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1
OUR PLATFO R 111
THE UNION -THE CONS Int ITION-ANr
THE ENFORCEMENT OF THE LAW.
H.A.RRISE tT IRA; e,..
Wednesday Afternoon„Tuly 10, 1801.
TEE TARIFF.
There seems to be a disposition among cer
tain members of Congress to use the present
crisis to attack the revenue laws, and if possi
ble, injure the prospects of the producing clas
ses of the country. By a vote in the House of
Representatives yesterday ; it was decided not
to consider any subject irrelevant to the war.
This was of course proper,and in accordance with
the purpose for which the present extra session
was convened, but we can scarcely consider it
fair and just that the present tariff should be
assailed to gratify the speculations and pur
poses of the importing interests of the com
mercial cities of the Union. There are great
interests involved in the revenue laws as they
now exist, interests that were just gathering
strength and importance when this rebellion
burst forth to blast not only them but others
equally as important. If they are to be given
up to the merciless competition of foreign pau
per labor, an evil almost as great as that of re
bellion will develops itself in our midst, and
when we have crushed the rebels and ended
our struggle for the government, we will find
more woe in our ruined industrial interests
than could have been found in the triumph of
treason.
Whatever miy be our wants, the revenue
laws as they now exist, should be sacredly
guarded, and any alteration avoided as likely
to create great future injury in return for any
present uncertain assistance. The strength of
the nation is vested in the prosperity of its in
dustrial interests. Destroy these, or pl ,ce them
in unfair positions or illiberal competition, and
we impair not only the prospects of communi
ties, but we arrest the prosperity of the nation
itself.
Tan 'No us or vas Sorra are beginning to
realize the effects of their own acts, They are
now suffering from results that are natural, and
feel v. ry much like casting the blame where it
does nor belong, and from whence it always
returns to plague and annoy themselves. By
the blockade they are literally bottled up,
corked and sealed as completely as if they were
within the glass embraces of a Jersey tankard,
and yet , hey still persist in assailing tl,e gov
ernment for its weakness, And denouncing the
people of the loyal states as cowards. From
the Chesapeake Bay to the Missis-ippi, this
blockade is now as strong as fleets I men-of
war, gun boats and forts . can possi oly seal up
harbors, leaving the rebels no chance of com
munication with the world, cutting off their
commerce, and diminishing their trade to the
extent of total ruin and destruction. The cot
ton crop must find an outlet and a market on
the railroads running from the smith to the
north. It must be brought up the Mississippi
to Pittsburg, and thence shipped over the various
roads leading from that city to the eastern and
northern manufacturing towns, or be carried
over Pennsylvania's splendid improvements to
the sea-board for trans-shipment to Europe. The
southern planter cannot eat his crop of cotton.
Though cotton is king. it is neither meat or
drink, shelter or protection, while waving in
its pods to the hot winds of a southern dime.
It reo ives its power and worth after it has
passed into the hands of the manufacturer—or,
rather, it only becomes powerful when convert
ed by the Gin, the Jenny and the Loom, into its
various marketable fabrics.
The irresistable and powerful effects of the
blockade cannot be watched too closely, or esti
mated too largely. By its influence the rebels
will be brought to understand their true posi
tion, if not appreciate the power and resources
of the government they have so grievously
wronged.
DESBRTERB FROM THE RE➢EL AMY represent
the condition of affairs in the rebel ranks to be
of the most desperate c haracter —drunkenness,
assassination, gambling and insubordination
being the order of affairs in the entire rebel
forces. It is asserted that a number of regi•
meats from South Carolina, Georgia and Ala.
barns, wese term of service will shortly ex
pire, have declared their determination to re
turn home, having become disgusted with the
hypocrisy of their leaders, the helplessness of
their'cause, and the bad treatment they receive
at the hands of those who deceived them into
this rebellion. The entrance of the federal
troops into Virginia and their closer proximity
to the rebels will increase these desertions, as
well as augment the organization and courage
of the Union men throughout the south.
Davis and his associates begin to understand
this condition of affairs, and hence the fact of
their sending a bearer of despatches to the
President, in which a demand was doubtless
made for a truce or an entire suspension of hos
tilities. It really seems now that the more
vigor with which the operations in Virginia are
carried forward, the sooner the rebellion will
be overtaken and crushed. One effectual blow
is all that is necessary to end its existence.
