The Lambertville press. [volume] (Lambertville, N.J.) 1858-1???, 1861-07-17

Tor the nScaI year, commencing Win
the present mouth, at nearly Three
Hundred and Twenty Millions of Dol
lars, whereof he proposes to raise
Eighty Million by taxation, leaving
Two Hundred and Forty Millions to
be borrowed. OF this sum he propos-
ed to borrow One hundred Millions
upon Treasury Notes, or Exchequer
bills, of $50, 800, $500, $1,000, and
$4,000, at an interest of 7-3-10ths per
cent per annum, so that the the inter-
est on every $50 shall be just one cent
per day, and on each$5, 900 one dollar
per day. This loan is to be offered
in ell the cities aud chief towns OF the
loyal States, SO that those who can
take but $50, 500, or 5000, shall
stand on the same footing with the
greatest banker or capitalist, and every
one may compute bis own interest,
and realize that he wakes each morn
ing richer by the amount ofthat inter
est than he was the day before. The
Government is to reserve the privilege
of re1eeming these notes after three
years from date.
Notifications Of the tariff are re ON
mended, imposing a duty of p cents
per pound on brown sugar, cents on
refined sugar, 5 cents on coffee, Is
cents on black tea, and 20 cents on
green tea. AS to taxation, Mr. Chase
recommends that tax of one-eight of
one per cent be levied on real and
personal property of the country,
which would produce $50, 1913, 667.
The Secretary also suggests retrench-
ment of current expenses of Go'ern-
ment by reducing salaries ten per cent
by abolishing the ranking privilege,
and reducing of the postal and 9TH
er expenses.
THE WAR REpoRT.-The Secreta-
ry of War, Mr.. Cameron, shows that
the force now in command Of the gov
eminent is 80, 900 men, which will be
reduced to $50, 900 after the discharge
of the three months volunteers. Mr..
Cameron recommends that the term of
enlistment for the new regiments be
three years, and all who are honora-
bly, discharged at the close of the war
received bounty of$l00. The ap-
probation required beside that already
made for the year ending June 80, for
the force now in the field, is stationed
at $l82.296,S97. The report recon-
mended a reorganization of the mil
tia and of the system of education at
West Point. An Assistant Secretary
of War is also asked for.
The arms made at our national
manufactures compare, he says, most
favorably with the best made for for
eign government, and he recommends
the making of those arms we may re-
quire, and which the national armor-
les cannot supply, by private manufac
turers in place of foreign ones. As
the rife cannon is so efficient, arrange
ments have been made for rihing a
large portion of the guns now on hand
OUR NAvY.-The report of the
Secretary of the Navy shows that the
forces now in commission, exclusive of
steamers and sailing transports, con-
sists of eighty two vessels, carrying
upwards to eleven hundred gnns-of
which twenty-five vessels, carrying
upwards two hundred and ninety
seven guns, from the squadron of the
Atlantic coast. This latter force will
shortly be increased to the extent of
about two hundred guns by the return
home of the vessels recalled from the
East Indian, Mediterranean. Brazil
and African squadrons. The general
strength Of the navy will also be in
creased by the addition of twenty three
gunboats of five hundred tons each,
for the building of which the govern
ment has already contracted, as well
as having made preliminary arrange
ments for several larger and heeter YES
sells.
A ID L l.. L