Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-12-10
Secretary Of the Treasury's Report.
[Abstract By Telegraph
NEW YonK, Monday, December Q.

NEW YoRK, Monday, Decembere O.
The Secretary Of the Treasury's report, after
referring to the recommendations contained in
his July report, gives the manner in which he
Obtained loans for various purposes OF Govern
ment. The immediate exigencies were pro-
vided for BY issuing $4,0l9,O34 in per cent.
two-years Treasury -notes, and $l2,SI7,7bO in
same notes payable in sixty days. His next
care was to provide for disbursements for the
war, andhe adopted the plan to engage the bank
ing institutions of the three commercial cities Of
the seaboard TO advance the amount needed, in I
loans for three years 8 10 bonds, to be reim-
| buTsed from proceeds OF similar bonds, sub
scribed for by the people, hoping thus to COM
bine the capital Of the banks and the people
with the credit of the Government, SO as 70
give efficiency to administrative action, and
competent support to public credit, and the
result has fulfilled the hope.
He then rehearses the argument entered into
between the banks and himself, by which the
former agreed to take the loans. The history
| Of the first two loans has been made public.
| The second loan was negohsted with the banks
on the 10th of November, by which he agreed
to issue to them $50 900 900 in 6 per cent bonds
at par for the bonds bearing per cent, inter-
| est. This agreement was coupled with no ar
raDgement for reimbursement, and entailed no
expense, except the prepaying and issuing of
| the bonds. This was also complied with the
option to the banks, that on or after the 1st OF
January,a q fourth advance of $50 OO0, 600 should
be made on the same terms as frst or secoad,
| if required.
In addition to these loans $21 ,145, ,22O, up
to the 30th of November, were issued in Treas
ury. notes Of $5's $10's and $2O's, payable on
demand, and So 3S5, ,105 remained in the Treas
uty. This amount may be regarded as loan
from the people. The aggregate realized from
loans in various forms is $197, ,942 588. The
revenue receipts have not fulfilled his expeota-
tiOns. He says an act modifying the rates Of
duties differed from the measure he submitted
to Congress. In most Of these particulars, es-
pscially in diminished duties on tea, coffee and
sugar, and exemptipg goods in warehouse and
on shipbosId, the difference was disadvanta.
geous TO the revenue, while potential cause of
reduced receipts may be found in the changed
circumstances of the country proving unfavor'
able to foreign commerce.
. These circumstances compel him to reduce
bis estimates for 1852 from the revenue from
$57 100000 to $32, ,199,602. The estimates
: from receipts from lands and miscellaneous
sources he reduces from 5000, 900 to $780,
E 062. The only other source of revenue is
direct tax authorized by Congress, which, il
increased to the limit proposed by the Secre-
tary and assumed by States, the further sum
of $2O,O0O,O 900 may be expected. The aggre
gate of revenue may be thus estimated at
$54552, $50, which is $25, AL, 1884 less than the
= estimate of July.
r The Secretary states the estimates for July
: were based on the raising of 250,000 volun-
q teeTs, and an increase of the Regular Army by
f IL regiments, but after that report had been
s closed Congress authorized the acceptance by
the President of 10000 men, besides addi-
t tioDal companies and officers. This large in
l crease has ard must necessarily augment the
b expenditures far beyond the limit indicated by
Q the original estimates which will be still fur
l. tber extended by the increase of the Navy,
and additional appropriations are asked for.
6 al satSn
were authorized by acts of last session, and
. SAB, 1905 927 are nov asked for, making an ag
gregare, including 1922, 1888 for indefinite
J appropriations, of $2l3 9O4, ,427.
8 To provide these large sums, retrenchment
v and reform are indispensable. Contracts should
= be subjected to strict supervision, and con-
~ tractors rigorous responsibility. All unneces-
sary offices should be abolished and salaries
y and pay materially reduced. While thus recon.
o meLdiDg retrenchment, he fees himself con-
l., strained to review suggestions heretofore sub
: mitttd by him, that property of rebels should
It be made to pay, in part at least, the cost OF
n rebellion. Property of great value in loyal
|, States is held by proprietors virtually engaged
e in guilty attempts to break up the Union, which
IT is justly forfeited to the people, which should
l. be suhjece ed to sequestration or coDdscatiCn
% and the proceeds applied to the satisfaction o.
o claims arising from the war.
IF Property of rebels in rebel States should bC
@ treated in the same manner. Rights to ser.
2 viets under State laws must, of necessity, fora
e an exception 70 any rule Of con6scation. Per
e sons held by rebels, under such laws, TO servic
d as slaves, may, however, be justly liberated
K from their coDstIaint, and made more valuable
in various employmeDts, through voluutar.
., and compensated services, than if cOnfscate
It an subjtcs Of property.
The Secretary says The most sacred duty O
70 the American people now requires the cOnsecra
d ton of all their energies and resources to tn
10 establishment of the Union, and sound polio
o wouId seem 10 sDggss. no extension of fereig
e trade, hut more abspl reliance on America
labor, American skill and American soil.
d H. recommends duties on tea, coffee and gu
10 gar, be increased to PIC. per pound on brown
le Sc. on clayed, zoe green tea, Sc on coffst
" and that no other alterations of tariff be mad
g unless further experience shall demonstrate th
q, necessity. He deems it Necessary to increas
IL the direct tax so as to produce from loya
l. States revenue Of at least 800 600, 900, esti
Or mating such duties on stills, distilled liquors
tobacco, bank notes, carriages, legacies, o
paper evidences of debt, and conveyauces o
property and other like property as viii pro
g. duce an equal additional sum. The iDcreas
TAX will probably produce $4,000, 900 more
making an aggregate of $5O, 100000
OF The Secretary is aware that the sum is large
d but seeing no probability of revenue exceedin
~ $4,000 900 during the current year, he feel
" that he must not shrink from plain state
. Dent of actual necessities of the situation
" Two fiftbs of one per cent on real and persons
pe property of Ioya States will produce $44 ,OOO
gu 600, tho proposed income adding SIC, 600, ,00(
le The Secretary recommends a plan for Ma
In tioDal circulation of notes, the features of whc
70 are a circulation Of notes bearing a cOmmo
sn impression, al d authenticated by common au
u tbority. The redemption Of these notes b
associations and institutions to which they ma
10 be delivered for issue and the security of tbs
ny redemption by pledge of United States StocR
III ard sD adequate provision of specie.
An important advantage to the people b
this plan would be in the Increased security
the Union, sptiDging from common iuJerests
at its preservation, created by the distribution
lis stocks to associations throughout the couI
~ Try as the basis of their circulation; ami
Dy tntrrtains the opinion if credit circulation
GL desi rsble, it is most desirable iD this form.
states il is earne,tly hoped, not without sutf
|. cient grounds, that the present war be brougl
ue to an auspicious termination before midsun
n mer, and that in that event the provision
W. revenue by taxation recommended, will amp
oS'' suffice for all financial txigencies without
~ diiODaI loans, and enable the Government
an once 70 begin reduction of the existing deb
'e- If the war continues until July, 1852. the pal
ns lie debt will be $5I7 ,322,SO2. If ill July