, 1864-01-19
TWE NATIONAL FINANCES.
rnporxsut letter from Secretary Chase
WARRINGTON, jan 15.-The following important
a1d timely lcstez nom tho Secretary OF the Tfsasa

wAemxo4ou. jan, 15,-The following important
a1d timely lostez ftom tho Secretary OF the Trsasa
II xrs read to the Senate On TuesdaJ:
TRxlsunx DnraarxEh1. I'm: II, 1851
s Te @ saa zsa s1Rsss as
No. u, relating to bounticf. with yonr Letter n
qulIing " whether theFo sre Any conalderatioas
vii make tie passage Of ether resolution danger
OTIS or artIculary inexpedient at the time,
ard also requesting such suggestions with regard
to any modification Of either resolution OF to tho
whole subject matttr as may Occur to mo-" ad-
diessed note to the Secretary OF War, asking fos
euch informstion as to the amount which will;
ties PROF rosed, the pe1iods which the money will
be wanted. AID the proportion Of the whole
amount likely to be derived from communication fos
drafted mer, es would enable mo to make proper
Tho Secretary Of War, In answer to my note
Iii is understood that 5o, ,ooo vcts,an volunteers
tie lleId.. 1wcnty-one million dollars would be
required for tho whole bounty. to that number,
s19 CO., 900 would be required for tho nssalm, ,nts
"T6ere are two other Glasses OF volunteers be-
eide what arc called veterans:
~. Those who volunteer to fiji up old fegl-
-. Recruits for new Organizations:
bounty Is allowed BY general circusar Nc. IS bnt
t. e1 sS 1ssot5 1 S1 tne $780, payable m
"The Departmeut lis laboured. to connne tho
volunteering to veterans md to a.ling up the old
s nsw f!ga9tzstons e5s s
s'The number TINT will volunteer for old regi-
mente or new organizations cannot 81 present,
%b saes 4ao%s aqs be aa 1hs 2 bx
executive and municipal authorities to dll up the
whole quota" :,
s9ssss &C ss @sstd PBsssss M 1s!sS
The eum likely to be required for recruits to I'LL
up old regiments is not stated; bnt II the number
be assumed as equal to the number Of veterans
expected to te-enltst. tho amount required for
their bounilea will be $15, ,750l0o. + 1o0009 men
are thus obtained, aud the remainder Of the
No GO men called for be lled up BY volunteers OF
new ORGANIZATIONS, the further sssm Of SEQ 700
EThe addition, therefore, Of three hundred thous-
and volunteers to tho army as veterans, recruits
he anonnt tsa5e iof 00ante' TO
Bpt, i I nrdersta4d he Secretary Of War cor
for the bounty of Sled to esch man, allowed BY
law to all recruits, excepting coloEed, alike,
whether volunteers e q drafted men &c. to- tho
includes $5tt6,0Gt Of usual 5ounttcs; while tho
cum Of 81, ,0cQ, 90 for two hundred thousand re-
c,nits foI new organizations is wholly made up OF
Il, therefore, the estimate Of fifty thousand vete-
ran rec11tts and afty thousand recruits for odre-
Ements hs correct the whole amoaps reqai5sd
asne number Of men IL ~, $50. 900, OF which snn
about 90 GOO will be required dnring the pro
TAXING these figures to be correct, ! reply to
any considerations arising ftom the condition Of
the Treasury which win make the passage Of
either resolution dangerous or particularly inex-
pedfent+
must not omit, however, to observe that any
listing estimates les cnSanee lila tie i1enty Of obtalntnr
the Snst suIns required to safety them.
The first duty Of the Republic to Its soldiers
and sailors is prompt payment and sure supplies.
Pasmt1ts cannot be prompt, nor euppltes sure, II
appropriations exceed the probability Of certain
provision.
loans ios the latt eeven months Of he hscal year
1864, $262, 2,S16,6s9, or $50 079 month"; Ifvisor
and decision and earueetness In the work Of sup
prts:tng the rebellion shall be Intended with mark
ed progress toward Its consnu1matfor, these large
snms.s and the additional sums required for boun-
ties can probably be obtained ut reasonable rntcs
But the whole of these additional sums, as well
yo1d estimates, shtuld he raised By t1xatlon. No
uncertainty can be fafely allowed TO attend tho
question Of prompt payment Delay Of payment,
the best soldiers, cseate dissatisfaction in the
minds Of dealers with the Government, enhance
prices OF supplies, md inritc deterioration Of their
thrust, therefore. that the Committee on Finance
will accompany any report that may be made Of
tho resolutions referred to it with some resolution
t0e iatth o. congress 10 r1lsE by taxation,
be!oLd the $161, ,bs8, 5aQi5, heretofore estimated
as the propo:tion Of this years disbursements to
be proTtded in this mode, every doltar which may
be appropriated beyond tho estimates submitted
M the commencement Of the session.
All corslderat.ons OF prudence and economy re-
reGu.rc this legislation. twill be impossible to
raise large SUMS by loans much longer Unless large
sums are also EalEed by tAxation. In the report
submitted to Congress at the commencement Of
nnch-pezhaps hardly enoueh-to say that every
do1ac rtlsed for extraordinary expenditures or re-
dlcton 0slcbt ts worth two In the Increased value
OF national securities and increased facilities for
the negotiation Of Indispensable loans" Reacc-
tcn and observation since hare satisfied me that
under our present circumstances the remark is an
underetatement ofthe truth. Yours, very respect
fully. s. F. CHAsE, Sec. Of the Treasury.
The Hon. ". z. Fcssenden. Chairman Commit
tee nj Finance limited Etsfes Eanafa