Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1861-07-11
Report Of the Secretary OF the
Treasury.

Tfe0sufy.
Secretary Chase presents to Congress 8
very able and interesting report, evincina
great care and labor in its preparation.-
This report is the most important of I'll
the documents incident 10 the opening Of
Congress, not excepting the Presidents
Message, for BY il We are to learn how the
sinews Of war are TO be provided 10 keep
an immense army in the field and in work
ing order.
The amount asked for, for the 6scal
year 1862, is s31s, 1919, ,5sl,s7. As to
the manner Of raising this, the Report
says:
The deficiency of revenue, whether from
imports or other resources, must necessa-
rily be supplied by loans, and the problem
to be solved is that of proportioning the
former to the latter of so adjusting the
details of both, that the whole amount
needed may be obtained with certainty,
with due economy, with the least possible
Inconvenience. and with the greatest pos
slble incidental benefit to the people.
The Secretary expresses the opinion that
Ss0,o00,000 should be provided by taxa
tion ands240,O00,O00 by loans. This $50,
100000 will cover the ordinary expendi-
lures for the year, the interest to be paid
upon the debt to be incurred during the
year, and provision of 100000 for the
reduction and final extinguishment of the
public debt. The Secretary recommends
only such notifications of the tariff as will
produce the principal part of the needed
revenue. He proposes 10 tax II cents per
pound on brown sugar and other sugars
In proportion, and duty of cents per
pound on coffee, Is cents on black tea and
20 cents on green tea. The total revenue
Of imports during the year is estimated at
S57,000,000, 10 which may bs added s.,
100000 from the sale of public lands.-
There will remain to make up The $50,
100000, S2O,000,0O0 to be raised BY tax
alton.
The Secretary suggests that the property
of those engaged in insurrection, or in Civ
ing aid and comfort to insurgents, may
properly be made to contribute TO the ex-
pendilures made necessary by their insur-
rection.
The Secretary submits TO Congress the
expediency of opening subscriptions for
national loan Of not less than SlOO, 900,
600, 10 bs issued in the shape of Treasury
notes or exchequer bills, bearing yearly
Interest of z $40 per centum, TO be paid
half yearly, aud redeemabIe at the pleas
ure OF the United States after three wears
from date. The sum of lO0,OOO,OO is
uamed as to the amount for which it now
seems expedient to rely on subscription
of this kind. But is not Intended to
restrict loans ia this form 10 any precise
limits short of the entire sum which may
be required iu addition TO The sum to be
realized from others sources for all the pur-
poses of the year.
1t is proposed to issue tue Treasury
Notes OF this loan in sums of $50, 500,
$500, $1,000 and $4,000, with the amount
OF interest for peclfic periods engraved on
the back Of each note.-The faciiity thus
secured to the holder, Of determining the
exact amount Of the note aud interest With |
out any trouble Of computation, will ma
terially enchance its value for all purposes
OF investment aud payment. The Secrela-
ry adds:
To secure the widest possible circle of
TO the inducements just men
toned that the books be opened at the Of
tice OF the Treasurer of the United States
in Washington, at the offices of the As
sstanl Treasures and repositories of pub
lie moneys, at the offices of such postmas-
leIs and o:h.r selected persons in such and
owners Of the Union as may be designa-
led; and subscriptions be received for $50
or any sum being the multiple of $50;
hat the sums subscribed he paid in cash,
'r, if the subscriber prefer, IN installments
Of one-tenth on the lst and 18th days Of
-ach month thereafter. The first Install
nent to be forfeited in case of non-p pay
neut of subsequent installments; that in,
.erest accrue and be paid as it becomes
lue on all sums paid in from the day of
payment, and that Treasury notes be issued
rs required for all payments; except the
first installments, and for these or final set
.lement.