Charles City Republican intelligencer. [volume] (Charles City, Iowa) 1861-1864, 1861-12-19
Report Of the Secretary Of the Treasury

Report Of the Secretary Of the Treasury.
The Secretary of the Treasury's Re-
bort, after referring to the recommen-
iations contained in his July Report,
gives the manner in which he obtained
oans for the various purposes of Gov.
crnment. The immed late exigcncies
were provided for by issuing $l4, 0l9,-
O34, in 6 per cent. two years Trcasu-
ry notes, and $l2,s77,75o in the same
notes, payable in sixty days. His
next care was to provide for disburse-
ments for the war, and he adopted, as
the plan, to engage the banking insti-
tutions of the three commercial cities
of the seaboard to advance the amount
needed, in loans for three years of
I $40 per cent. bonds, to be reim-
burscd from the 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 &C
ton and competent support to public
credit and the result has fulfilled the
hope. lie then rehcarses the agree
ment entered into between the banks
and himself, by which the former
agreed to take the loans. The history
of the first two loans has been made
public. The second loan was ncgo
tiated with the banks on the 18th OF
November, by which he agreed to is
sue to them $50 900, 900 in 6 per cent
bonds at par for bonds bearing per
cent. interest. This agreement was
coupled with no arrangement for re.
endorsement and cntailed no expense,
except the preparing and issuing the
bonds. This was also complied with
The option to the banks is, that on OF
after the LIST of January, a fourth ad.
vance of fifty millions should be made,
on the same terms as the first or Sec
ond, if required. In addition to these
loans, $2l ,l65, 22O. up to Nov. 30th,
were ISSUED in Treasury notes, oil
fives, tens and twenties, payable on
demand $685., los remaining in the
Treasury. This amount may be re-
garded as a loan from the people.
The aggregate realized from loans in
various forms, is $l97,742.5S8.
The revenue receipts have not full.
filed his expectations. He says the
act modifying the rates of duties diff.
fercd from the measure he submitted
to Congress in most of these particu-
lars, especially in diminished duties
on tea, coffee and sugar, and exempt.
ing goods in warehouse and on ship
board. The difference was disadvan-
tageous while a potential cause of
reduced receipts may be found in the
changed circumstances of the country,
proving unfavorable to foreign CON-
merce. These circumstances compel
him to reduce his estimates for 1862,
from the revenue, from $57, 100000 to
49,, $685. O2. The estimates from re.
ccipts from lands and miscellaneous
sources, he reduces from three mil
lions to SO, 3O4,O62. The only other
source of revenue is a direct tax, au-
thorized by Congress, which, if in
creased to the limit proposed by the
Secretary and assumed by States, the
further sum of $40, 900 900 may be
expected. The aggregate Of rcvcnnc
may be thus estimated at $54, 552, $50,
which is $25, 447,334 less than the es-
innate of July.
The Secretary states that the esti-
mates for July were based on the
raising Of 25O,O00 volunteers. and an
increase of the regular army by elev.
en- regiments but after that report
had been closed, Congress authorized
the acceptance by the President OF
SOC, 900 men, besides additional com.
panics and officers. This large in.
crease has and must necessarily aug.
ment the expenditures far beyond the
limit indicated by the original esti.
mates, which will be still further ex-
tended by the increase of the navy ;
and additional appropriations are
asked for. Of these additional ap-
preparations, $47,9S5,566 were au.
thorized by acts of the last session,
and $l43, 100, 1927 are now asked for,
making an aggregate, including 1922.
1871 ,933 for indefinite appropriations
of $2l3,9O4,427. To provide these
large sums, retrenchment and reform
are indispensable. Contracts should
be subjected to strict supervision, and
contractors to vigorous responsible.
ty. All unnecessary Offices should be
abolished, and salaries and pay ma
terially reduced.
While thus recommending rctrench-
ment, he feels himself constrained to
renew suggestions heretofore submit
ted by him, that the property of rcb-
els should be made to pay, in part, at
least, the cost of the rebellion. Prop
crty of great value in loyal States is
held by proprietors virtually engaged
in guilty attempt to break up the
Union, which is justly forfeited to the
people, and which should be subjected
to scquestration or confiscation, and
the proceeds applied to the satisfac-
ton Of claims arising from the war.
The property of rebels in rebellious
States should be treated in the same
manner. Their rights to services, I"
under State laws, must of necessity
form an exception to any rule of con-
fication. Persons held by rebels un-
der such laws to service as slaves may,
however, be justly liberated from their
constraint and made more valuable in
various employmcnts through volun-
tary and compensated service, than If
confiscated as subjects of property.
The Secretary says the most sacred
duty of the American people now re-
quires the conservation of all their en-
ergies and resources to the establish
ment of the Union, and sound policy
would seem to suggest no extension
of foreign trade, but more absolute re.
lance on American labor, American
skill and American soil. He recon-
mendS that tho dnfias IN ton cnf1aa