Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1861-12-18
THE SECRETARY ON THE TREASURY


conservative and cautious in the changes it
recommends, and clear and positive in the
enunciation of those sound principles of finan-
cial policy which framed the sub-treasury law
ard vetoed the United States Bank The
secretary states, as the principle for reguia-
ting the amount of revenue ssindispensaoie 10
q sound system of finance'' which s'rehecflon
has only determined" in his mind as just and
for the interest of the people, 'taxatlon TO pro-
" duce enough for ordinary expenditures, ior
&c prompt payment of interest on the public
" debt, existing and authorized, and surplus
6; fund sufficient to eXtinguish the principal
I" within thirty years." Mr.. Chase rivets TINS
clear exposition of the American national
system of paying debts, as distinguished from
that of European governments, with the fol-
lowing emphatic sentence: tsThe idea OF per-
+" petual debt is not of American nativity land
&c should not be naturalized.''
The tariff is recommended to be advanced
as follows: brown sugar, two and one.haif
cents per pound clayed sugar, three cents;
green tea, twenty cents; and coffee, five cents
No other changes are proposed.
Thesdirect tax on property is recommend
ed to be $20, 900 900 from the loyal states; {;
and, furthermore, $4,000, 900 by duties on
stills and distilled liquors, on tobacco, on bank
notes, on carriages, on legacies, on paper
evidences of debt and instruments for con-
veyance of property, and other like subjects
tax, making the total yearly product of direct
taxation, other than customers, amount TO
$50 ,000,0 900 per annum.
The proceeds of custom duties are estimated
at S32, ,T9S, ,662, and from lands and miscellane-
Gus sources, 50 1854 ,062. The total from all
other sources except direct taxation is estma-
ted at $40 900 900, and from direct taxation
$50, ,000, 900, making the yearly revenue $780,
100000 On this subject the secretary gives
the following interesting remarks and calcula-
tions
ssBut if the sum is large, the means of the
people are also large and the object to be
attained by conservation OF a portion OF
them to the public service is priceless. The
real property of the loyal states is valued, in
round numbers, at seven and half thousands
of millions, the personal property at three and
a half thousands of millions, and the annual
surplus of earnings of the loyal people at not
less than three hundred millions of dollars.
Four mills on each dollar, or two-ffthe of one
per cent. on the real and personal property OF
the loyal states, ,will produce forty -four illons
of dollars; to which sum the proposed income
tax will probably add ten millions. The whole
sum will be little more than one-sixth of the
surplus earnings of the country"
The secretary explains that the July esti-
mates of expenditure were based on an army
OF 100000 men, which Congress afterwards
increase to 100000.
Inc EXISTING appropriations, iOaHS, anu eS-
tlmated revenue for the year ending June 80,
1862, are estim mated at 1929 sol 1894, and the
expenditures at S543, ,406, ,422. This will re-
| quire further loans for S213, 904 ,427, but
| $500, 900 900 Will probably be enough.
| For the year ending June 80, 1868, the ex-
pendtures and interest on debt are estimated
at S475, ,331 ,245, and the receipts from Gus
toms and taxation at S95, 800, ,O00 leaving a
balance to raise by loans of 1879 ,431 ,2l5.
The whole amount required from loans may
therefore, be thus stated:
For the year 1862, under ex-
listing laws, SIS, ,449 ,675, 90
For the fiscal year of 1862, un-
der laws to be enacted, 100000 100000
For the fiscal year 1868, also
under laws to be enacted, 379, ,531 ,240. 81
Making an aggregate of, S654, 900, ,9S9 81
If tho war lasts until June so, 1868, and
| these estimates prove correct, the national
debt on that day will be 5000 100000.
The statement, in brief. is as follows:
On the first day OF July, 1860,
the public debt was, s64, 769, ,7o3 .Os
On the first day of July, 1861,
| the public debt was, 9O,067 1856
| On the first day of July, 1862,
the public debt will be, 517, ,3I2, ,SO2. go
| On the first day of July, 1868,
the public debt will be, 097 ,312, ,S02 90
Mr.. Chase, in his remarks on bank circula
|
! principle of specie payments as indispensable
| to sound banking, and condemns the furthe.
| use of United States demand notes by gov
| ernment. The plan which he recommends is
| prudent, safe for the public interests, and un
| der the judicious control of practical business
men, may be made the instrument for 8
| thorough regeneration of our bank note cur
rency. The following are its suggestions:
ssIts principal features are, (lst) circulation
| of notes bearing common impression, and
| authenticated by common authority cd,
the redemption of these notes by the associa
tions and Institutions to which they may be
delivered for issue /; and (3d) the security Of
that redemption by the pledge of United
States stocks, and an adequate provision o
| specie.
ssIn this plan the people, in their ordinary
business, would find the advantages of unifor
nifty in currency of uniformity in security
of effectual safeguard, if effectual safeguard
IS possible, against depreciation and Of pro
lection from losses in discounts and exchanges
while in the operations Of the government the
people would find the further advantage of ,
large demand for government securities, o.
increased facilities for obtaining the loans re
quired by the war, and of some alleviation o
the burdens on industry through dminutior
| of the rate of interest, or participation il
the profit of circulation, without risking tht
perils Of great money monopoly.
GA further and important advantage to the
people may be reasonably expected in the
Increased security of the Union, springine
from tho common interest in its preservation
created by the distribution of it's stocks te
associations throughout the country, as tn,
basis of their circulation"
,---
SKATING Academia sad and fatal acci
dent occurred on Thursday in Harvard, Mass
Four boys, one fourteen years of age namet
Hiram Hapgood, two others twelve and four
teen years of age, sons of Josiah Rand, and :