TEE POLITICAL. AND FINANCIAL CONDITION of
Missouri is so desperate that a call for a conven
tion has been issued, to meet in Jefferson city
on the 22d of this month, for the purpose of
nominating a Governor and Lieutenant Governor
and other state officers, in the place of Governor
Jackson, who is a fugitive, and the others who
are not willing to act under the laws and con
stitution of the United States. It is thoiight
that a fall provisional governirient of loyal men
will be appointed by the Convention, to act in ,
the present ca'. - - • : -
TILE GOVIERNME'IVT.
When Abraham Lincoln was: inaugurated,
those who now stand prominent as rebels, then
were satisfied that the destruction of the Ameri
can government was inevitable. It was made
a b rast that the f _deral authority was repudiat
ed in at least three states, while almost twice
as many more commonwealths were ready to
sever their connection with the Union of states,
the moment it would appear practical for them
to dissolve the association. All the while the
declaration was indulged, that the government
of the United States had become extinct in all
its functions, and that there was nothing left of
the old powers or prerogatives worthy of the re
spect of the masses of the people. Those who
made these assertions were of course the men
most deeply implicated in the plots since de
veloped for the destruction of the government.
They were determined to forestall public opinion
by poisoning the public mind, filling it with
doubt and swaying itsjadgment with prejudices
and alarms. Having thus had the start of the
government, and having also had the advan
tage of being in power in - most of the federal
departments, it was not extraordinary that the
rebel leaders should have succeeded in getting
possession of certain points, and making certain
preparations, which have given the color of
fairness to their treason before the world. It is
not strange that for a short period, the nations
of the world should have paused before defin
ing their position towards this rebellion, simply
because it had succeeded for the time in assum
ing a legitimate attitude, and in even forcing
itself on the generous consideration of man
kind. This was an advantage which treason
derived from an imbecile administration, of
which it was itself a component part—and with
this advantage in its favor, the statesmen and
soldiers of the world had a right, and actually
did anticipate for the rebellion a result which
would complete the destruction of every vestige
of civil and religious liberty on both sides of
the Atlantic as well as along the Pacific Ocean,
the Mediterranean, the Baltic and the seas of
the world.
But the result has been different from that
at ticipated by the rebels, the world, if not by
every loyal man in the land. We had a right
to look for disaster, not knowing or fully ap
preciating the temper of the people. We had
no right to believe that the government would
be sustained with the unanimitynecessary for its
complete success, simply because the political
feuds of the day had engendered prejudices
which were likely to arouse the bitterest pas
sious, and array a large mass of the American
people against a government whose interests
they should otherwise sustain and defend in
power and authority. All this constituted part
of the fears and the apprehensions of the men
who were summoned to grapple with the first
outburst of treason—but the result since has
proven how far we cm be wrong in our
estimate of the loyalty of a people who have
already tasted the blessings of freedom and
experienced the elevating influence of an
organization and a government based entire
ly on equd justice. Instead of the people
pausing, they have rushed to the support
of the government with an enthusiasm in
numbers almost unprecedented. In the free
states, the support of the government is open,
bold and vigorous In the rebel states, it has
its secret friends while it is assailed by its open
enemies, and even in some of these assaults,
the friends of the Union openly proclaim they
adherence to the government, by engaging in a
struggle with those who are banded together
for its overthrow. •
In the whole history of the world, we do
not find an instance in which a government
such as our own has been able as successfully
to cope with trai ors. The years that the rebels
have monopolized the places of power—the
precedents they have made and insisted upon—
the utter recklessness w:th which they have
seized upon and squandered the treasure of the
country, gave them all the prestige they eves
enjoyed, and made them the terror and power
they represented themselves to be before the
peace-loviug people of the loyal common
wealths. It was this reputation that made the
south the force in the government it has main
tained since its organization the force of
fraud, the power of overbearing and audacious
assumption—and clinging to the same princi
ples and practice in the present rebellion, they
firmly believed that they could crush the
masses of the free states, drive Abraham Lin
coln from Washington, and violently take pos
sesAon of the government. But they have
been mistaken, and in this mistake we have
the solution both of the problem of self-gov
ernment, and the plots and efforts of those who
were engaged in an effort to destroy such self
government. In this mistake it has been de
monstrated that while a free is as likely to
brave traitors as any other form of government,
it also produces a power equal to its own pre
servation, and that power is in the hearts and
the hands of the loyal people who are blessed
by its administration.
