The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-10

With regard to the shape and nature which flu
ture loans should take Mr.. Chase makes no recon-
mendation, except to say that the adoption of his
system, OF ba-ng all the bank note currency OF
the country on United States stocks, will impart a
market value to them and render il easier to nego
tiatc them at high prices.
Of the 5000 100000 required for this year, $780,
900 can be obtained from the banks in ex
change for bank notes, under Mr.. Chase's plan. In
order to carry this out, Congress will have TO pass
an act taxing the present bank notes heavily
drive them out differentiation, and will likewise have
toprovide that United States stocks, deposited as
curity for the new bank notes, must be OF the
issues, as otherwise the banks would enter the
market and buy United States bonds at dis
count-which would afford revenue to Mr..
Chase. Assuming that $3.50, 600, 600 can be raised
in this way, the other $4,000 900 can undoubtedly
be borrowed on the same terms as the SIS 900 900
which Mr. Chase is still authorized TO borrow under
the acts of July and August last.
With regard to taxes: At the last session of
Congress direct tax on property in the loyal
States was directed to be levied so as to produce
$l4, SAG ,0ls and an income tax of three per cent
on all incomes exceeding $500. Mr.. Chase now
recommends that the property tax be raised so as
to produce at least $40 900 600; that distilled
liquors, stills, tobacco, bank notes, carriages
legacies and paper evidences of debt be taxed 50
as to yield $50 600 900 more and that the income
tax be so modified as to yield $4,000, 900.
Thus the rebellion is going to cost the Northern
people $4,000, 900 for direct taxes in the year
1923.
As TO the tariff, Mr.. Chase recommends an in
crease of the duties on tea, coffee and sugar and
other change at the present session Of Congress-
1t is possible that Congress may disregard the lat
ter recommendation, and may increase the duties
various articles of European manufacture, espc-
cially the perusal of the following pregnant
words in the Secretary's report
The most sacred duty Of the American people this
moment requires the conservation Of all their energies
and all their resources to the rccsabhnent Of the Union
on the permanent foundations Of justice and freedom;
and, u'ils other nations look nth Indifferent aariendiy
eyes upon his soor sound policy ,rouid seem 10 sggest nj
tie egieiom of foreign trade but more absolute reliance
under God upon American labor, American skill and
and noble policy bit 10 be se noble mast be Ue palcy
Of concordam and froternal nations
The progress of our national debt is given in the
following table,
On July 1850, it was.................se 4 76e 7o3
On Ju,y 1851, u was ....,,.......... 90 ,s67 s28
On July 1862, 1t Will oil ,372 500
On July /, 1865. II viii be. S37 ,3T2 500
In other words Mr.. Chase believes that this rebel
lion il costing us at the rate Of $3.50 900 600 year.
exclusive of the amounts raised by direct taxa
ton of $50 900, 900 annually and an indirect taxa
ton of $40 100000. The recommendation that the
property OF rebels should be confisc ated and sold
follows this statement most appropriately, and will
command the prompt attention of Congress. 1t
will be easy to seize and sell five hundred millions
worth of land, cotton, rice, &C., &C.. belonging to
rebels in arms against the government and no
principle of law or morals is clearer than that dis
turbers of the peace must pay the cost of their
chastiscment. The remarks of the Secretary upon
the subject of confscatons, of reopenng trade
with Southern ports, ofthe lighthouse system, &C.,
&C.. will repay perusal. The whole report is phi
losophical in tone, clear in exposition and states
manlike in doctrine.
Todays bank statement compai es as follow
with that OF last Monday
Week eaiiny. Loans. Sp1cie Ciyeulot.om DEPOSITS
Nov 30 100 302 Al b07 55s s53T l76 1876 304 54s
Dec. -. l59Ie3,9 1858 ~ 3lS6 $3.50 100 133ois 7is
- - -
IGrtcaso, sfO052 2sS ,554
This j. rather better in regard te specie than was
expected. II is probable, however. that the actu-
NJ amount in bank il less than the above average.
j cannot be expected that in the present condition