Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1861-12-27
REPORT or SECRETARY CHASE,


We can give our readers but summary
of its contents. After recounting sue
cinctly the substantial provisions Of the
several laws of Congress under which he
had acted, and acknowledging the promp-
titude and confidence with which banking
institutions and individuals had seconded
his efforts to meet the sudden and i'm.
mense drafts on the Treasury which the
war made, he states the amounts raised
by loans as follows:
"There were paid 10 creditors, or ex-
changed for coin at par at different dates
in July and August, per cent. 2 years
notes, TO the amount Of $l2,019,034.66
There were borrowed at par
in the same months, upon 60
days per cent. notes, the
sum of 10000
There was borrowed, at par,
on the l9th of Aug, upon
3 years $50 bonds, issued
for tie most part to subscri-
bers TO the national loan 50,000,000.0
There were borrowed on the
LIST of October, upon like
securities 50,OOO,000.00
There was borrowed at par,
for per cent, on the 10Th
of Nov, upon 20 years per
cent. bonds reduced to the
equivalent of sevens, inclu-
ding interest 1875 ,47S.48
There have been issued, and
were in circulation and on
deposit with the treasurer,on
the 30th OF Nov, of L. S.
notes, payable on demand 24,550, 32j.00
Making an aggregate real
lied from notes in various
forms, of 1917 PAP ,5S8.l4
The receipts from from customs, from
land sales, and miscellaneous sources, fell
below his former estimates considerably
DAT the date of his report last July
the Secretary counted on revenue from
customs, for the financial year 1862, of
fi(ty-seven millions of dollars, but circum-
stances now constrain him to reduce that
estimate to $32,197, 602.jj.
The estimates of receipts from lands
and miscellaneous sources must also be
reduced from S3,000,000 to S2,3j4,0G2.-
80. The only other sources of revenue
which promise an addition to the resour-
ces Of the year is the direct tax author
lied by Congress, from which, if increas-
ed to the limit proposed by the Secretary,
and assumed by the States, the further
sum of $20,000,000 may be expected.
The aggregate of revenue from all sour
ces may, therefore, be estimated at
$54,532, 665.44 which is less by $25,-
447,334.56 than the estimate of july"
But for all that reduction he would net
be obliged to call for enlarged authority
had not the government been obliged to
enlarge its contemplated appropriations.
These estimates contemplated expen-
dtures in all departments and for all OBJ
iects TO the amount of S3lS,5l9,58I.S7
The basis of the estimates was the under
standing that it would be necessary to
bring into the field, for the suppression
of the rebellion, two hundred aud fifty
thousand volunteers, and to increase the
regular army by the addition Of eleven
new regiments; making a total force, in
GLIDING the regular army already organ
lied, of about three hundred thousand
men. After estimates of this force had
been furnished, the President thought it
expedient in order to make the contest
short and decisive, TO ask Congress to
place at the control of the Government
at least four hundred thousand men, and
four hundred millions of dollars. In the |
number thus called for the rguiars were
included. Congress, animated by the
same desire for a short and decisive con-
test, went beyond this recommendation
Of the President, and authorized the &C
ceptance of volunteers in such numbers.
not exceeding five hundred thousand, as
he might deem necessary"
An expenditure beyond the Secretary,
former estimate was, of course, neces-
sary.
The Secretary enjons retrenchmen
and reform in all unnecessary expenses
thinks the property of the rebels should
help pay the cost Of the war, and init
mates that it ought to be confscated and
sold for that purpose. Slaves of rebel,
may justly be set free.
The revenue from customs fell short Of
his previous estimate, partly because Of
the state of the country, and partly be
cause the duties were not laid as high OF
sugar, tea, and coffee as he proposed
He proposes an additional revenue of
"a