Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1861-12-26
Report of the Secretary of the
Treasury.

We give below synopsis of the Report
of Secretary Chase, the report itself being
too lengthy for our columns. Everybody
is delighted with the manner with which
the Ohio member of the Cabinet has man.
aged the finances of the Cover. ment, hav-
ing brought order out of chaos, and filled
a bankrupt Treasury to repletion. Read
the Reporter:
Secretary Cbase's Report, after referring
to the recommendations contained in his
July report, giving the manner in which
he obtained loans for various purposes Of
the Government. The immediate exigen-
cies were provided for by issuing sl4,Ol6,-
034 in six per cent, two years Treasury
notes, and $12,977 $50 in the same notes,
payable in 60 days. His next care was to
provide for disbursements for the war, and
be adopted the plan to engage the banking
institutions of the three commercial cities
of the seaboard to advance the amount
needed in loans for three years Z $40
bonds to be reimbursed from proceeds Of
similar bopds subscribed for by the people,
hoping thus 10 combine the capital of the
banks and the people with the credit of the
Government, so as 10 give efficiency to ad-
ministrative action and competent support
the public credit, and the rusult has fulfill
ed the hope. He then rehearses the argu-
ment entered into between the banks and
himself, by which the former agreed to
take the loans. The history of the two
first loans has already been made public.
The second loan was negotiated with the
banks on the 10th of November, by which
he agreed to issue to them fifty millions
per cent, interest. This agreement was
accompanied with an arrangement for re-
endorsement and entailed no expense ex-
cept the preparing and issuing the bonds.
This was also complied with the option to
the banks that on and after the lst of Jan
uary, a fourth advance of fifty millions
should be made on the same terms as the
first or second if required. In addition TO
these loans $21, ,l65,22O up to the goth of
November were issued in Treasury bills OF
fives, tens, and twenty, payable on demand,
$3.50, ,135, remained in the Treasury
This amount may be regarded as a loan
from the people.
The aggregate realized from loans in
various forms is $197,742,5ss. The rev.
enue receipts have not fulfilled his expecta-
ton. He says an act modifying the rates
of duties, differed from the measure be sub
mitted to Congress, in most of these par
ticulars, especially in diminished duties on
tea, coffee, and sugar, and exempting goods
in warehouse and ship board. The diff
ference was disadvantagous to the revenue,
which potential cause of reduced receipts,
may be found in the changed circumstances
of the country proving unfavorable to for
eign commerce. The circumstances COM
pei him to reduce his estimates for 1861
from the revenue from s57,O0O,oO0 to
s32,19S,6O2. The estimates from receipts
from lands and miscellaneous sources be
reduces from S3,OOO,0OO to 50, 2,340,O62,-
The only other source of revenue is d.
rect tax authorized by Congress, which if
increased to the limit proposed by the Sec
retary and assumed by States, the further
some of twenty millions may be expected.
The aggregate ofrevenue may be thus es-
timated at S54, ,552, ,66O which is S55. .447,-
234 less than the estimate cf July.
The Secretary states the estimate for
July were based on the raising of 100000
volunteers and an increase of the regular
army by the IL regiments, but after the
report had been closed Congress authorized
the acceptance by the President of 500,-
900 men, besides additional companies and
officers. This large increase has and must
necessarily augment the expenditures far
beyond the limit indicated by the origion-
al estimates, which will be still further ex-
tended by the increase of tbs navy, and ad-
ditional appropriations are asked for. Of
these additional appropriations $47,9s5,-
566 were authorized by acts Of last session.
and $l43, ,l20,927 are now asked for, ma
king an aggregate, including $22, ,7ss,O33,
for indefinite appropriations, Of s2lS,9o4,-
427. To provide these large sums re-
trenchment and reform are Indispensable.
Contracts should be subjected to strict su-
pervision, and contractors to rigorous re-
sponsibility. All unnecessary offices should
be abolished, and salries and pay materially
reduced.
While thus recommending retrenchment
he feels himself constrained TO renew sug-
gestions heretofore submitted by him, that
property of rebels should be made 10 pay
in patti, at least, the cost of rebellion
Property of great value in loyal States is
held by 'proprietors virtually engaged in a
guilty attempt to break up the Union,
which is Justly forfeited to the people,
which should be subjected TO sequestration
or confscation, and the proceeds applied to
the satisfaction of claims arising from the
war. Property of rebels in the rebel States
should be treated in the same manner
Rights to services under State laws, must
of necessity form form an exception to any
rule of confscation. Persons held by reb-
els under such laws to service as slaves
may, however be justly liberated from
their constraint and made more valuable
in various employments through voluntary
and compensated service, than if confisca-
ted as subjects of property,
The Secretary says that the most sacred
duty of the American people now, is the
concentration of all their energies to secure
the establishment of the Union, and
sound policy would seem to suggest no ex-
tension of foreign trade, but more absolute
reliance on American labor, American
sLill and American soiI He recommends |