The national Republican., 1861-12-11
THE TREASURY REPORT.

fiscal year commencing on the LIST OF July,
sla7, 900. 900, viz SlO0 OO0, 900 at an interest
Of 10 per ceut., s5O,O0O,00O at an interest Of
rer cent, aud the balance on Treasury notes,
none OF them bearing a higher rate Of interest
Than per cent, aud some of them bearing no
interest.
As to revenue for the current fiscal year, the
Secretary now estimates that from the customs
at SS2. 900 900, instead of s57 100000, which |
he expected at the date OF his report made dur. |
ing the summer session Of Congress. He also |
-.dn .es the estimate of revenue from land
and miscellaneous sources, from $4,000, 900 to |
s. 354 000.
To the estimate OF expenses for the year,
fixed in his summer report at 3ls millions. AZ
millions Were added during the extra session
Of Congress, aud l43 additional millions are
now asked for by the Departments prosecuting
this war, The Sacretarys estimate, made in
the summer, contemplated an amount Of force,
TO which very large additions have siace been
male.
Thus, with j0S>millions of expsnd ture the
Secretary has a revenue from customs and lands
of only 35 millions.
To meet this gaping deficiency, the Secre-
tary, in addition to that we'll known remedy,
(re.renchment) which never fail, to appear in
Treasury reports and which rarely appears
anywhere elA, proposes an alteration of the
tariff, au increase Of other taxes, and the con.
f.cation of rebel property.
In respect to the tariff, the Secretary recon-
neuds that the duties on tea, coffee, and sugar
be increased to he rates heretofore proposed,
namely two and half cents on brown sugar,
three cents on clayed sugar, twenty cents per
poucd on green tes, aud five cents per pound
on coffee and that no further alterations Of
the tariff be made during the present session,
uuless further experience or changed circum-
stances shall demonstrate the necessity or ex-
pediency Of them.
In respect to other taxes, the Secretary says
that 1t will be necessary to so increase the
direct tax az to produce from the loyal States
alone a revenue of twenty millions of dollars,
and tU lay such duties on stills and distilled
liquors, on tobacco, on bank notes, on car.
rlges, on legacies, on paper evidences Of debt
and instruments for conveyance Of property
and other like subjects of taxation, as will pro-
duce Al equal additional sum. The existing
provision for an income tax, just In its princi.
pie. iuasmUch as it requires largest contribu
tious from largest meass, may possibly, and
If somewhat modified wil,probably, produce ten
millions Of dollars more. The aggregate taxa
',on. IL addition to that upon imports, will thus
amount TO fifty millions of dollars, and with the
customs would give revenue of eighty five
millions, or just about sixth part of the ex
penditure.
In respect TO conhscation, the Secretar,
Gays
While thus recommending retrenchmen
md the prevention OF abuses, the SeCretar,
feels himself constrained to renew the sugges
non heretofore submitted by him, that tn
property of rebels should be made to pay, !
part at least, the cost of rebellion. Property
great value loyal States is held by proprietor
. wh" are actually or virtually engaged in ths
guilty attempt 10 break up the Union and owe
turn It's Government, which has brought upo
our country all the calamities we now endure
That property Is Justly forfeited TO the people
and should he subjected with due regard for n
rights and interests concerned, to sequestra
non or COnfscation, and the proceeds shOult
be applied 10 the satisfaction of claims arsin
from the war.
Property of rebels in rebel States should b
treated In like manner. Rights to services, ur
der State laws, must Of necessity form e>
cepton to any rule of conhscation. Person
he'd by rebels, under such laws, to service II
-layes, may, however, be justly liberated fror
their COnstraint, and made more valuable |
various employ ments, through voluntary an
compensated service, than if oonhscated a
subjects Of property
While the Secretary entertains the hope an
heliel that the present war may be terminate
~ next summer, he nevertheless makes a
estimate Of the several Departments for tn
FISCAL year ending June 80, 1868, based ON tn
supposed continuance of the war, placing tn
~mouut needed at S475 1881, ,255.5l, and the IT
oeipta from all sources at $85, 800, 900, leavin
balance to be provided for of $379, ,53l, ,245
u aud to be met, of course, by loan, unles
'1rgFess provides some revenue not recon
mended by the Treasury Department.
For the remainder of the present year. tn,
secretary iu addition to IS millions which h
'lready has authority to borrow, asks for au
thority to borrow the still further sum of 20
millions.
rpon all these estimates, the amount of tn
national debt, present and prospective, is thu
stated by the Secretary:
It only remains, in order to complete tn
-s'lew Of the financial situation, TO submit
statement Oi the public debt as It was on III
is' DAY II July, ls60 and 1861, and will be, ~
'Vrd.ng ~ the estimates now presented, at III
.ame date IN each Of the years 1862 and 1858
Inc statement IA brief Is as follows:
On the I,r day II July, 1880 the publ
4ebt was 36i 80, ,705 ou lie lst day Of Jul
l5sI the pubhc debt "as 800 s67 1928; on he i
dty II July, lo6! The public debt will be f5l7
I'!"E N he la day Of July. 1868, the publ
dty' wll. be 1897 ,372 ,sO2."
:. lar a. the conllscaton Of rebel propert
>9ncerned We have always urged it, but
vSf' uncertain 70 What extent il will benef