The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1861-07-26
Report of the Secretary of the Treasury.

Report OF the oecretary OF the treasury.
The Treasury report being the mos,
important and Of the most general interest,
we have, for the convenience of our read
ers, prepared careful abstract Of its
statements and suggestions. from which
the proposed fnancia! policy OF tie gov
ernment may be more easily gathered.
Our space is so entirely taken up with
the important reports Of the heads Of the
War, Navy and Treasury Departments,
that we must reserve our comments on
this able document ill another day.
Secretary Chase's estimates make the
total amount required Tor The fiscal year
which ends on June 30ih, 1869, $685..
1881 81.
Ofthis amount the War Department
requires $3.50, 1896 395 10, the Navy De.
partment $50, 600, $50 29-being a to,a
for the defence Of the nation Of S9i7. 1885,.
! $50 -. .
For civil list, foreign intercourse, etc.
ihe estimate is 1881 .496 90; for the In.
terror Department, S43l.52j rs. FoI
redemption Of Treasury notes. $1,000,
86I 81.
IL will be seen that in the foregoing
estimates no provision for the interest on
The existing public deb. specifically ap-
pears. The omission is only apparent.
The estimate for that interest being in
cludcd in the sum Of nearly SG6, ,000. 600
already appropriated for the year 1852.
Nine millions will be required for the
interest on the public deb, TO be incurred
during the year.
Mr.. Chase proposes 10 raise eighty
millions by taxation, and two hundred
and forty millions by loan. The sum oi
eighty millions. proposed to be raised by
taxation, will provide for ordinary ex-
penditures Of the fiscal year 1869. $685.
SS7, $40; interest on the national debt,
$4,000, 900; sinking fund for redemption
OF national debt, S5. .OO0, 900 total, $40.
s87, $40 81. To iaise this sum the Sec
retarv proposes to Congress that duty
Of 95c. per pound be laid on brown sugar
of cen; per pound on clayed sugar o.
cents per pound on loaf and other refined
sugars 94 Gems per pound on the syrup
OF sugar cane, Of 6 cents per pound OF
candy Of 6 cents per gallon on molasses
and Of cents per gallon on sour molasses
and il is also proposed that duty OF
cents per pound be imposed on coffee
Is cents on black tea, and 20 cents pc
pound on green tea.
These duties. he estimates. will pro
duce sum of not less than twenty mil
lions per annum. In addition, he esti
mates the revenue from "duties Of The
present tariff not affected by proposed
changes" at not less than thirty millions
with an additional seven millions from
"proposed duties on articles non exempt,
and from changed duties on articles now
either lightly burdened or SO heavily
taxed that the tax amounts to prohib
i,ion." This makes total estimated
revenue from duties on imports Of abou
S57 600, 900.
TO this add three millions the esti
mated proceed. from sales Of public land
-mnking up sixty millions, and leavin!
twenty millions TO be raised. for this yea
al least "by direct taxes, or from interna
duties, or excise, or both" The precis
method to raise this amount he does no
suggest; but gives information for th'
guidance Of Congress in its action.
1t appears that a direct tax Of one
eighth OF one per cent. ad vulOrem o.
the whole real and personal property O
the country would produce sum of $50,
l28,667. A rate Of one.fifth Of one re
cent. on the real and personal property o
the States not under insurrection woult
produce tho sum OF $2i 800, ,056; and a
rate three .tenths Of one per cent. on the
real property alone in these States, would
produce $22 ,89l ,590-eilher sum being
largely in excess OF the amount required
The Secretary suggests that every small
properties" may be properly exempted
from direct taxation. He gives il as his
opinion that the needed sum may also bt
obtained from moderate charges 90 stlls
and distilled liquors, ale, beer, tobacco
bank notes. spring carriages. silver war,
and jewelry. and legacies. And he sug
gests that 'the proprety of those engaged
in insuireclion, or in giving aid and com
fort TO the insurgents. may properly be
made to contribute to the expenditures
made necessary by their criminal mis-,
conduct"
He asks the attention Of Congress TO
plans for decreasing the ordinary expen.
ditures OF the government. by deducling
ten per cent n ON the salaries paid to gov
ernment employees, abolishing the frank
ing privilege, and reducing the postal ex-
penses.
Of,he war loan of s240, 900. 900 be
raised by a national loan, to be issued in
Treasury notes or exchequer bills, OF the
denomination of $50. and the multiples
Of $50 up to 5000 to bear interes: at ,he
rate 10 per cent. per annum TO be
redeem at will after three years from
date of issue to be received al offices to
be established at convenient places
throughout the country the sums sub
scribed to be paid in cash or in INSTALL
ments of ten per cent. down, and len per
cent. on the first and fifteenth Of every
month after, till all is paid.
.ln case il shall be found inexpedieni
to provide the whole amount needed
I$24O, 900 600 in that mode," the Secre-
iary suggests the raising Of regular loan
| from capitalists, abroad and at home. ;o
The amount Of another 300. .O00. 900, re-
deemable by the government at will after
thirty years. and bearing seven per cent
interest. payable in London or at the
Treasury of the United States.
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