being
emancipated and put to useful labor on
wages.
The only change he proposes in the tariff,
is 70 augment the duty on brown sugar 9!
cents per pound to three cents on clayed
sugar to twenty cents per pound on green
tea, and five cents on coffee The income
tax he advises be increased, so that with
that and duties on stills, distilled liquors, TO-
bacco, bank notes, carriages, legacies, &C.,
a sum of $50, 0,0)O,000 may be realized. A
still more important suggestion in the issue
of Treasury Notes, as currency, is made by
the Secretary The circulation of the Banks
of the United States, he estimates at some
thing over $500, ,0O0,000, Of which $50,
000 900 is in the loyal States. This he CON
siders Il loan without interest, from the peo-
pile TO the Banks, aud it is deserving of con
sideration, whether this advantage may not
be transferred to the Government. There
are two ways of doing this first, gradual
withdrawal OF bank notes from circulation,
and issuing in their stead, United States
notes, payable in coin, in amounts sufficient
for currency. The other plan is the pre-
paration and delivery to institutions and as
sociations Of United States notes, converti-
ble into coin on the pledge of United States
bonds and under other needful regulation.
The first plan he thinks liable TO the hazarl
of panics, and all their evil consequences.
and therefore Objectionable. The second he
approves of, as giving a uniform and sound
currency, safe against depreciation, protec
ted against losses in discounts and exchanges,
and atfording an alienation to the burdens
of the war in the increased facilities for OBJ.
tanning the loans required. Such notes
would be the safest currency the country has
ever had, available in all parts of the Union,
as the notes would he receivable for every.
thing but duties. The plan is therefore re
commended with the greatest confidence. -
OF the power Of Congress to put such a
plan in operation he has no doubt
The total receipts for the year are esti-
mated at 1929, sol ,994 3S, of which amount
S2l3, ,0O4. 427 6S must be provided for. by
loans The estimate to July, 1868, should
the war last so long, is 1854, $50, 920 81.
Ad to this the interest on what we already
owe, and our debtat that date will be about
5000, 900. OF our ability to raise that
sum there oan be no question, and accord.
ing to the time it has hithorto taken the
nation to pay of its dsbts, this will be liqui.
dated in about 30 years.
Such are the main points of the Report,
with an additional recommendation in favor
Of opening trade as fast as we penetrate into
the South. The document BELTS the high
character which Mr. Chase has earned as a
financial officer since the portfolio Of the
Treasury has been in his hands.