The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1861-12-10
Hepnrs Of the secretary ~ the
Treasury.
New York. Dec Q

New York, Dec. 0.
The Secretary of the Treasury's Report
after referring to the recommendation
contain ed in his July report, gives the
'mauner in which he obtained loans for va
riaus purposes of the Government The
immediate exigencies were provided for hy
issuing s4.ol9, 039 III six per cent. two
years Treasury notes, sl2,s17,750 in
notes payable in sixty days. His next
care was n provide for disbursements for
the war and he adopted the plan to en-.
gage the hankinc Institutions OF the three
commercial cities OF the seaboard to ad-
vance the amount needed in loans for
three years 3-lo0 bonds, TO be rein.-
bursed from proceeds Of similar bonds
subscribed for by the people, hoping thus
to combine the capital of the banks and
the people with the credit of the Govern
ment, so as to give efficiency to tie adj
minisI alive action and competent sup
port TO public credit, and the result has
fulfilled the hope. He then rehearses the
agreement entered into between the banks
and himself by which the former agreed
to take the loans. The history of the
fl st two loans has been made public.
/ The second loan was negotiated with the
banks on the 10th of November, by which
be agreed to issue them fifty millions in
SIX per cent bonds at par for the bonds
bearing seven per cent interest. This
agreement was complied with with no
agreement for reimbursement, and cntailed
10 expense except the preparing and is
suing The bonds This was also complied
with, with the option tn the banks that
on or after the LIST of January fourth
advance of fifty millions should be made
on the same terms as first or second if re-
quiled. In addition to these loans s2l,-
1920 up the 30th of Nov, were issued
III Treasury notes Of IS, los and pos
payable on demand $3.50, los remain
ed in the Treasury. This amount may
be regarded as loan from the people,
The aggregate realized from loans IN va
rious forms is sl97,742, 5ss.
The revenue receipts have not fulfilled
his expectation He saws the act n,odi-
/ fying the rates of duties differed from the
measure he submitted to Congress in
most particulars, indemnifying duties on
tea, coffee and sugar, and exemptino
goods in warehouse and on shipboard The
difference was Instantaneous to the rev
me, while ., tential cause of re luced re-
ceipts may b. ioundln the state OF the conn
try. proving uniayorabie to foreign COM
meree. These circumstances compel him
t. reduce his estimates for 1862. from the
revenue from s31 600, 600 to So 1913 800
TIE estimates of receipts from lands and
miscellaneous sources he reduces from
So loo, 0o0l to S2.3oI. 0o2. OF reye-
uue, If direct tax authorized by Con.
gress shall be collected TO the amount
proposed BY the Secretary and assumed
by the States, the further sun of 20
0On 900 may he expected The aggre.
gate Of revenue may he thus estimated III
s5I .552. 600 which is So A. 1874 less
than the estimate of July. The Secre-
tary states that the estimates for july
were based ON raising 25o 900 volunteers.
and an increase of the regular army by
eleven regiments, but after that report
had been closed, Congress authorized theac-
ceptance By the President of 800, 000 men
besides additional companies and officers.
This large increase has, and mus. neces-
sarily augment the expenditures far be-
yond the limit indicated by the original
estimates, which will be still farther ex-
tended by the increase of the nsvy.---
Additional appropriations are asked for
OF these additional appropriations, SIT )
ss5, 566 were authorized by acts Of last
session, and SAB, 1909 are now asked
for, making am aggregate, including 81 :
7s7 ,l33 for indefinite appropriations, of
S2l3 .904 AT. To provide these large
sums retrenchments and reform are In
dispensable. Contracts should be sub
jeeted TO strict supervision, and contract
ors held - rigorous responsibility All
unnecessary offices should be abolished
and salaries and pay materially reduced
While thus recommending retrench-
ment he feels himself constrained to re-
new the suggestion heretofore submitted
by him that the property OF rebels should
be uade to pay in part at least the cost of
rebellion. Property of great value in
loyal States is held by proprietors virtu-
ally engaged in the guilty attempt to break
up the Union, which is Justly forfeited to
the people and should be subjected to
sequestration and conhscation and the
proceeds applied to the satisfaction OF
claims arising from the war. Property of
rebels in rebel States should be treated in
the same manner. Rights to services un-
der State laws must of necessity form an
exception TO any rule OF conhscation.
Persons held By rebels under such laws to
service As slaves may, however, be Justly
liberated from their constralnt and made
more valuable 10 various empoyments
through voluntary and compensated SER
vice than If confscated as subjects OF
fu