The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1861-07-17


In the judgment of the Secretary the needed
sum may also be obtained from moderate charges
on stills al d distilled liquors, on ale and beer, on
tobacco and bank notes, Oh spring carriages, on
silver ware and jewelry and on legacies If both
sources of revenue be resorted to TO the extent
suggested, the amount require from loans will be
propOrtiOnately enlarged and strengthened
Whether both these modes Of taxation is resort
ed TO under present emergencies or only Cne OF
them, the Secretary will but lily perform his du-
ty to Congress or the people il he omits to urge
the great importance, the absolute necessity i'll
deed OF such full provision Of the annual reve-
| nue. az will manifest to the world fixed purpose
70 maintain nvolate the public faith by the
strictest fidelity to all public engagements.
II viii; not, perhaps, be thought out of place
If the Secretary suggest here that the property
of those engaged IN insurrection, in giving aid
and comfort TO insurgents, may properly be made
to contribute TO the expenditures made nee
| essary by their Grim nal misconduct. As a
part OF the punishment Cue to the guilt Of III
volving the nation in the calsmites OF civil war.
aud thereby bringing distress upon many in
nocent citizens. Congress may justly provide for
the forfeiture OF the whole or a part of the es-
tate OF offenders, and for the payment Of its
proceeds to the pubic treasury. Before disms
sing the su' ject OF the proper provision tor ordi
nary expenditures, including interest on the pub
lie debt, end proper amount for a sinking fund,
the Secretary respectfully asks the consideration.
OF Congress tor the question whether the current
disbursements of the government may not be
themselves diminished
He ventures to sugges. that considerable
saving NAV b. jIdiciously effected by reduc
ton, for the time at least OF lo per centum up
/ M aud hv N E.Ha al (,ny
ernmen,, in cases whore such reduction will not
interfere with the existing contracts; and that a
further saving, perhaps not less considerable,
may be effected by the abolition OF the franking
privilege and reduction Of postal expenses. A
| retrenchment IN other directions will doubtless
suggest itself 10 the reflection Of Congress, and
ii Is most respectfully recommended that every
retrenchment compatible with the vigor and eff
cheney of III. public service be properly and cf-
fectually madr
The Secretary has already said that on the
supposi,ion that $50, 900 o, o nay be raised by
taxation in the mode proposed. or derived from
the sale of public lands and miscellaneous sourc-
es il will still be necessary, in order meet the
extraordinary crisis, to raise the sum Of $40.
GOO, 900 by loans.
The Secretary submits to Congress the expe-
uleH' OI opening SUBSCRIPTIONS IOr 4 baIlOilal
loan Of not less than 800 600, 900, to be issued
in the form Of Treasury notes or exchequer bills,
bearing yearly interest Of $40 per centum,
TO be paid halt yearly, and redeem.ble at the
pleasure OF the United States after three Years
from date. The sum of 800 100000 is named
as the amount for which it now seems expedieht
TO rely on subscription of this kind But it is
not intended to restrict loans in this form to any
precise limit short Of the entire sum which NAV
be required in addition to the sum TO De realized
from other sources for all the purposes Of the
year.
The interest of 7 $40 is suggested because il
is liberal to- the subscriber. convenient for calcu-
l,tion, and under existing circumstances, fair
rate for the government. 1t is beneficial to the
people that a loan distributed among themselves
should be made so advantageous to the takers as
to inspire satisfaction and hopes Of profit, rathe,
! than annoyance and fears of loss ard il the
rate of interest proposed be somewhat higher
than that allowed in ordinary times, it will ne,
be grudged to the subscribers when 1t is remem
bered that interest on the loan will 90 into the
channels Of home circulation, and is To reward
those who come forward in the hour of peril TO
place their means at the disposal of their couu-
try. The convenience of calculation, incident
to the rate proposed is quite obvious, for the in
terest being equal to one cent day on fifty dol
lars, it is only necessary to know the uun.ber o
days since the date OF note or the last payment
of interest, to determine at glance the amOuI'
due upon it.