The IlissioN OF COLONEL TAYLOR, the rebel
bearer of despatches from the traitor Davis to
President Lincoln, has proven to be a failure.
The precise nature of his communication has
not been revealed to the public, but it is not
improbable that the dispatches he bore were
intended as a feeler of public opinion in the
north, with reference to some contemplated
offer of compromise on the part of the
southern rebels. The speculation that Colo
nel Taylor entered the lines of the army
under a flag of truce merely for the purpose
f making a reconnoissance w' conceive to
be absurd, inasmuch as the rebel generals
must have known that he would be placed un
der such surveillance as would reader it impos
sible to accomplish this purpose, as indeed the
result proved, for he was sent back blindfolded
to the outposts of the Union army, without re
ceiving any answer to his communication,
whatever its purport may have been. It is said
that the document contained an impudent de
mand, signed by Davis and Beauregard, and
was read by President Lincoln, but its contents
are necessarily kept secret. '
Tan undub- znortalit,y in one or' tivo of the
New York ragimenti ie attributed-to tha exoei
sive coriauxuptlon of lager beer.
iPennoVivania natty eeltigraPhs Webneoban 'Afternoon,lp 10,1861.
REPORT OF SECRECARY OF TREASURY.
The Secretary of the Treasury is required by
law to prepare and lay before Congress, at the
commencement of every Bersion, a I eport on
the subject of finance, containing estimates of
the public revenue and the public expenditures,
and plans I r improving and increasing the
revenue. This duty, always important and
responsible, is now rendered doubly imp 'Maur,
and responsible by the peculiar circumetancee
under which the present session of Congress
is held.
A vast conspiracy against the Union of the
States and the very existence of the national
government, which has been gathering strength
and preparing hosti ities in Secret tor many
years, has at length broken out into flagrant
violence, and has assumed proportions so seduus
that an: extraordinary exertion of the public.
force; creating 'extraordinary demmds upon the
put lie resources, is required for its speedy and
complete discomfiture and suppression. In the
judgment of the Secretary the clearest under
standing of the actual condition of the public
finances and of the measures demanded by its
exigencies will be obtained by considering
the whole subject under the following general
heads :
First. The balance arising from the receipts
and expenditures of the fiscal year, 1861, end
ing on the 80th of June.
Second. The demands upon the Treasury
arising under the existing appropriations and
created by the new year 1862, exigencies for
which provision is to be made during the fiscal
year.
Third. The best way of providing for these
demands and the means available for that pur
pose.
As to the first and second branches the Sec
retary shows an aggregate of appropriations al
ready made of $17,710,870 68.
He proceeds—The additional estimates here
with submitted for the fiscal year ending June
:30th, 1861, including the deficiency caused by
the applications of $6,299, 868 96 in the ser
vice of the preceding year, will require appro
priations.
For the civil list, foreign in-
tercourse and miscellaneous ob
$831,496 90
For the interior Department, 431,525 77
For the War Department, 185,296,897 19
For the Navy Department, 30,609,520 29
Making an aggregate of $217,168,850 15
In addition to these demands upon the Trea
sury, it will be necessary to provide for the re
demption of Tftasury totes due and maturing
to the amount of $12,638,061 54, and for the
payment of the interest on the public debt to
be created during the year,
which, computed
for the average of six months, may be estima
ted at $9,000,000.
After further figures, the Secretary says :
—The whole amount required for the fiscal
year 1862 may, therefore, be stated at $3lB,
519,581 87.
It will be seen that in the foregoing estimates
no provision for the interest on the existin- I
public debt specifically appears. The omission
is only apparent, the estimate for that interest
being included in the sum of nearly $66,000,-
000 already appropriated for the year 1862. •
On the third branch, viz, the Ways and
Means, the Secretary says :—To provide the
large sums required for ordinary expenditure
and by the existing emergency, it is quite appa
rent that the duties on imports—the chief re
source for ordinary disbursements—will not be
adequate. The deficiencies of the revenue.
whether from impor s or other sources must
necessarily be su plied from loans, and the pro
blem to be solved is that of so pi uportiouine.
the former to the latter, and so adjusting tbt
detaiis l of both,-that the, whole amount ueeileu
etetteee,e—teee..teith.atee—ee.
)my, with the least possible ihicunveuieuce,
with tee greatest possible incidental benefit to
the people.
