Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-07-08


Report Of the ssersiary 81 tas Treasurs.
Secretary Chasa presents to oongress g
very able and interesting Report e~vincing
great car. and labor In its preparation. This
report is the most important Of all the docu-
meuts incident to the opening Of Congress
not excepting the P, esidents Message, for by
/, we are to learn how the siuews Of war are
to be provided to keep al immense army in
the field and IN working order.
The amount asked fo-, for the fiscal year
Of 1852, is ssls, 57s,6sis7. As to the
manner Of raising this, the Report says
The deficiency Of revenue, whether from
imports or other sources must necessarily be
supplied from loans and the problem 10
solved is that cf so propcrtionlng the former
to the latter, and so adjusting the details OF
both. that the whole amount needed may be
obtained with certainty, with due economy,
with the least possible inconvenience, and
with the greatest possibls incidental benefit
to the people. loi
The Secretary expresses the opinion that
$50, 900, 900 should be provided by taxation
and s24O, OOO, 600 by loans. This $4,000
900 will cover the ordinary expenditures for
the year, the interest to bs paid upon the
debt to be incurred during the year, and q
provision of So, 900, 900 for the reduction and
final extiuEnishmelt Of the public debt. The
Secretary recommends ouly such modifca-
tons of the tariff as will produce the princi-
pal part Of the needed revenus. He proposes
a tax OF % cents per pound on brown sugar
and other sugars in proportion, and a duty
OF 5 cents per pound on coffee, 10 cents upon
black tea, and 20 cents upon green tea. The
total revenue from imports during the year is
estimated at S57, 900, 900, to which may be
added So, 900, 900 from the sale of public
lands. There will then remain, to make NJ
the $50, 900, 900, $2O,OOo,O 900 to be raised by
taxation.
The Secretary suggests that the property
of those engaged in Instruction, or in Civ
ing aid and comfort to insurgents, maj
properly be made to contribute to the expen
ditures made necessary by their insurrec
ton. III E4-Ig .Fssa
The Secretary submits to Congress Tia
expediency Of opening subscriptions for
national loan of not less than 500, OOO, OOO
to be issued in the shape of Treasury note
or exchequer bills, bearing a yearly inter
est of I BIO per centum, to lie paid ha!
yearly, and redeemable at the pleasure of th
United States after three years from date
: The sum of 100000, 900 is named as th
. amount for which it now seems expedient I
: rely on a subscription of this kind. But
is o tintended 70 restrict loans in this forl
to any precise limit short Of the entire SUI
! which may be required in addition to Il
:. sum to be realized from other sources for q
: the purposes of the year.
It is proposed to issue the Treasury Not
Of this loan in sums of $50 500, $50
n $1,000, and $1,000, with the mou of il
n terest for specified periods engraved On Il
n. back of each note. The facility thus secu
~ ed to the holder, of determining the exa
or amount of the note and interest Witho
any trodble of computation, will material
Of enhance its value for al. purposes of inves
Mt ment and payment. The Secretary adds;
be To secure the widest possible circle
contribution to the inducements just me
toned, that the books be opened at the off
81 of the Treasurer of the United States
lie Washington, at the Offices Of the Assista
Treasures and repositories Of public mo
eys, at the offices of such postmasters al
- other selectei persons in such cities al
: towns of the Union as may be designate
and subscriptions be received for $50, or al
be sum bting the multiple of $50 that {
sums subscribed be paid in cash, OF, if t
subscriber prefer, in installments Of on
= tenth at the time of subscription, and on
tenth on the Let and 18th days of ca
id month thereafter. The FIRST installment
he be forfeited in case OF nom pa5ment of sub;
!. quent instalIments; that interest accrue g.
AZ be Maid as it becomes due on all snms maid
ao from ms day of payment and that Tleasu
to not g be issued if required for all paymer
.ir except the first installments, and for the
a on final settlement.
A Night March in Western VirRiuin.l