Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1861-12-19
ABSTRACT OF THE TREASURY RE-
PORT,

The Secretary of the Treasury aftel
referring to the recommendations con-
tanned in his July report, gives the man
per in which he obtained loans for The
various purposes of the Government.
The immediate exigencies were pro-
vided for by issuing s14.OI9.O54 in si1
per cent. two years Treasury notes. and
s19, 9,s77, 75O in the same notes payable
sixty days. His next care was to pro-
vide for disbursements for the war, and
he adopted the plan to engage the bank
ing institutions of the three CONNER
cial cities of the seaboard to advance
the amount needed in loans for three
years 7 $40 bonds to be reimbursed
from the proceeds Of similar bonds SUBJ
scribed for by the people. hoping thus
to combine the capital of the banks and
the people with the credit Of the Gov
ernment, so as to give efficiency to ad-
ministrative action, and competent sup
port to public credit; and the result
has fulfilled the hope. He then rehear-
ses the agreement 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
negotiated with the banks on the 18th
of November, by which he agreed to
issue to them fifty millions in six per
cent. bonds at par for the bonds bearing
seven per cent. interest. This agree
ment was coupled with no arrangement
for reimbursement, and entailed no ex-
pense except the preparing and issuing
the bonds. This was also complied
with, the option to the banks, that on
or after the first Of January fourth
advance Of fifty millions should be
made on the same terms as the first OF
second, il required. In addition to
these loans, S2I,I45, ,990, up to the
3OIh of November. we're issued in
Treasury notes. of 5's, los. and COS,
payable on demand. and SO. .385, l05 re-
manned in the Treasury. This amount
may be regarded as loan from the
people. The aggregate realized from
loans, in various forms, is S197,742.-
589. The revenue receipts have mol
fulfilled his expectations. He says an
act modifying the rates Of duties differed
from the measures he submitted to
Congress. In most Of these particu,
lars-especially in diminished duties on
tea, coffee and sugar, and exempting
goods in warehouse and on shipboard-
the difference was disadvantageous to
the revenue, while a potential cause ol
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 1869
from the revenue from S57 .000.o 900 to
S3s,l98,6O9. The estimates from re-
ceipts from lands and miscellaneous
sources, he reduces from S3,000,0 ,00O
to S9,3O4,O6 The only other sour
ces of revenue is a direct tax author
lied by Congress, which if increased to
the limit proposed by the Secretary and
assumed by States, the further sum of
twenty millions may be expected. The
aggregate of revenue may thus be es'
timaled at S54. .559, $50, which is Se5,'
447. 1874 less than the estimate Of July
The Secretary states the estimates fol
July were based on the raising Of $780,
600 volunteers and an increase Of the
regular army by eleven regiments, bui
after that report had been closed. Con-
gress authorized the acceptance BY the
President of FIVE hundred thousand
men, besides additional companies and
oficex This large increase has, and
must necessarily augment the expendi
lures far beyond the limit indicated BY
the original estimates. which will bt
still further extended by the increase o
the navy and additional appropriations
are asked, for of these additional appro
priations S47, ,e55. 566 were authorized
by acts OF last session and S143. 100,
997 are now asked for, making an ag
gregate including s2s.787 933 for in
definite appropriations of S9l3. .904. .497
To provide these large sums, retrench
ment and reform are Indispensable
Contracts should be subjected TO stric
supervision, and contractors TO rigorous
responsibility. All unnecessary Offices
should be abolished and salaries anC
pay materially reduced. While thus re
commencing retrenchment he feel'
himself constrained TO renew sugges
: lions heretofore submitted by him. tina
! property Of rebels should be made t
pay, in part. at least, the cost Of rebel
} lion. Property OF great value in loya
States is held by proprietors virtually
engaged in guilty attempt to breal
up the Union, which is justly forfeited
, 10 the people, which should be subjec
: ted to sequestration or con6scation ant
the proceeds applied to the satisfaction
of claims arising from the war. Prop
erty Of rebels in rebel States should b
!. treated in the same manner. Rights &
services under State laws must Of ne
cessity form an exception to any rule O
l con6scation. Persons held by rebel
e under such laws to service as slave
e may. however. be justly liberated fror
:, their constraint and made more vslua
Bile in various employments throug
: voluntary and compensated service tina
if confscated as subjects of property
The Secretary says that the mos
sacred duty OF the American peopl
now REQUIRES conservation Of all thei