The Secretary has given to this important
subject the hest consideration which the ur
eency of his varied t üblic ileac)) has allowed,
and now submits to the consideration of Con
gress, with great deference and no little dis
trust of his own judgment, the conclusions to
which he has arrived. He is the of the opinion
that $80,000.000 should be provided by taxa
tton, and that $240,000,000 should be sought
through loans. It will hardly be disputed that
in every sound system of finance, adequate pro
vision by taxation, for the prompt discharge of all
ordinary demands, for the punctual pay meat of
interest on loans, and for the ere .tion of a
gradually increasing fund fur the redemption es
?he principal is indispensable. Public credit
can only be supported by public faith, and pub
lie faith can only be maintained by an econo
mical, energetic and prudent administration ut
public affairs, and by the plouipt and punctual
u 'fitment of every public obligation.
It has been already stated that the appropt la-
LiODS f'r the ordinary expendi urea of the fiscal
year 1862, including the permanent and indefi
nite description-, amounts to $0,887,849 84,
and the interest to be paid on the debt to be
incurred during the year has been estimated 'at
$9,000,000, making an aggregate of ordinary
expendi urea of $74,887,849 34. If to theft
sums be added $5,000,000 as aprovisionfor 4te
reduction and final extinguishment of the pub
lic debt, the total will be $79,387,849 34. To
provide for these payments it is proposed, in
accordance with the principle just sated, to
raise by taxation at least the sum of $80,000,-
000. In considering the choice of means to
ensure a revenue adequate to the purposes just
indicated, the attention of the Secretary haa
been necessarily drawn to the different modes
of taxation authorized by the Constitution.
The choice is limited to duties on imports, direct
duties, and internal duties or excises.
Duties on imports constitute the chief form
of indirect taxation. Direct taxation include
capitation taxes, taxes on real estate and proba
bly general taxes on personal property, included
in lists embracing all descriptions and valued
by a uniform rule, while under the head of in
ternal duties and excises may be included all
taxes on consumption and taxes on special dets
criptions of personal property, with reference
to use rather than value.
The principle advantage of the system of di
rect taxes are found in the sensibility with
which they are felt and observed—in the mo
tives thence arising for economy and fidelity in
the Administrdtion, and in the manifest equal
ity of distributing burdens in proportion to
means, rather than in proportion to chnsump
don ; on the other hand, the advantages ot in
direct taxation by duties on imports are found
in the economy of collection, in the facility of
payment, in the adaptability to the encourage
ment of industry, and, above all, in the avoid
ante of federal interference with the finances of
the States, whose main reliance for' revenue for
all objects of State administration must neces
sarily be upon levies of property.
These considerations have doubtlem deter
min d the preference which has always been
evinced by the people of the United States, as
well as by their Legislatures and Executives,
for duties on imports as the chiet source of na
tional revenue. Only on occasions of specid
exigency ha, resort beep. had to di , ect taxation
or to internal duties on excises. No departur,
is proposed by the Secretary from, the line of
policy thus sanctioned. He ventures to recom
mend only such modifications of the existing
miff as will produce the principal part of the
needed revenue, and such resort to direct taxa
tion or internal duties aa, circumstances may re
quire, in order to make good whatever want of
dudes may be found to exiat. That the pre
sent tariff ~ f duties will not produee the revs
one required - by,-;sound :principles of finance,
under 'the existiciK,cirety:kceh.-4 a proxisi,
tiou which - Will" pordnaan4., PORI WO*.
was frarLiCd,'Aideed; . viith"reloFenk . ia 'SW 4013;
dithient danditga% attaisi::`
TREASURY DEXAMMENT, July 6, 1861
The receipts for the last quarter of the fiscal
year just closed, were only *5,527,246 33, and
thoug La very consid ruble improvement in the
revenue may be confidently anticipated during
the current fiscal year, should no change be
made in the rates of duties, it will be inade
quate, beyond doubt, to the demands of the
Treasury, which should be provided for without
resort to loins. These demands, as has already
been stated, will reach the sum of $79,887,-
849 34, a sum not greater, perhaps, than may
be reasonably expected, in more prosperous
years, from a welt adjusted tariff of duties,
though greater than can now be expected !row
any tariff. the disorders of business incident
to the disturbed condition of political affairs.
will be gradually redressed as new channels open
tor ceive the trade obstructed informer courses,
and new employments engage the industry dis
placed from former pursuits.
