Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1861-07-19

The Treasury report being the most important and Of
the most general interest have, for the convenience
ofour readers prepared careful abstract Of its state.
mens and suggestions from which the proposed financial
policy Of the government may be more easily gathered
Secretary Chases estimates make the total amount re-
qnired for the fiscal which ends on June 30th 1852
s3ls519,5Sl 81.
ofthis amount the War Department requires 29s
9I l9 the Navy Department S50609 go 29being to-
tailor the defence Of the nation Of s21oooso17 as
For civil list foreign intercourse &c. the estimate Is
84 49G 90i for the Interior Department S43152 TO-
For redemption of ofTreasury notes $l2,6S9, SOL 64
will be seen that the foregoing estimates no pro-
vision Tor the interest the existing public debt specific
ally appears The ommsisn Is only apparent the es-
mate for that interest being included in the ofneary
$50, goo already appropriated for the year 1862
Nine millions will be required for the interest the
public debt to benCurred during the year
and two hundred and forty millions by loan. The Of
eighty millions, proposed 70 he raised by taxation viii
provide for ordinary expenditures Of the fiscal wear 1882
s65 1885, interest national debt SO 000 sinking
fund for redemption Of national debt 60 co., total
s4o3t To raise this sum the Secretary proposes
to Congress that duty OF 2c. per pound be laid
brown cents per pound the syrup Of sugar
cane Of cents per pound candy Of cents per gallon
and IL Is also proposed that duty Of cents pound be
Imposed coee is cents per pound black ten, and 20
cents per pound green tea.
These duties he estimates will produce a sum of not
less than twenty millions per nnnum In addton he est
effected by proposed changes at not less than thirty
millions; with an additional millions from propos
ed duties on articles nonexemp and from changed du-
ties articles either lightly burdened or so heavily
taxed that the tax amounts To prohibitions" This
makes total estimated revenue from duties or imports o
about S57, 100000.
To this add three mlions-the estimated proceeds from
sales Of public andsmakng sixty millions, and eay-
Ing twenty millions TO be raised for this at least by
direct taxes from internal duties excses or BOTH
The precise method TO raise this amount he docs not
gest but gives information for the guidance Of Congress
in its action.
appears thata direct tax oneeghth of one per cent
dd Uaorem the whole real and personal property Of the
country would produce Of s2012 667. rate oi
onehh fone per cent the real and personal property
OF the States not under nsuecion would produce the
IN of and n,ff 1trzaf of
cent on the real property alone in these States would
produce s22s9 being largely in excess Of
the amount required The Secretary suggests that very
small properties may be properly exempted from direct
taxation. He gives as his opinion that the needed
may also be obtained from moderate charges stills and
distilled liquors, ae beer tobacco, bank notes, spring
carriages, silver and ewery and egaces. And he
suggests that he property Of those engaged in insurrec
ton or in giving aid comfort to the Insurgents, may
properly be made to contribute to the expenditures made
necessary by their criminal misconduct"
He asks the attention of Congress plans for decreas
ing the ordinary expenditures the government by de-
Quoting ten per cent from the saeres paid to government
employs abolshing the fanking privilege, and reducing
postal expenses.
OF war loan of s24o oOo he proposes that $780,
100000 be raised national loan to be issued in Treas
ury notes e1chequer bills NJ the denomination Of $780,
and the mutpes of $50 to S5000 to bear interest at
the rate per cent per annum; to be redeemable
will after three years from date ssue to be received Mt
Offices to be established at convenient places throughout
the country the sums subscribed to be maid In cash or in
instruments often per cent. down, and ten per cent
the first and fifteenth ofevery month after till all is paid
ln case it shall be found nexpedient TO provide the
whole amount needed I240O00000l in that mode" the
Secretary suggests the raising Of regular loan from cap
taist abroad and at home to the amount Of another
redeemable by the government at will after
80 years. and bearing per cent interest payable in
London, or at the Treasury Of the United States.
Lastly he the issue $50 600 in Treas
notes. Denominations ften and twenty dollars TO
bear interest at the rate Of 365 per annum, and be
changeabe at the viii of the holder for eNchequer bills
bearing T3 per cent interest and redeemabe after three
years.
The Secretary calls the attention Of Congress to the
difficulties which attend the collection of in the
ports held the rebels and the necessity for action
on this subject.