The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-12-21
Synopsis of the Report Of the Secretary of
the Treasury.

/ The Secretary of the Treasury's report
| after referring to the recommendations con-
!, tanned in his July report, gives the manner
IN which he obtained loans for various pur-
poses of Government.
q The Immediate exigenciss were provided
for by issuing S4,0l9,034 in 6 per cent.
two-yeais Treasury notes. and Sl2. 847,-
$50 in same rates, payable in sixty days.
His next care was to provide for disburse-
ments for the war, and he adopted the plan
to engage the banking institutions of the
three commercial cities of the seaboard to
i advance the amount needed in loans for
three-years' Z $40 bonds, TO be redeemed
from proceeds of similar bonds subscribed
for by the people, hoping thus to combine
; the capital of the banks and the people with
the credit of the Government, so as to give
efficiency to administrative action and COM
petent support to public credit, and the re-
suit has fulfilled the hope. He then re-
hearses the agreement entered into between
the banks and himself, by which the for
mer agree to take the loans. The history
of the first two loans has been made public
| The second loan was negotiated with the
banks on the 9th of November, by which
he agreed to issue to them fifty millions in
s per cent. bonds at par for the bonds
bearing $40 interest. This agreement
was coupled with no arrangement for reim-
bursement and entailed no expense except
the preparing and issuing the bonds. This
was also coupled with the objection to the
banks, that on or after the 1st of January a
/ fourth advance should be made, on the same
terms as the first or second, if required. In
addition to these loans, $21,145, $50, up
to the 3Oth of November, were issued in
| Treasury notes of fves, tens and twenties,
payable on demand, and So, 385, los re-
manned in the Treasury, which amount
may be regarded as loan to the people.
| The aggregate realized from loans in va
rious forms is 1897, Tag, 588
The revenue receipts have not fulfilled
his expectations. He says an act modifying
the rates Of duties differed from the meas
ure he submitted to Congress in most of
| these particulars, especially in diminished
duties on tea, coffee and sugar, and exempt
ing goods in warehouse and on shipboard.
The difference was disadvantageous; while
a potential cause of reduced receipts may
be found in the changed circumstances
of the country, proving unfavorable to for
eign commerce.
These circumstances compel him to re-
duce his estimates for 1862 from the reve-
nue. from $57 200, 900 to $50, 1913, Co.,
The estimates from receipts from lands and
miscellaneous sources he reduces from
100000 to So, 304,O62. The only other
source of revenue is direct tax authorized
by Congress, which, if increased to the
limit proposed by the Secretary, and as
sumed by the States, the further sum of
twenty million dollars may be expected
The aggregate of revenue may be thus es-
timated at S54, $50, $50, which is $685.
447, 1874 less than the estimate of July. The
Secretary states that the estimates for July
were based on the raising of $50. 900 volun-
teers, and an increase of tie regular army
by eleven regiments. But, after that report
had been closed, Congress authorized the
acceptance by the President of FIVE hun
dred thousand men, besides additional COM
panies and officers. This large increase
has and must necessarily augment the ex-
penditures far beyond the limit indicated
by the original estimates, which will be still
further extended by the increase of the
navy, and additional appropriations, $47,-
985, 566 were authorized by the acts of last
session, and $143, 100, 927 are now asked
for-making an aggregate, including &c.,
1885, for indefinite appropriations, of
1913, 1904, 427. To provide these large
sums, retrenchment and reform are indis-
pensable. Contracts should be subjected
to strict supervision, land contractors TO strict
responsibility. All unnecessary offices
should be abolished, and salaries and pay
materially reduced. While thus recon
mending retrenchment, he feels constrained
to renew suggestions heretofore made by
him, that property of Rebels should be
subjected to sequestration or confscation,
and the proceeds applied to the satisfaction
OF claims arising from the war. Property
of Rebels in Rebel States should be treated
in the same manner. Rights to service un-
der State laws must of necessity form an
exception to any rule of confscation. Per-
sons held by Rebels under such laws TO
service as slaves may, however, be Justly
liberated from their constrant and made |
more valuable in various employments
through voluntary and compensated SER
vice, than if confscated as subjects of prop
erty. The Secretary says the most sacred |
duty of the American people now requires |
the conservation of all their energies and |
resources to the establishment of the Union,
and sound policy would seem to suggest no
extension of foreign trade, but more abso-
lutte reliance on American labor, American
skill and American toll. He recommends |
that duties on tea, coffee and sugar, be in- |
creased to 24 cents per pound on brown,
cents on crushed, 90 cents on green tea,
5 cents on coffee, and that no other altera-
tons of tariff be made, unless further ex-
perience shall demonstrate the necessity.
He deems it necessary to increase the /
direct tax, so as to produce from loyal /
States revenue of at least $50, 600, 900, |
aef;noafi0o cuoh dutios On ofilis d;et;IIad /