The sun. [volume] (New York [N.Y.]) 1833-1916, 1861-12-10
Making an aggregate realized
from loans ia various forms,

Ol ',.,..,.,............ lHt,2l2 DIS II
While s1cce.s thus complete has 50 Tar at
tended the mo lsure4 relating to lotnS, the SEC.
rotary regrets TO say that tho rccciprs OF rcvo-
nuo from du'ios have no., as yet, iuli.lei tho
expectations indulgel at the date Of hi, July
report.
At the date of his report, the Secretary
counted on revenue from customs, for the
inanci.l year 1862, of fifty seven millions of
dolli but circumstances now constrain him to
reduce this estimate TO :32 1913 COZ %.
Ihc estimates OF receipts from lands and mis-
ccllancou, sources must also be reduced from
S3,OOO0DO 10 s2,3ji, O62 80. Tho only other
source Of n venue which promise an addition to
the rcsoures Of tho year is the direct tax au.
thurilrd by Coz gress, from which, IL increased
90 the i'm proposed 10y the Secretary, and
sumcd y he states, the further SUN Of go OOO,-
COO may DE expected. The aggregate OF revenue
from all sources may, therefore, be estimated NJ
sol jj2,fd II, which IL less by s2j IA, ,jjj 10
than tie estimate Of July.
This re luution, however, though large, would
not have compcllel the Secretary 10 ask any
additional powers for the regoialion Of loans,
beyond those a'kci for in his July report, hal
appropriations and expenditures been confined
wllhin tho estimatcs then submitted.
These estimates, 1t will he remembered, con-
tcmplate1 expenditures in all departments, and
for all objects, TO the amount Of S3ls, 5Sl 81.
The basis of the estimates was the understand
ing that 1t would be necessary to bring into tho
field, for the suppression of the rebellion two
hundred and lilty thousand volunteers, and
10 Increase the regular army by the add
ton Of eleven new regiments making
total force, including tho regular army
already organized, Of about three hundred
thousand men. After estimates for this force
had been furnished, the Prcsil thought II
eXOcdicnt, in order TO make the contest shor.
ami decisige, 10 ask Congress to Ilin' AZ tnr
control If the Government a. least four hundred
nd nj htp V,l Of
dollars. In the number thu, called ilr the re-
gulars we'c included. ConT 81, animl'c cl by
the same desire for a short and decisive cpI'cst,
went beyond this recommendation OF m, Pre-
sdent, and authorized the accep lnc1 9f vOug-
tecrs in such numbers, not exceeding five hIn-
drcd thousand as he might deem necessary.
The Secretary enjolns rrtrcpchmcnt nlt rc-
form in all unnecessary expenses, thinks thH
property Of the rebels should help 10 ply the
COS; OF the war, and intimates that IL ought to
be conf-catad and sold for this purpose.
lie proposes an additional revenue of ~ cents
por pound on brown sugar; three cents on clay
cd sugar twenty cents per pound on green tea,
and five cents per pound on coffee and that no
other alterations OF the tariff be lde during the
present session Of Congress, unless further ex-
perience or changed circumstances shall demon
stratc the necessity or eXpedicncy of them. All
considerations OF prudence and patriotism, he
adds, seem to concur in favor of giving 10 the
existing tarlil full and fair trial, and OF re'rrv
ing the work Of revision, mo liicltiOn aud per-
maucnt setll-me Tor more prOptlOu, days.
In the judgment Of the Secretary, 1t VIII be
ncccss ry to increase the direct tax 50 as pro-
dugo from the loyal states alone a re euue OF al
least twenty millions Of dollars, and to lay such
duties on stills AMI distilled liquors. on tobacco,
on bank notes, on car iagcs, on legaCies, on pa
per evidences ofdebt and instruments for con-
veyance Of property, and other like suhj.c's Of
taxation, as will produce an equal additional
sum. The existing proyi ion for an income tax
will probably produce ten millions Of dollars
more. The aggregate taxation will thus amount
to fifty millions of dollars.
The Secretary Is aware that the sum Is large;
but seeing, as he does, no probability that the
revenue from ordinary sources will exceed forty
millions Of dollars during the current year. aud
knowing, as he does that to NEE, even econOm lied
disbursements, and pay the interest on the pub
lie debt, and provide a sinking fund for the
gradual reduction Of its principal, the appropi.
alton Of ninety millions of dollars will be necos-
sary he feels that he must not shrink from
plain statement Of the actual necessities of the
| sit uAtion.
But if the sum is large the means of the peo.
pie are also large. The real property OF the loyal
states is valued, in round numbers, at seven and
half thousands Of millions the personal pro
perty at three and a half Thousands Of millions ;
and tho annual surplus earnings Of the loyal
people Ge mot loaa Than thrss hundrea millions