Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1861-07-18

1COA Will DC YOIC:O1J.OO VI tnio, pAO0,
296 800 is for the War Department, and
$50 600, 800 tor the Navy-making together,
in round figures, about $2ll 100000.
Te meet the extraordinary demand upon
the resources of the country, the Secreta ry
is of lhe opinion that s8o,COO,000 should be
raised by taxation, and s240. 900, 900 through
loans. As to the manner of raising it, be
recommends such notifications of the exist
irg tariff as will produce the principal part
of the needed revenue, and such resort to
direct taxes or internal duties-as circumstan-
ces may require. in order to make good
whatever of deficiency May be found to ex-
ist. The sources of revenue most promptly
articles now exempt from duty or most light
ly taxed. He therefore proposes that duty
Of 23c. per pound be laii on brown sugar, of
&c. per pound on clayed sugar, of 40. per
pound on loaf and other refined sugars, Of
l3c. per pound on the syrup of sugar cane.
of &c pound on candy, of &c. per gallon on
melasses, and Of dc. per gallon on sour mo-
lasses APO he also recommends that duty
Of Sc. per pound be imposed on coffee, 15c.
per pound ON black tea, and 20c pound on
green tea.
If these imposts, and certain ether modif-
cations in existing duties, which, under the
present tariff, amount to a prohibition, be
passed by Congress, be thinks it may be
saf.ly estimasted that the revenue from im-
ports for the present year will amount to
$57 900 600, to which nay be added the sum
of So 900 900, making the total revenue for
the year S60,000,000 To raise the balance
Of 10000 900, which will be required to
provide fer the ordinary expenditures of the
year, resort either to direct taxation or in.
terpal duties will be necessary. 1t can be
obtained, Mr.. Chase thinks, by moderate
charges on stills and distilled liquors. on ale
aud beer, ON tobacco on bank. notes, on spring
carriages, on silver ware and jewehy, and On
legaeies.
To raise the $24 100000 that will be re-
quired TO provide for the extraordinary ex
penses of the year, Secretary Chase recon
mends that Congress should authorize SUBJ
scriptions to be opened for national lean of
not less then 100000 900, to be issued in
the form of Treasury notes or exchequer
bills, bearing yearly interest of 7 $40 per
cent. to be paid half-yearly, and to be re-
doop 10 OF fba ri aoft tl,o faA
after three years from date Among the ad-
ditional inducements which this loan would
ofec would be the privilege of subscribing
small sums above fifty dollars, aud of paying
them 5y semi-munthly ins.allments of one
tenth-thas affo ding the industrial classes a
secure and profitable investment for their
raised by national lean, aud in case it shall
be found inexpedient to provide the whole
amount needed in that way, Mr.. Chase pro-
poses that boLds or certificates of debt Of the
United States be Issued &c lenders in the
country, or in any foreign country. at rates
OF lower than par for sums of $500, $1,000,
nuu FoooO' nv eAcSfulik III tue hRSreSa'e
100000, ,000-said certificates to be made
redeemable at the pleasure Of the govern
ment, after a period not exceeding thirty
years, and to bear an interest not exceeding
seven per cent. The remaing 0,000,0 900
needed to supply the full amount required,
for the service of the fiscal year is to be pro-
vided for by an issue of Treasury notes for
$40 or $40 each, payable one year from date,
to an aggregate not exceeding the amount
required. These notes will bear interest at
the rale of 65-l00 per cent, and be ex-
changeable at will for Treasury notes or ez-
chequer bills, redeemable after three years,
and paying 3-10 per cent interest.