The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1861-12-25
Secretary Chase's Report.

Secretary Chase's Report
The following is the substance of the
, Report of Secretary Chase. We com-
, mend it to our readers for the encourag-
ing statements it contains Of the financial
} affairs of the country.
Mr.. Chase begins by stating the sew
: eral expedients resorted to to meet the
estimates made last Summer for TIE year
ending June 1862, Of S3lS, $40, ,58l 81.
With these the public are familiar. To
provide, first, for immediate cxigencies,
r Treasury notes for Sl4,0l9,034 sc, pay
able in two years, at & per cent interest,
, and another amount of Sl2, 2,S77 $50, at
the same rate of interest, but PAYABLE In
80 days, were issued. Next an arrange
, ment was made with the Banks, by which
two loans OF S50,000,000 each in August
!, and October, and the loan of Noyem Der
10. on twenty years SIX per cent, bonds
of S45, 1854 48 were effected and in
, addition to these the demand Treasury
notes in circulation and On deposit of
S24.550 ,325. made an aggregate sum of
ISl97 ,242 ,588 IL
The receipts from the Customs have
not been SO large as the Secretary had
estimated by about S25, 100000. But
the appropriations now asked for making
all due allowance, from the experience
Of the last six months are S2l3,904,
427 68.
The Secretary recommended economy,
retrenchment aud reform. Unnecessary
offices should be abolished, and salaries
reduced wherever it is practicable. The
property of Rebels, he thinks should be
made to pay, as far as possible. for the
war they have provoked, and be conis-
Gated TO that end. .Slaves, he suggests,
may be put to better use than mere con-
dscation, by being emancipated and put
to useful labor on wages
The only change he proposes in the
tariff, is to augment the duty on brown
sugar 2! cents per pound to three cents
on clayed sugar; ; to twenty cents per
pound on green tea, and five cents on cof
fee. The income tax he advises be in
creased, so that with that and duties on
stills, distilled liquors, tobacco, bank
notes, carriages, legacies, &C., sum of
S50,000,000 may be realized. And still
more important suggestions in the issue
of Treasury Notes, as currency, is made
by the Secretary. The circulation of the
Banks of the United States, lie estimates
at something over 5000 .000, 900, of which
! S150,000,000 is in the loyal States THIS
/ he considers a loan without interest, from
the people to the banks, and 1t is deserv-
/ ing Of consideration, whether this advan-
tage may not be transferred to the Gov
ernment. There are two WAYS of doing
this; first gradual Withdrawal of bank
notes from circulation, and issuing in their
stead United States notes, payable in coin
in amount sufficient for currency. The
other is the preparation and delivery to
institutions and associations of United
States notes, convertible into coin on the
pledge OF United States bonds and under
other needful regulations The first plan
he thiaks liable to the hazard of panics,
and all their evil consequences, and there
fore Objectionable. The second he ap-
proves of, as giving uniform aud sound
currency, safe against depreciation, pro-
tected against losses IN discounts and ex-
changes, and affordiDg an alienation to
the burdens of the war III the increased
facilities for obtaining the loans required
Such notes would be the safest currency
the country ever had, available in all parts
/ of the Union, as the notes would be re-
ceivabe for everything but duties. The
plan is recommended with the greatest
confidence. OF the power of Congress to
put such plan In operation he has no
double
The total receipts for the year are es-
timated at 1929, ,50l.994 SO, of which
amount S213,9O4,427 86 must be provi-
ded for by loans. The estimate to july,
1868, should the war last so long, is
S654, 4,960,920 81 Add to this the in.
terest on what we already eve, and our
debt will be about 5000 ,0G0,000 OF our
ability to raise that sum there can be no
question. and, according to the time it
has hitherto taken the nation to paw off
its debts, this will be liquidated in about
80 years.
Such are the main points of the Re-
port, with an additional recommendation
in favor of opening trade as fast as we
penetrate into the South. The document
BELTS the high character which Nh Chase
has earned as financial officer since the
portfolio of the Treasury has been in his
hands.
Why is a palm.tree like chronology p