The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1861-07-23
Report OF tn. Secretary OF the Treasury.

document about these times we copy the fol
lowing extracts, from Mr.. CHAsE's statements
and suggestion, o. the financial policy Of the
Governm snt.
Secretary Chase's estimates make the total
amount required for the fiscal year which ends
on June 3Oth, 1869, $3Is.5l95sl 81.
OF this amount the War Department re
nent $40. sos, 500 20 being a total for the
defence of the nation Of S2lO,9060l9 4s.
For civil list, foreign intercourse, &c, the
estimate is 1891 .496 90; for the Interior De-
partment $43l ,525 rs. For redemption of
Treasury notes $l2,639,s6l ca.
1t will be seen that in the foregoing esti
mates no provision for tn" interest or the ex.
isting public debt specifically appears. The
omission is only apparent, the estimate for
that interest being nclu led in the sum Of
nearly s66OoO 900 already appropriated for
the year 1862.
Min" millions will be required COR the in
terest on the public debt 20 be incurred du.
ring the year.
Mr.. Chase proposes to raise eighty millions
by taxation, and two hundred an forty mil
lions by loan. The sum Of eighty millions
proposed to be raised by taxat on, will provide
for ordinary exre' dtures Of the fiscal year
1862, S65,sS7, $40; interest on The national
debt, S9,OOO,OO0; sinking fund ior red"mp
iion oi national deb, S., 900 900, total s7o,-
sS7S49 "a. To raise this sum the Secreta-
~ proposes to Congress that duty OF 9tc
per pound be lsih on brow, sugar; Of 3 cents
per pound on the syrup Of sugar cane. Of 6
cents per pound on ca ldv; Of G cents per gal
Ion on molasses; and Of 4 cents per gallon on
sour molasses; and it is also proposed that
duty of cents per pound be imposed on cof
fee; l 5 cents per pound on black tea, and 20
cents per pound on green tea.
Tnese duties, he estimates, viii produce n
sum Of not less than twenty millions per An
nun. In addition, hs estimates the revenue
from "duies of the present tariff not effected
by proposed changes" at not less than thirty
million; with An additional seven millions
from "proposed duties on articles non-exemp',
ani from changed duties on articles now eth
er lightly bu'dened or 50 heavily taxed that
the tax amounts to prohibition. This
makes a total estimated revenue from duties
or imports Of about S57 900.
To this add three millions-the estimated
proceeds from sales Of public Matchmaking
up sixty millions, and leaving twenty millions
to be raised, for this year at least "by direct
taxes, or from internal duties or exercises, or
both The precise method 10 raise this a.
mount he does not suggest; but gives informa-
ton for the guidance of Congress in its action
Ii appears that a direct tax Of one eighth
Of one per cent. od volorem on the whole
zeal and personal property Of the country
would produce sum Of $40, l2S,667.
rate of on"titth Of one per cent. en- the real
and personal property Of the States not under
instruction would produces the sum Of s2l,,
SOC, ,056; and rate Of three ten,hs Of o:e
per cent. on the real property alone in these
States, would produce s22s9l ,590-cither
sum being largely in excess of the amount re-
quired. Tn" Secretary suggests that "very
small properties may be properly exempted
from direct taxation. He gives it as his opn.
ion that the needed sum may also he obtain
ed from moderate charges on stills and dstl
ed liquors, ale, beer, tobacco, bank notes,
>pring carriages, silver ware and jewelry, and
egacies. And he suggests that "the proper
ty OF those engaged III insurrection, or in Civ
ug aid or comfnt to the insurgents, MAJ
dtureS made necessary by Their criminal mis-
conduct"
He asks the attention of Congress TO plans
for decreasing the ordinary expenditures Of
the government, hv deluc,ing ten per cent
fon the salaries paid to government employ
ecs, obollshng the frauking privilege, aud re
ducing the postal expenses.
OF the war loan % $4,000, 900. he pro
poses that 100000 900 be raised by ana
tional loan. to be issued in Treasury notes or
exchcquer bills, of the denomination Of $50,
and the multipes Of $50 up to $4,000, to
bear interest at the rate Of 73 per cent. per
annum; to be redeemable at will after three
years from date of issue; to be received at Of
fees to be established at convenient places
throughout the country, the sums subscribed
to be paid in cash or in ins,alments If ten
per cent. down, and ten per cent. on the first
ard fifteenth Of every month after, lis all is
paid.
"ln case it shall be found inexpedient to
provide the whole amount needed 100000,
900 in that mode, the Secretary suggests
the raising Of regular loan from capitalists,
abroad and at home, to the am )unt of anoth
er Sl00000,000. redeernahle by the govern.
ment at will after 80 years, aud bearing seven
per cent. .intcrcs', payable in london, or at
the Treasury of the United States.
Lastly. he recommends the issue Of $4,000
600 in Treasury notes, Of denominations of
ten and twenty dollars; to bear in crest at the
rate Of 65 per annum, and be excbangable
at the will Of the holder for exchequcr tiIIs,
bearing Z. 8 per cent interest, aud redeemable
after three years
The Secretary calls the attention Of Con
Cress to the di cutie, which attend tho col
lection Of revenue in the ports now held by
th, rebels, and the necessity for action on
this subject.
Gov. Letcher and the Mayor OF wheeling.