New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-13

ore in many ,asos substituted foy the ad valoreu du
ties imposed by prior laws.
Before the next financial measure was paSsoo Wy
CONGRESS the Rebellion Lad become a certainty Inc
attack on Fort Sumter had been made, ard our soels
froro Massachusetts, had been attacked in tue suees
of Raltmore The people had been long IN Orlhsine
their minds to the fact that great war was
Int had at length all doubts dspeled and IN 'he
unrisng Of April 1861 gave heart and courage 10 LILO
psnresent atyes in Congress to adopt vigorous
for ,be snpnression of arred treason It's NOT
seonc of the present article to notice the ih"'! W."
dinomate measures adopted in view OF The exigehees
If these troubled DAYS Suffice II TO say that inc Gaining
into service OF large army, ITS subsistence us equip
mont and its transportation. rendered 1t impefauVey
necessary for Congress to take new measures ~ ree'u
% tho national finances Accordingly VIC find that on
Inlv y 1861. was approved IAN Act TO authorize
Loan and for other purposes"
BY this law the Secretary Of the Treasury was author
lied to borrow within twelve months after the passage
Of the act sum not exceeding s25ooOoOso or so much
thereof as he should deem necessary for the public SER
vice. For this loan he was to issue either coupon or
registered bonds treasury notes in such proportions
as he might deem necessary. The bonds were to bear
interest not exceeding per cent per annum payaoe
semi annually rredeemabe for twenty years, ana ai'er
that period redeemalhe at the pleasure of the United
States The treasury notes, aferward so well Known
"a the Seven Thirties" were TO be Of any donomna'
ton fixed nv the Secretary not less than so ana 10 DC
payable three years after date with interest ut she rae
Of 80 per cent per annum The act also anthofleu
the issue Of the well known demand ,ote' OF smaller ne'
nominations than $50 which were not to bear interest,"
but were TO be payable on demand lie was also
authorized to issue Treasury notes payable IN one year
after date bearing interest at the rate Of 500 per cent
per annum. The whole amount OF demand no'es
was no. to exceed $4,000 oO and they as well as the
per cent Treasury notes were 10 form part OF we
1850 600 600 loan, and not to be additional TO IT lht
was popular loan. and the Secretary was drec'eu 10
open books OF subscription, at convenient points 'o'
sums Of SO and upward. He was authorized TO nego'
tate If he deemed It advisable, ABORTION OF the oah
not exceeding 800 900 600 In foreign couniFesand was
also allowed 10 issue, prior TO December 81 leoE
ury notes Of denomination less than ESQ 10 take the
place of those redeemed, though the whole amount o.
bonds and Treasury notes outstanding at any one time
wes NOT 10 exceed IN amoant the whole authorized
Bv this act the frs. great step toward supplying the
money needed In the prosecution Oft war Was tasen
Fears were entertained that the loans could not he Of
feeted ON the terms to which tie Secretary limited
BY the provisions Of the law But these fears proved u
be groundess In the result which vas al that the friends
Of the Government could wish.
great issue of paper money and Of inerestbearine
securities was 70 10 made under this law. With the
negotiation of so large loan It was necessary TO take
some measure insure prompt and certain payment OF
interest for this depended the whole value OF the ~
vestment Without the people could easily zee whence
was to come tho money be devoted to this purpose
they would not be likely to seek Government paper as
an investment. To accomplish this object, Congress
passed very important measure viz An act impos'
ing war tariff and lovyng direct tax on the people
Of the several States.
The act wss approved August 1901, Its tile being
An act 10 provide Increased from imports t.
pay interest on the public debt and for Other purposes
The same act imposed the duties Oh imports and
levied the direct tax.
By the new Tariff Act, the duties on srtcles OF
luxury were greatly increased Such articles OF food
and Of dress as were not absolutely needed were con
sdered capable of yielding revenue than In times
gone by-sugars spices and spirits wore included 10
this category
The portion % the act relating to the direct tax 70
qured sum Of 600 70 he annually paid by the