The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-12-10
The Duty On Tea, Coffee and Sugar
to be Increased.
The Property of Rebels to Help Pay the
Expenses of the War.
A NATIONAL CURRENCY RECOMMENDED.
Nearly Three Hundred millions eY
Specie in the Country,
DC, &C., &c.

Y,
law, submits the following report to Congress-
The general principles by which, as the Score
tary conceives, the administration of Che public
finances should be regulated, with view to in.
sure the desirable results of efficiency, economy
and general prosperity, set forth with rs
much clearness ana plajnncss rs he is capable Of
in his report made 10 Congress the 4th day Of
July last.
In that report. also, the Secretary Submitted to
the consideration Of The Legislature the measures
by which, il iris op.nion, the peculiarly means ne
cessary to tic speedy and etectnal suppression
OF the gigantic rebellion set on foot by criminal
conspiracy agairstthe government and Che people
OF the United States might be most certainly
and most economically obtained
THE ESTIMATES PRESENTED AT TgG SPECIAL SIS
SION.
The estimates of the several a tments then
laid before Congress by the Secretary contem-
plated an aggregat expenditure, during the fiscal
year to end on the 3oth ofJune 1862, Of s3ls 5i9,
5sl 81.
fRov TOR
To provide this sun. the Secretary proposed
such notifications Of the tlsiI and such internal
>taXes as would, in his judgment, produce tie sum
OF eighty millions OF dollars, and such loans, in
various forms, not exceeding in their aggregate
two hundred and fifty millions Of dollars, as would
yield the required residue.
ACTION OF CONGRESS- THEREON.
Without adopting all his recommendations in re-
gard to customs and internal taxes. Congress made
such provision for both deemed necessary
to secure the sum proposed to he derived from
those sources, and authorized. loans, in The mode
and to tho extent proposed BY the Secretary, for
obtaining the additional sum required by the est-
mates.
WHAT HAS psEN DONE BY Tnc ErMESr SINCE
THAT SESSION, ASD w.
1t now becomes his duty to give some account Of
the execution and practical operation of these
measures; and i'll the performance of it he solcils
first, the attention Of Congress to that part of them
relating TO loans
The acts authorizing loans provided
First-For national loan Of one hundred millions
Of dollars, any larger sum. not exceeding the
whole amount authorized in bonds OF Treasury
notes, bearing 13e per cent interest, payable three
years after date and convertible at or before ma
turity into twenty years six per cent bonds.
Secondly For loan in Europe or in the United
States, at the discretion of The Socre ayy, OF one
hundred millions OF dollars. payable twenty years
after date, and bearing interest lot exceeding
seven per cent.
T2rtyd.iGFor the issue, in payments TO public
creditors or in exchange for coin, of Treasury
notes payable one year after date, bearing an III
terest of 1856 per cent and convertible into the
three years $50 bonds Or Treasury notes.
Fo,ot'jy-For the issue Of notes, payable on de-
mand and receivable for al public dues Ia be
used as coin IN payments and exchanges.
The aggregate Of notes Of the two ast doscrip
tons was limited 10 fifty millions Of dollars, in
denominations less than fifty, but not less than
five dollars.
A further authority conftilcd by the act 10
issue Treasury notes Of any OF the specified de
nominations bearing six per cent interest ANA
payable not over twelve months from date. to an
amount not exceeding twenty millions OF dollars
HOW TIE IMMEDIATE EXiGEScIEs WERE PRoyIpmp
For.
To provide for immediate eNigcnctes was the
first duty OF the Secretary and he performed it by
issuing, under authorities conferred by various
acts, for payment to puhic creditors or 70
advances Of cash, lA,0l9 ,0S4 G6 in Treasury
notes, payable in two years, and bearing six per
cent interest, and $l2,s77,15 in Treasury notes
bearing the same rate of interest, but payable
sixty day after date.
rEoyIsioE FOE EEGrLAR AND coNriNyors EXPENSES
His next care was TO provide for the regular aud
continuous disbursements OF he war under the
acts OF the July session. and with this view he
carefully examined tie various powers conferred
on him; compared the probabilities of the Anne
rican and European markets for caital, and con.
sdered the relative advantages and disadvantages
OF the several forms Of loan authorized.
TIE TnREE YEAR BONDS.
His reflections led him to the conclusion tba.
the safest, surest and most beneficial plan woud
be to engage the banking institutions Of tbe
three cliet commercial cities of the Goa,
board TO advance the amounts needed for 5;s
bursement iii the form Of loans for three yoars
7.30 bonds, TO be reimbursed, as far az nractic,
BILE, from the proceeds of similar bonds suhscrios.
for by the people through the agencies of tho mo-
tional loan; using, meanwhile, himself TO n lm;,oa
extent, in aid Of these advances, the power to sso
notes of smaller denominations than fifty do,lara
payable on demand.
Upon this pan he Hoped that the capital Of N
banking institutions and the capital of the neo,,e
might be so combined with the credit of tho po
vernment in a proper provision for necessary ex,
penditures as to give efficiency to administrative
action, whether civil military, and competent
support to public credit The result thus far Ia