Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1861-12-12
SECRETARY GLASSES REPORT.

.
SECRETARY CIIASE'S REPORT.
Condition of the Treasury--Schemes for
future Reveuue-our Debt and what
it will be.
NEw YoRK, Dec 9-The Secretary of
the Nays Report, after referring to the
recommendations con,a aimed in his July
Report. gives the manner in which he OBJ
tanned loans for the various purposes of
Government The immediate exigencics
were provided for by issuing Sl4, 0l9,034
in per cent two years Treasury notes.
payable in sixty days. His next care was
to provide for disbursements for the war,
and he adopted. as the plan. to engage the
banking institutions of the three CONNER
cial cities of the seaboard to advance the
amount needed, in loans for three years OF
7 3 10 per cent bonds. to be reimbursed from
the proceeds of similar bonds subscribed
for by the people. hoping thus to combine
the capital of the banks and the people
with the credit the Government, so as
to give efficiency TO administrative action
and competent support to public credit;
and the result has fulfilled the hope. He
then rehearses the agreement ntered into
between the banks and himsee. by which
the former agreed totake loans. The his
tory Of the FIRST two loans has been made
public The loan was negotiated with the
banks on the 10Th OF November by which
he agreed TO issue to them 80. 900. 900 in
per cent. bonds at par for bonds bearing
7 per cent interest. This agreement was
coupled wit h no arrangement for re-em-
bursement and entalcd no expense, except
the preparing and issuing the bonds. This
was also complied with. The option TO
the hanks is. that on or after the LIST Of
January, fourth advance Of fifty millions
should be made. on the same terms as the
first or second. if required. In addition to
these loans, s2l. les. go, up to Nov. Both,
were issued in Treasury notes. Of fivcs. tens
and twcnties payable on demand: SO. 1885,
los remaining in the Treasury This
amount may be regarded as a loan from the
people. The aggregate realized from loans
in various forms, is S197, 742. 5SS.
The revenue receipts have not fulfilled
his expectations. He saws an act modify
ing the rates of duties differed from the
measure he submitted to Congress in most
of these particulars. especially in dimn-
ished duties on tea. coffee and sugar, and
exempting goods in warehouses and on
shipboard. The difference was disadvan-
tageous: while potential cause of reduced
receipts may he fouRd in the changed cir
cumstanees Of the country. proving unfa-
voraLIe to foreign commerce. These cir
cumstanccs compel him to reduce his es-
Inmates fer 1862 from the revenue from
| fifty seven millions dollars TO 1872 los. 602
The estimates from receipts from lands and
miscellaneous sources, he reduces from
three millions to S2,304,062 The only
other source Of revenue is direct tax, au-
thorized by Congress. which. if increased
to the limit proposed by the Secretary and
assumed by States. the further sum of
$50. 600. 600 may be expected The ag-
gregate Of revenae may be thus estimated at
S54. $50, eco. which is s25 AT .534 less
than the estimate OF July.
The Secretary states that the estimates
for July were passed on the raising of $50
900 volunteers. and an increase Of the reg
nlar army by eleven regiments; but after
THAT report had been closed, Congress au-
thorized the acceptance by the President
OF soc, 600 men. besides additional COM
panies and officers. This large increase
has and must necessarily augment the ex-
penditures far beyond the limit indicated
by the original estimates. which will be
still further extended by the increase of the
navy; and additional appropriations are
$500 xf. n IN n a. -. a
asions. S4T ,9S5. 500 were authorized by acts
the last session. and Sl43. l30.927 are
now asked for. making aggregate, inclu-
ding S22. 7S7 1888 for indefinite appropri-
ations, OF =S213.904. 427. TO provide
these large sums. retrenchnent and reform
Eare indispensable. Contracts should be
subjected to strict supervision. and con-
TRACTORS to vigorous responsibility. All
unnecessary Offices should be abolished,
anil salaries and pay materially reduced.
Wbilcth recommending entrcnchment
he feels himself constrained TO- renew sng
lgestions heretofore Submitted by him. that
4 the property Of rebels should be made to
liay. in part, at least, the cost of the re-
tbelion Property of great value in loyal
States is held by propriciors virtually en-
gagged in guilty attempt to freak up the
Union. which is justly fo,ieited to the peo-
pie. and which should be subjected to Sc
lqnestration or coniscation, and The pro.
+ lcecds applied to the satisfaction cf claims
ARISING from the war; The property o.
. rebels in rebellious States should be treated
in the same manner. Their rights to '"ser
vices under State laws, must of necessity
form an exception to any rule Of confisca
ttion. Persons held by rebels under sucl
to service as slaves may however. be justly
, liberated from their coustraiRt and made
4 more valuable in various employment.
through voluntary and compensated ser
, vice. than IL coufiscated as subjects oil
property. .sftfiei y 'e
tfhe Secretary saws tho most sacred dut,
tof the American people now requires th'
consccratioa of all their energies md re
I sources 10 the establishments Of the Union
! and sound policy wosld seem to suggest M
!, Iextension Of foreign trade, bat more abso
lutte reliance on American labor. Amer
can skill, aud American soil He recon
mends that the duties on tea, coffee ant
sugar be increased to p cents ID OF
r brown. and on clayci sagar , cents;f tt
|, 10 cents on green tea; to 5icents on coffee