Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1861-07-11
REPORT OF THE SECRETARY OF
THE TREASURY.
Washington, June 5.

Washington, June 5.
The Secretary of the Treasury's Report
is necessarily lengthy. The Secretary shows
an aggregate of preparations already NJ ade
of seventy-nine millions seven hundred and
ten thousand, and eighteen and seventy dol
lars and eight cents, and then proceeds TO
state that the additional estimates for the fis-
cal year ending June 80, 1861, including the
deficiency caused by the application OF So
298,837 to the service OF the preceding year
will require additional appropriations for the
civil list, foreign intercourse, and mlscelia-
neous objects, 1881, 400 for the Interior
Department, S431, 525; for the War De-
partment, SI85, 296.379 10; for the Navy
Department, $50, 500 ,520-in the aggregate,
S2l7,I68,050 30.
In addition TO the demands upon the
Treasury it will be necessary to provide for
the redemption of Treasury notes due and
maturing to the amount of 1853, 8Gl, and
for the payment of the interest on the public
debt to be created during the year, which
computed for an average OF SIX months, may
be estimated at nine millions. The whole
amount required for the fiscal year 1862,
NAV therefore be stated at S318,519 ,581 81
Provision is made for the interest on the Elk
sting public debt in the sum OF nearly &c.,
100000 already appropriated for the year
1852.
To provide for the sums required, it IS
quite apparent that the duties on imports
will not be adequate, and that the deficien-
cies must be supplied from loans, and the
problem to be solved is that of SO proportion
Ing the former to the latter, and so adjusting
the details of both, that the whole amount
needed may be obtained with certainty, due
economy, the least possible Inconvenience,
and the greatest possible incidental benefit
to the people.
The Secretary is of opinion that eighty
millions should be provided by taxation, and
two hundred and forty millions through
loans The differ ent modes of taxation are
limited by the Constitution to duties on i'm
ports, direct taxation, and internal duties on
excuses.
The duties on imports constitute the chief
form of indirect taxation, and direct taxa
ton includes capitation taxes, taxes on real
estate, and probably general taxes on per-
sonal property, including lists embracing all
descriptions, and valued by uniform rule,
while under the head of interest duties and
excuses may be included all taxes on con-
sumption and ON special descriptions of per-
sonal property, with reference to use rather
than value
The principal advantages of a system
of direct taxes are found in the sensibili
ty with which they are felt and observed, in
the motives thence arising for economy and
fidelity in the administration, and in the
manifest equity of distributing burdens in
proportion 10 means.
The advantages of indirect taxation by
duties on imports are found in the economy
of collection and facility of payments, adap-
liability to the encouragement OF industry,
and above ALL in avoidance OF Federal in
reference with the finances of the States
whose main reliance for revenue must ne
cessarily be upon levies on property. The
present tariff on duties will not produce the
revenue required by sound principles OF n
nance under existing circumstances. The
&c eipts of the last qxarter were only 3d.
527.246. The sum needed now IS greater
than can be expected at this time from any
tariff With the revival of trade and ln-
dustry the revenue will improve, even tho
the restoration of peace be delayed beyond
present hopes. The sources OF revenue most
promptly to be made available, must be
Sought IN articles now exempt from duty
OF the articles now lightly taxed, sugar, and
of those wholly exempt, tea and coffee are
most important.
The Secretary proposes duty of l-2
pound on clayed sugar, cents per pound on
loaf and other refined sugar; l-2 cents per
pound on syrup of sugar cane; cents per
pound on cand cents per gallon OF molas-
SEES cents per gallon of sour molasses also
a duty OF cents per pound on coffee tit-
teen cents per pound on black tea, and %
cents per pound on grepn tea, and expects
from these duties an additional revenue OF
not less than $20,000,O00 annually.
The Secretary says that it will be neces-
sary to raise the sum of S2O,o0O,o00 for the
current year, at least, by direct taxes, or
from internal doties or excuses, or from both,
and leaves the question as to which shall be
resorted to, to Congress. Cne-eighth OF one
Der cent. ad valorem on the whole real and
personal property of the country would pro-
duce S2O,l25,677; a rate of one-iitth OF one
per cent on the States not under insurrec-
lion would produce S2i,So0,0o0 and three
tenths of one per cent. on real property
alone in these States would produce nearly
S23, O0O,0 900, either being in exct IS of the
sum required. The Secrt tary is OF opinion
that Constitutional requirements would be