The national Republican., 1861-07-08
THE TREASURY.

i
omitting fractions,) in addition to the sixty.six
millions already appropriated, one hundred and
eighty FIVE millions for the army, thirty millions
for the navy, nine millions for interest, thirteen
millions to redeem Treasury notes; making,
with other small sums, an aggregate of three
hundred and eighteen millions. .r ..
He urges that sufficient revenue should be
provided to pay ordinary expenses, to pay the
interest on ell debts existing and to be created,
and to leave something as a sinking fund.
Estimating the ordinary expenditures and in.
terest at seventy.fve millions, he calls for
revenue Of eighty millions, SO as to leave a
sinking fund of Eve millions. -''.t II
He estimates the product of the custom.
houses, with certain proposed changes in the
tariff, at sixty millions. The remaining twenty
millions which are needed he proposes to raise
either by direct taxes or by excise duties upon
stills and distilled liquors, on ale and beer, on
tobacco, on bank notes, on spring carriages, on
silver ware and jewelry, and on legacies.
As to the tariff, he proposes Eve cents per
pound on coffee, fifteen cents on black tea,
twenty cents on green tes, and enhanced duties
on sugar and molasses. These, and other
changes of less magnitude, will produce an
estimated increase of revenue Of twenty.seven
millions.
If the revenue is improved to thirty millions,
it will still be necessary to borrow two hundred
and forty millions for the current year.
The Secretary recommends a national loan
Of one hundred millions or more, in Treasury
notes having three years to run, and bearing
an interest Of seven and three 'tenths per cent.
That rate is one cent per day upon ffty dol.
lars, and, by rendering the calculation of in
te.es very simple, will, it is supposed, favor the
circulation Of the notes.
Mr.. Chase has displayed 6rmness and ssgaci
ty in recommending direct and excise taxes,
and in insisting upon the rule of sound finance,
that when monies are borrowed, provision be
made for the payment Of the interest and
the gradual extinguishment Of the principal
Nothing short Of that will answer at this crisis.
We concur in the great bulk of the Secre
tary's suggestions, but not in that of offering
money lenders more than six per cent per an.
mum. We do not believe that the proposed
Treasury notes will have much circulation as a
currency, and therefore attach little weight to
the idea of convenience in reckoning interest at
any particular rate. All the monies needed
can be borrowed at and below six per cent, if
the revenues are properly augmented.
The WAR DEPARrNENT-The Secretary Of
. War computes the force now in the field, the
volunteer regiments accepted but not yet mus
, tered, and the addition to the regular army, as
follows: 49,.
Regulars and volunteers for three
months and for the war 5000
Add to this So regiments Of volunteers
for the war, accepted and not
in service 10000
Add new regiments Of regular
army. $4,000
- $4,000
Total force now at command Of Gov
ernment 10000
Deduct the three months volunteers, $4,000
Force for the service after the with
=. drawal of the three months men 100000
For the current year, ending on the 3Oh ofnext
June, he estimates the following appropriations
, as necessary, in addition to those made by the
ordinary army appropriation act passed last
winter:
, Quartermaster's department $70,2S9 ,200.2l
Subsistence department 27,27s,78l.5O
Ordnance department 7,46S,l72.00
Pay department 6S,402, 500. .0S
:. Adj utant generals department 4Os 10000
D Engineer department 6S5, 100000
Typographical engineer depart
meut 100000
Surgeon generals department l,27l,sll.00
Due States which have made
advances for troops 10000, 100000
Total $lS5, FOG, ,387 90
The secretary's report is compressed and
well.writteu paper. We shall refer to various
points in it hereafter.
COMMERCE.
We annex q comparative statement of the
exports, exclusive of specie, from New York to
foreign ports, for the week ending July 2, and
since January !, 1861:
1859. 1850. 1861.
Total for the weok 1896 $50 81 Ses GC9 80 ,5lG
Previously reported. ...3l aO2o2o A4'Si CS,eSt'oss
snco january 80 42s 9o2 4s,Cis42o Co,7s2, ,loS
The imports at New York, exclusive of spe'
Gle, from January to June 2s, were as fol-
!, lows:
, 1859 $l24,l22,lO
1860 ll4,l99,l42
/ 1861 76,234,073
For the first six months of the three several
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