The weekly Lancaster gazette. (Lancaster, Ohio) 1860-1863, 1861-12-12

The Secretary Of the Tressury's Report
NEW YoRK. Dsc. 9.-The Secretary O
the Trcasury's report, after referring L
the recommendation contained in his Ju
ly report. gives the manner in which hs
obtained loans for various purposes o
Government.
The immediate exigencies we're provi
det for by issuing S.4OOl9.034 in s1
per cent 3years Treasury notes. payable
in six y days. His next care was to pro
vide fog the disbursements for the war
and he adopted the plan to engage til,
banking institutions Of the three CONNER
oial cities of the seaboard, to advance th,
amount needed in loans for three years.
3 10 bonds 10 bs re-emburaed from the
proceeds Of similar bonds, subscribed fol
by the people; hoping thus to combine the
capital Of the banks and the people with
the credit Of the Government, so a. 10
give efficiency to the Administration. and
action and competent support TO public
credit. aud tie result has fulfilled the
hope.
lie then rehearses the agreement en- ter
cd into between the banks and himself, by
which the banks agreed to take the ioans
The history Of the 6rst Two loans has
been made public. The second loan wa
negotiated with the banks on the 18th o
November, by which he agreed 10 issu,
TO them fifty millions in Q per cent bond
at par for the bonds bearing 7 per cent 10
terest.
This agreement was coupled with M
arrangement for reimbursements, and en-
tailed no expense except the preparing
and issuing the bonds. this Was also com
piled with the option 10 the banks that on
or after the lsl of January, a 4lh advance
Of 0,000,0 COO should be made on the
same terms as the first or second if requi
red. 10 addition 10 these loans S2I 1866
220 up 10 3Oth of November, we're issued
iu Treasury Notes Of fiyes. tens, and TWEEN
ties payable on demand. aud 1885. 10t
remained in the Treasury. The amount
may be regarded as loan from the peo
pie. as
The aggregate realized from loans il
various forms. is Sl97,84l,5 ,5S8. Tbt
revenue receipts have not fulfilled his ex
pendi,urss. ho says, an act modifying lh'
ya,ps OF datus deferred from the msasur,
he submitted to Congress. In mos, o
these particulars. especially in diminish
ed duties on tea. coffee and sugar, anG
exempting goods 10 warehouse aud OF
shipboard, The difference was disadvan
tageous To the revenue. while a potentiA
cause Of reduced receipts may be found ia
the changed circumstances OF the country
proving unfavorable to foreign commerce
and compel HIM TO reduce his estimates
for 1869, from the revenue frOm $57, 900
900 to $50. 10000.
The estimates from lands aud miscSl,
lineous sources, he reduces from 5000,
900 to 1884 ;062. The only other source
Of revenue is direct tax authorized by
Congress, which IL increased 10 the limits
proposed BY the Secretary and assumed
BY the States. the further sum Of twenty
millions may 10 expected.
The aggregate Of revenue may DO thus
estimated at $54. .66e. 60 which is S25,.
447.33a less than the estimate Of July.
The Secretary states that the estimates
for July were issued on the raising Of $50
900 volunteers, and an increase Of the
regular army by eleven regiments. but
after that report had been closes, Congress
authorised the acceptance by the frs.. oi
Eve Hundred thousand men. besides addi
di.ional companies and officers. This
large Increase has and must necessarily
augment the expenditures far beyond the
limit indicated by the original estimates.
which will be still further extended by
the increase Of the navy, and additional
appropriations are asked for. OF these
additional appropriations of e47, ,O86;666
were authorized by acts ofths last session;
Si43, 1897 are now asked for, making
M aggregate. including 9297, ,s79 50 for
indefinite appropriations. Of S2lS, ,904 ,4q7
To provide these large eumS rstrouohmsnt
and reform are indispensable. Contracts
should be subjected to S,riC, supervision
and contractors 10 rigorous responsibility
All unnecessary Offices should be abol
ishsd aud sslarisS and pay materially re
.duCed. ;r
While thus recommending Tstrppeh-
nsnt, hs fsals himSslf oonsiEainSd 70 70
new the Suggestions heretofore submitted
BY him thst property Of rebels should b
made 10 pay, in part ct least. the cost o
the rebellion. Property Of great value 10