Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-11-18
From the 2chnoni Sentinel. nov. Q.
Report OF the Rebel secretary 81 the
GreasuTy.


The deep interest attached 70 our fnaucea. and
The vast Importance of the subject. viii cause The
report Of The Secretary Of The Treasury 70 be
read sith the gravest st;entiOo. IL sill De found
% large in this issue
Tie report commerce. .ith detailed expo-i
ton OF the condition of the Treasury. On the
LIT OF October last, toe total debt was 8 1913.
3-l ,095. en- Increase IN st months Of sy7 $50.
TO From this IL appears that our total deot i
but little more than 0ne-hali that incurred by
our enemies IN their sttemp, 70 destroy rs The
present rate Of increase of our debt Is less than
a fourth Of their. ours being fraction over a
half million per day. while their increase i tao
and a fourth millions.
The reformation of the currency is the first
to which the Secretary urges attention
The necessity Of rescuing Il from the deprecia.
ton Which Il has suffered, and Of securing uni
form and stable value. Is insisted on with much
earnestness and force The measures adopted
by the last Congress for the reduction OF the cur
rency, the Secretary regards as having been un-
happily chosen IL struck blow at the credit OF
the currency aud AZ the same time diminished
the uses for il by making the four per cents re
ceivable for taxes. rapid depreciation CON
menced IT once wholly different course of
policy-s now recommended The currency must
be supported, not dispsraged. The Secretary
proposes an act pledging the faith Of the Govern
meni a. follows:
Against any augmentation OF the circulation
now provided for: exemp,ins the notes Of the
/ Treasury from taxation; applying one fifth Of
/ the public revenues annually 20 the reduction Of
/ the circulation to a volume Of one hundred and
/ fifty millions; continuing the tax in kind after
the war long enough Zoe the redemption Of this
/ remaining circulation. Communication for the
/ Treasury notes being allowed in the tax at Ger
tain highly favorable rates 10 the tax payer
Persons wishing 10 make deposits for the pur-
pose of committing the tax IN kind after the war,
will 0e allowed a SIX per cent. certificate, free
from taxation, the currency thus paid 10 be can
celled The effect Of such policy. the Secre-
try predicts. will be immediate and extremely
sauiary. Treasury notes would constitute not
only sale currency. but profitable investment,
and would rapidly appreciate
i The establishment of the currency on a secure
basis the Secretary considers as IN greater part
solving the difficulties OF our financial condition
The expenditures would be reduced, and the ac-
cumulation of thefunded debt retarded and great
er reliance in It's value inspired comparison
is made of our resources with our debt, which IL
extremely gratifying. OF the single article Oi
cotton We have enough in the country pay. al
present prices our whole debt FIVE times over
An increased export duty oil five cents per pound
is recommended cotton and tobacco, and
double the present duties on imports The pres
ent property and income taxes are recommended
TO remain in force, but without some OF their
present attachments.
Ii IL proposed that the property tax shall no
longer be deducted from the income tax. nor Ia j,
in kind from the al valOrem tax on agricultural
property. The revenue will thus be increased
and the inequality of taxation. now complained
of will be removed
The report proceeds TO show that the taXe
thus asked for would not be excessive or burden
some Government bonds are recommended tC
be exempt from taxation save upon the income
derived therefrom The inequality of the pres
ent tax upon them. as compared with the tax or
other property. is plainly exhibited. while the i'm
policy of the exsction is manifest
The present tax upon the banks the Secretary
} regards shghy oppressive. aud urgently recon
mends relief He proposes the form OF tax
which would have the effect Of sequestrating al
State bank notes in the hands OF enemies. Tbs
seven thirty notes he proposes to fund in six pc
cent coupon bonds
The reason OF the delay in issuing to the col
diers for the war the bounty bonds author
lied by law is explained. and legislation asked
: Such is rapid synopsis OF the principal points
of the report. We rise from its perusal with th'
most favorable impression of the proprety anC
wisdom of its recommendations. We trust the,
; may commend themselves to the approval o
Congress This is no time to object to vigorous
measures. or to pledge and apply the resource
OF the country to the restoration and mainte
nance OF the public credit as the Secretary wise
ly cautions
II Congress does not interpose, and BY som,
such measures as ] have ventured TO recon
mend, restore the currency gradually, judicious
ly. and by means OF voluntary action. II will "a
suredy rectfy itself by some violent and disas
trous CONFUSION.