Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-07-17

wonld be successful in the same result
The use of canfscated property of the
rebels. together with areiuctlon, for the
time at least, of 10 per cent upon salar-
les and wages paid by the Fed raj Gov
eminent, are also advised. To raise the
S24o, 900 600 needed for the thorough
prosecution of the war, the Secretary
proposes national loan not less than
800 600 900, 10 be issued in the form
of Treasury notes, bearing yearly IN
terest of 7 80 per centum IAN inter-
est equal to one cent day On fifty dol
lars, and therefore very easy of calcuIa-
tom and in sums of $50, 800, $500,
81 900, and 5000, books to be opened
ut the Treasury Office in Washington,
and Mt various other offices throughout
the States, and sums subscribed to be
paid in cash.
In case the national loan is insufficient,
it is proposed that bonds, or certificates
of debt, be issued to lenders in the coun
try, or in any foreign country, not ex-
ceedingin the aggregate 100000 600,
to be made redeemabe at the pleasure
of the Government after period cot ex-
ceeding thirty years, and bearing an in
terest not exceeding 7 per cent. To sup
ply the full amount required for the rs
cal year, it is recommended that provls-
ion be made for the issue of Treasury
notes for $40 or $50 each, payable one
year from date, to an amount not exceed
ing $50, ,0OO-these notes bearing
interest at the rate Of 65 100 per cent,
and exchangeable at the will of the hold
er for Treasury notes with 8 10 per
cent interest on exchequer bills.
SECRETARY OF NAVY.
The Secretary of the Navy asks Con-
gress to sanction the extraordinary meas
ures which were necessarily taken to
meet the difficulties treachery had thrown
in the way of the Department. Pur-
chases and contracts were made the au-
thority for which was fond in the ex-
ioencies of the times. The naval force
in commission is increased to 80 vessels,
carryi, upwards of LOO guns, and
complement of about $4,000 men, ex
elusive of officers and marines.
The Naval Academy, formerly at An
napolis, now removed to Newport, R. l.,
is without its authorized number of pu-
pills, for one-third of the districts neglect
or refuse to be represented, and there IS
no legal way of supplying this deficien-
cy from other districts. 1t is suggested
that Congress provide for the deficit and
that for period, at least, the numbers
in the school should not be increased un-
til there is full complement of officers.
The Secretary recommends an officer
shall be appointed, to be known as the
director of ordnance, " no shail,under the
Department, have the immediate super
vision of the manufacture, description,
and supply, of ordnance for the Navy, in
all its details.
A change or modification of the law
regulating the navy ration is suggested,
bv which the vessels stationed along the
coast may be regularl y supplied with
nourishiDg food. An increase of the
number of Surgeons and Assistant Sur
geons is commended; also, an in
crease of the Marine corps, with perhaps,
an entire reorganization of the crops; al
so, the appointment of proper and
competent board to enquire into the ex-
pedency of iron-clad steamers or floating
batteries: niso, an increase nf the clerical
force Of the department, together with
the appointment Of an Assistant Secretary
of the navy.