With this revival of trade and industry the
revenue will improve, even though the resto
ration of peace may be delayed beyond our
present hope. It is hardly to be doubted,
moreover, that the great body of the citizens
of the States now involved in the calamities of
insurrection will, ere long, become satisfied
that order and peace, and security for all rights
of property and for all personal and political
rights in the Union and under the Constitution,
are preferable to the disorder and conflict and
insecurity necessarily incident to attempts to
subvert the government, break up its iustitu
tions and destroy our nationality by force and
violeree. When, under the influence of this
reasonable conviction, the people of the several
States now constrained by the criminal folly of
political partizans into civil war against the
Union, shall, la their turn, constrain these par
tizans to loyalty, to law and obedience to the
Constitution, it is not unreasonable to expect
that with restored union will come not merely
renewed prosperity, but prosperity renewed in a
degree and measure without parallel in the
past experience of the country.
While recommending the changes in the ex
isting tariff and the other revenue measures
which seem to him necessary, the Secretary in
dulges therefore a confident expectation that
they will ultimately prove wholly adequate to
all reasonable demands, for the ordinary expen
ditures, for the payment of interest, and for the
reduction of the public debt; and that they will
moreover, by establishing the national credit on
sure foundations,
contribute in no inconsidera
ble degree to that revival of trade and industry
which, by its healthful reaction, will, in turn,
essentially promote the increase and security of
the revenue.
The sources of revenue most promptly to be,
made available must be sought, doubtless, in
the articles now exempt from duty or but lightly
taxed. Nearly all of these articles have hereto
fore contributed in full measure to the national
income. It was only when the debts contracted
in former wars for the estaidi hment of our na
tional independence or the vindication of our
national rights had been fully paid and the
revenue had increased largely beyond any le
gitimate uses of government, that it was thought
proper to remove the duties on some of them
and largely reduce the duties on others. That
intelligent patriotism which cheerfully sustained
the former charges, will even more cheerfully
sustain those made necessary now for the pres
ervation of our national Union and the main
term/lee of the sovereignty of the people.
Of the art des now hotly taxed, sugar, and
of those wholly exempt from duty, tea and
coffee, are the most important. The Secretary
most respectfully proposes to Congress that a
duty of .4 cents per pound be laid on brown
sugar , of 3 cents per pound ou cloyed sugar ;
of 4 cents per pound on loaf and other refined
sugars ; of 21 cents per pound on syrup of sugar
cane ; of 6 cents per pound on candy ; of 6 cents
per gallon ou molasses, and of 4 cents per gal-
Am on sour molasses. And it is ors° proposed
that a duty pt 6 cents per pound he imputed on.
wnL'ej -- rnr* tiactr - tore
:0 cents per pound on green tea. Erom .thetie
duties it is eiainaatk d that au additional revenue
of nut less than 313,000,000 annually may be
raised, while the Um then of this upon our own
people will he to some considerable degree rani
gated by a participation on the part of the for
eign producers.
Without oing into other details of less im
portance, the Secretary thinks it proper to add
in g. neral that from the propos d duties on ar
ticles now exempt and from duties charged on
- articles now either lightly burthened or so hea
vi.y taxed that the tax amounts to a prohibi-
Lion, a further increase of revenue to the amount
of $7,000 000 may be anticipated, and that the
improving condition of trade and industry war
rant a just expectation that revenue from the
duties of the present tariff not yet affected by
the proposed ch ,nges will not fall short of $3O,
000 000. He estimates, therefore, the total
revenue from imports during the present ) ear
at $67,000,000, to which may be a .ded the
sum of $3,000,600, to be derived from sales of
the public lands and miscel aneous sources,
making the total revenue for the year $60,-
000,000.
While, therefore, there is every reason to be
lieve, that under a moditied tariff, when the
prosperity of the country shall be fully r stor
ed, en annual revenue of not le-s than $BO,-
000,000, and probably more, may be realiztd,
it will be necess.ry, in order to sustain fully
the pu s bl:c credit, to provide for raising the sum
of $20,000,000 for the current year, at least, by
direct taxes, or from internal duties or excises,
or from b.,th. The Conetitution requires that
the former be apportioned among the states in
the ratio of the Federal population, but the latter
need only be uniform throughout the United
States. Taxes on real estate, and perhaps gen
eral taxes on personal property, must therefore
be apportioned. Taxes on distilled liquors, on
bank notes, on carriages, and similar descrip
tions of property, must not be higher in one
State than taxes on the same article in another
State.
