Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1861-07-17
Report of the secretary of the Treas
ury.-How the Money for Carrying
ON the War is to be RAISED,

HeP0rt Of she S sscTe,sey maaay OF the Treas
on the War is to be Raised.
We make the following extracts from the late
report of the Secretary of the Treasury Mr.
CHASE, embodying his suggestions as to how the
money for the support Of the war is to be raised:
The additional estimate herewith submitted for
the service OF the fiscal year ending June 30 1861
including the deficiency caused by the appca-
tion of 6y29S,S59 O6 to the service of the pre-
ceeding year, will require additional appropria-
tions
For civil list, foreign intercourse and miscel-
laneous objects, 1891 1886 80; for the Interior
Department, S43l ,525 IS; for the War Depart
ment, Sle5 .296, 1897 l9; for the Navy Depart
ment, $50, ,609 $50 49, in the aggregate, S2l7,-
l6o, $50 l5 In addition TO these demands upon
the Treasury, it will be necessary to provide for
the redemption of the treasury notes due and MAJ
turing, to the sssountof So, ,629, SCI Ga. and for
the payment of the interest on the public debt to
be created during the year. which, computed for
the average of the six months, may be estimated
at SO 100000.
After further figuring, the Secretary says the
whole amount required for the fiscal year of s62,
may, therefore, be stated at S3lS.5l9, ,5Sl 81.
The Secretary has given this important subject
the best consideration which the urgency of his
varied public duties has allowed, and now sub
iiito W tuC vi Will great
difference, and no little dstrust of his own judg-
ment, the conclusions to which he has arrived.
He is of the opinion that $50 900 900, should be
provided by taxation, and that S240, 900 900
should be sought through loans.
HEAVY TAXES TO BE LEVIED on TEA, COFFEE,
SUGAR ANE MOLAssEs.
The Secretary most respectfully proposes to
Congress that a duty of 21lsc. per pound be laid
on brown sugar, of Sc. per pound on clayed
A., l..fhn
sugars, of 21sc. per pound on the sirup of sugar
canes, of &c. per pound on candy, of &c. per
gallon on molasses, and of 4c per gallon on sour
molasses; and it is also proposed that duty of
Sc per pound be imposed on coffee, l5c. per
pound on black tea, and 20c. per pound on green
tea.
From these duties it is estimated that an addl-
tional revenue of not less than $40 600, 900 an
nually may be raised, while the burden of this
revenue upon our own people will be to some
considerable degree mitigated by participation on
the part of the foreign p oducers. Without 60
ing here into other details of less Importance the
Secretary thinks il proper to add in general that
from the proposed duties on articles now exempt,
and from changed duties on articles either
lightly burdened or so heavily taxed that the tax
amounts to prohibition, a further increase OF
revenue. to the amount of S7,O00,O 600. may be
anticipated; and that the improving condition of
the revenue from the duties Of the present tariff
affected by the proposed changes, will not fall
short of $50 900 900. He estimates, therefore,
the total revenue from imports during the pres
ent year at S57 900 900, to which may be ADDED
the sum of S30O0,000, to be derived from the
sales of public lands and miscellaneous sources
making the total revenue for the year $50 900,
600. While, therefore, there is every reason to
believe that under modified tariff when the
prosperity of the country shall be fully restored
an annual revenue of not less than $50 ,OOO, 900
and probably more, may be realized, it will be
necessary, in order to sustain fully the public
credit to provide for raising the sum of $50 GOO,
600 for the current year, at least, by direc
taxes, or from internal duties or excises, or from
both.
VALUE OF REAL AND PERSONAL PROPERTY II
THE UNITED STATES.
The value of the real and persona
property of the people of the United States, ac
cording to the census of 1860, $l6, ,l02 ,942 l6
or omitting fractions, of sixteen thousand million:
of dollars.
The value of real property is estimated al
Sll ,272 053 ,oel, and the value OF personal prop
erty at 81 $50, $50 DOS. The proportion of prop
erty of both descriptions in the United States. ex
cluding those at present under insurrection, ]:
SIC. 900, $50 ,009. of which sum 81 ,630, $50 SO:
represents, according to the best estimates, th'
value of the real, and $3,27O ,227 4O4 the value
of the personal property; a rate Of one eighth o
one per cent. adualorem on the whole real anC
personal property of the country, would produce
sum of $40, l26, ,667. A rate of one fifth OF on'
per cent on the real and personal property of th'
States not under insurrection, would produce th'
sum of S2l 800, ,056; and rate of three-tenth'
of one per cent. on the real property alone, in
these States, would produce So, ,s9l ,590-eithe
sum being largely in excess of the amount re
quired.
INTERNAL DUTIES UPON LUxURIEs TO BE TAXED
Internal duties may be collected more cheapl,
than direct taxes, by fewer agents aud with les
interference with the fnanciers of the States
They may also be made to bear mainly upor
articles of luxury, and thus diminish, to Ger
tain extent, the burdens imposed by. duties OF
imports upon the classes of the people least able
to bear them Ii has been already shown that q
light direct tax, from which the Secretary ven
lures to suggest very small properties may be
properly and advantageously exempted, will pro
duce the sum needed for revenue.
In the judgment of the Secretary, the needfu
sum NAV also be obtained from moderate charge:
on stills and distilled liquors. on ale and beer, OF
tobacco, on bank notes, on spring carriages, OF
silverware and jewelry and on legacies. If botl
sources of revenue be resorted 10 10 the extent
suggested, the amount required from loans viii
: be proportionatey diminished, and the basis o
strengthened, whether both these modes of taxa
ton be resorted 10 under present emergencies ol
only one of them, the Secretary will but lily per
form his duty to Congress o. to the people II HI
omts to urge the great importance, the absolut,
necessity, indeed Of such full provision of tn,
annual revenue as will manifest to the world
fixed purpose to maintain inviolate the public
faith by the strictest fidelity to all public engage
ments.
REDUCTION OF THE SALARIES OF OFFICE HOLDERS
He ventures to suggest that considerable saw
ing may be judiciously effected by reduction
for the time at least, of forty per centum upol
salaries and wages paid by the National Govern
ment, in cases were such reduction will not inter
fere with the existing contracts; and that furthe
, saving, perhaps not less considerable, may be ef
fected by the abolition of the franking privileg
and reduction of postal expenses and retrench
ment in other directions, will doubtless sugges
itself to the reflection of Congress, and it is mos
! respectfully recommended that every retrench
|, ment compatible with the vigor and efficiency o
the public service, be promptly and efectuall
} made.