, 1861-12-10
SECRETARY EHASEsS REPORT,
CONDITION Of the Treasury--Sc1,enaes
for future Reyeuue-..Our Debt and
what 1t will be,

NEW YORK, Dee. 9.-Thc Secretary Of the
Navy Report, after referring to the rcco1nI1en-
dations contained in his July Report, gives the
manner Ill which he obtained leans for the va
fions purposes Of Government. The immedi-
ate exigencies were provided for by issuing
14,019,034. in 6 per cent tWo-years Treasury
notes, and 81, ST, $50 in the same notes, pay
able in sixty days. His next care was to pro-
vide for disbursements for the war, and he
adopted, US the plan, to engage the banking
institutions Of the three commercial
the amount needed, in loans for three years Of
Z $40 per cent. bonds, to be reimbursed from
the proceeds Of similar bonds subscribed for
Ay the people, hoping thus to combine the
capital Of the banks and the people with the
credit ot the Government, SO us to give cfi-
cheney to administrative action and competent
support to public credit; and the result has
fulfilled the hope. He then rehearses the
agreement entered into between the banks
and himself. by which the former agreed to
take the loans. Tic history of the first
two loans has been made public. The
second loan was negotiated with the banks on
issue to them 50, ,O0o, ,0o0 in per cent. bonds
ut par for bonds bearing Z per cent. interest.
This agreement Was coupled with ITO ar
rangcmcnt for Reimbursement and en-
tai, tailed ;,, no expense fn except the preparing
so complied with. The option to the
banks is that on or after the LIST of JANUARY.
fourth advance Of fifty millions should be
made, on the same terms Us the first or Sec
ond, If required, In addition to these loans,
81, ,165, go, up to Nov. soth, were issued in
Treasury notes, Of tves, tens and twenties,
payable on demand; s., ~, los remaining in
The Treasury. This amount may bc regarded
as . loan from the people. The aggregate
realized from loans in various forms, is $780,
1422,i5SS.
expectations. He says an act modifying the
rates of duties differed from the measure he
submitted to Congress in most Of these par
ticulars, especially in diminished duties on
tea, coffee and sugar, and eNempting goods in
warehouse and on shipboard. The difference
was tlisadyantageuus: while potential cause
Of reduced receipts may be found in the
changed circumstances Of the country, prov
ing unfavorablc to foreign commerce. These
eli cumstanccs compel him to reduce his
estimates for 1852, from the revenue,
from 7oe if ffty;Seven ;Ss millions dollars to
lands and miscellaneous sources, he reduces
from three millions to s., 304,0 ,065. The onlv
other source Of revenue is a direct tax, author
lied by Congress, which, if increased to the
limit proposed By the Secretary and assumed
hy States, the further sum of SO, ,OOO, coo NAV
be thus estimated at $5a, ,55a, geo, which is
s555, 447 49, less than the estimate OF july.
The Secretary states that the estimates for
July were based on the raising Of 25o,O00 vol
unteezs, and an increase Of tile regular army
by eleven regiments; but after that report had
been closed, Congress authorized the accept
ancc by the President Of 10000 men, besides
additional companies and officers: This large
increase has and must necessarily augment
the expenditures fir beyond the limit indica-
ted b the original estimates, which viii be
still further extended by the increase OF the
| for. OF these additional appropriations,
81, ,es5, ,566 were authorized By acts Of the last
session, and s144SS, 1so, ,927 are now asked for,
making an aggregate, including 81, ,fs7, ,as3
| fcr inde,nifc appropriations, Of s213,-
9c4, ,4s7. TO provide these large sums,
re;renchment aid reform are indispensable.
Ctntracts should be subjected to strict super
siblity. All unnecessary offices should be
abolished, and salaries and pay materially re-
| duccd.
:, While thus recommending retrenchment, ne
feels himself constrained to renew sugges
tions heretofore submitted by him, that the
property Of rebels should be made to pay, in
part, at least, the cost Of The re-