Year: 1861

REPORT or THE SECRETARY OF THE TREAsrEY.


Next in importance and interest to this question VIII
be that Of finance which viii be treated Of in the report OF
Secretary Of the Treasury The annual estimates must
amount in the aggregate, to several hundred millions OF
dollars and it will be for Congress- acting on the able and
enlightened views and suggestions OF Secretary ese 10
provide the ways and FOR meeting these pecunary
demands II Is understood that the subject OF the
tariff the Secretary after laying down the general princi
pies which ought govern financial policy in time OF
peace, will show that in time Of war; the necessity OF
outstanding the specie strength Of the country eompeis
departure from those principles and will recommend not
only that the high duties OF the Morrill, tariff be retained
except in where they evidently established with
view protection and revenue-bat that the duties
levied articles Of luxury manufactured abroad be
increased so reduce still further, II not wholly 10
prohibit their importation Tho country does not need
the silks, laees dress goods costly carpets, cwery,
fine wines, &c, which arc in the habit of importing
from Europe, and during the cannot afford to pay
for them prohibition duty levied such articles, as
measure, will furthermore have the advantage Of
teaching the manufacturing nations of Europe hat their
interest. ike own. nseparabe from the success of


the United States government for until that success is
conpetc they viii Nnd market here for their goods
The ended, Mr. Chase will probably intimate that
sound policy would require the enactment of strictly
revenue tariff that is to say tariff imposing on foreign
goods duties light encourage importatons, and
eyyng duties upon objects Of general consumption rather
than upon objects which be made here The necess
ties OF the during the 10 manufacture
all the protection they are entitled TO ask. With
regard % the currency and the public debt, Mr.
Chase will probably enter into review Of our financial
history with view to show that the provision OF The
constitution conlerrng upon Congress the control of the
Of the country has been unwisey allowed to
fall into neglect IIc will probably recommend inquiry
into The actual powers conferred Congress by that
clause with view TO discover what remedies exist for
the Of Northern creditors who have been deirauded
of their just claims by Southern debtors acting under
pretended acts Of spurious bodies called conventions and
congresses He will discuss the subject Of United States
notes, payable demand at the various snbiroasnries
throughout the country and will probably show that IL
would be great advantage TO the fair trader If the inter
nal Of the country carried with the
aid of such currency, instead OF the deprecated and
always uncertain paper money issued by the
try banks. We are inclined 10 think that he will
ask for authority 800 600 900 OF demand notes
and may, perhaps, suggest moderate tax on the crcu-
ating OF banks entering into competition with them.
lie may perhaps deem it needless to say anything by way
of proving The soundness OF federal currency though
would not be OF place remark that there must be
at the present time about 500 900 specie in the
country Than there was year ago aRi that s the pre-
sent circulating medium OF the North owes its vaue 10
the government stocks which deposited as security
for its redemption currency which effect govern
stock Itself must be least good the best
bank anoat. With regard the public debt Mr.
Chase will in all probability conno himself very
fu estimates, much depends the duration Of the
II Is evident that expenditures must de-
crease as the country getting pretty complete suppy
Of material Of war and military equipments


Ne 1--we he nj nj raed Nr has
should recommend the establishment Of a national
bank, which is now, than ever, national
sty. u is no that a the absurd objections an IN
suton which would establish uniform currency all
over the United States and guard the people from being
Vctimzcd by the worthless notes Of wild banks
exploded The banks in all the great centres Of finance
such as New York, Boston, Philadelphia &C., would
tain injury from the existence Of national bank for
their circulation regarded Of little account in the
way Of profit they being really nothing than banks
of discount; but il would iacontinently the
closing up Of the thousands Of sw indling banking
institutions all the Middle and Western States, whose
usual plan is to Hood the country with their poes then
deprecate her worth and have them bought in ut fifty
twenty five per II is only such institutions as
these that United States bank ould work mischief To
the public at large il would be of ucaicaabc service;
and for political effect in controlling elections that is
all tho simple balderdash OF dcmagogucs IL would
have so much railroad company like the New York
Central And who would think Of supprcssing railroad
charter because the wealth and power Of the company
might be used in political qucsonss II the Secretary of
the Treasury recommend the Of national bank
presume that Congress will pass law carry
his view.


In connection with the war there will also be action
the part of Congress to put the Northern and lake
perfect state of defence Competent engineers
ha,,a hnnn kcu
tie work necessary be done toward this end; the
plan proposed leave hs Governors OF the several
states TO have the work executed


The Secretary of War is understood 10 be in favor OF
putting end TO the existing system of rcgimenal suit
lers If the pan likely TO be advantageous to the
soldiers il would be Of course desirable bat there
can little doubt that large profits will be made out of
the soldier either by rcgmenal by post suffers it
not easy wherein the advantage Of the proposition
lies. Que advantage disadvantage of il will be
throw additional patronage into tho hands Of the War
department 1t is questionable whether The present plan
is equally free from objection the proposed


II is tcegraphed TO from Washington that in order
to facilitate the business of the session. the Army Appro
prjaion bills will be prepared by the Military Committee
of the Senate and the Naval Appropriation bills by the
Naval Committee Of the House. Congress will probably
conhne itself exclusively the business absolutely
cessary for the carrying Of the government for
the maintenance Of the and all legislative questions
of general character will be passed After the
rebellion Is suppressed and legislation for the whole
republic shall be appropriate and PRACTICAL the President
may should he deem II necessary reconvoke Congress
special session. At present it would be mancstly i'm
proper to deal in general legislation.


We have been the first to propose that in view Of the
impending famine in Ireland, and 10 give national ex.
Of recognition of the services of Irish fellow
citizens Congress shall make liberal appropriation for
the relief OF Irshmen at home. II would an appropri
ate and well mer,ed compliment, and hope to
paid.


On the whole. we do not that there will be any
necessity for Congress- to remain in session to later
date than the fst OF February protracted session
might lead to evil consequences in giving opportunity to
abolition harangncs and iDrigues. Now that all other
party have been rended let no, new and
dangerous party find and an opportunity
for development in tho halls Of Congress


FORT WARREN BOSTON.


Fort Warren is located Georges Island, not
Governors Island they being many miles
apart Governors Island in the upper harbor, the
east side East Boston. Fort Warren, Georges