The Secretary submits to the superior wisdom
of Congress the determination of the question
whether resort shall be made to direct taxes, or
to internal, or,both, for the supply of the pro
bable deficiency of that portion of the public
resources, which, upon the principles already
I explained, must be furnished by taxation. The
value of real and personal property of the peo
ple of the United States, according to the ceoeus
o f 1860, is $1.6,102,924,116 ; or, omitting frac
tions, sixteen thousandinillions of dollars. The
value of real property is estimated at $11,272,-
053,881, and the value of the personal property
at $4,882,880,235.
The proportion of the property of both de
scriptions in the United States excluding those
at present under insurrection iB $10,900,768,009,
of which sum $7,680,620,608, represents, ac
cording to the best estimates the value of the
ieal estate, and $3,230,227,404 the value of the
personal property. At ante of} of 1 percent. ad
valorem, on the whole real and personal property,
the country would produce a sum $20,128,667,
at a rate of one fifth of ono per cent. on the real
and personal property of the States not under
insurrection, would produce the sum of $21,-
80.0,056, and at a rate of ;three tenths of one
per cent. on the real property alone in these
!States would produce $22,891,590; either sum
being largely in excess of the amount required.
in some States the revenue for all purposes
of. State, county and municipal expenditure is
raised in this manner ; and the etsesswents of
real and pers,mal property levied on valuatioes
made under State authority form a certain end
convenient method of collection. If such val
uations existed in all the states it would not
be difficult' through the assumption" and pay
ment by the Several States of their several pro
portions of the tax, or throngh the co-opera
tion of the State authorities in its collectioic
or through Federal agencies created for the
purpose, bat the. State valuations to as
/15- and collect the, levy for national purposes:
It is the absence:of such valuationg in sdnie.:'.Of
the State 4, and the uncertainty of 'effectiVe jct.
ogetatlot la all, which maga the emptoyshout
of an extensive and complicated Federal ma
chinery for the collection of direct taxes ones'_
vary, and supplies the basis of the most serious
objection against that mode of collecting reve
nue...
It has been ohjected, and not without appa
rent reaton, to a resort to direct taxes at this
time, that, in consequence of the disturbed
cond tion of the country, the apportionment
required by the Constitution cannot,be made.
The Secretary, however, adopts the opinion
that the constitution , I requirement will be
satisfied if Congrvss, hi the act of levying the
tax, shall apportion it among the several States
in the required manner. The tax c ,nnot be
co,,,e un,onstittitional, because it may be diffi
cult, or even temporarily impossible, to cl Meet
it as apportioned. If it were otherwise the ob
jection would be fatal to internal duties as well
as to direct taxes for, in the present condition
of the country, it is impossible, whatever uni
formity may be observed in the law imposing
such duties, to make them- uniform in collec
tion.
Internal duties may be collected more cheap
ly than direct taxes, by fewer agents, and with
less interference with the finances of the States
They may also be made to bear mainly upon
articles of luxury, and thus diminish, in a cer
tain extent. the burthens imposed by duties on
imports upon the classes of the people at least
able to bear them.
It has been already shown that a light, direct
tax, from which, the Secretary ventures to sug
gest, very small properties may be properly and
advantageously exempted, will produce the sum
needed for the revenue. •In the judgment of
the Secretary the needed sum may also be ob
tained from moderate charges on stills and dis
tilled liquors, on ale and beer, on tobacco, on
bank notes, on spring carriages, on silver ware
and jewelry, and on legacies.
If both sources of revenue be resorted to, to
the extent suggested, the amount required from
loans will be proportionately diminished, and
the basis of the public • credit proportionately
enlarged and strengthened. Whether both
these modes of taxation be resorted to under
the present emergencies, or only one of them,
the Secretary will but illy perform his duty to
Congress or the people, if he omits to urge the
great importance, the absolute necessity indeed,
of such full provision of the annual revenue as
will manifest to the world the fixed purpose to
maintain inviolate the public : faith, by the
strictest fidelity to all public,ongagements.
It will not, perhaps, bethought out of place
if the Secretary suggests here that the property
of those engaged in insurrection or in giving
aid and comfort to the insurgents may properly
be made to contribute to the expenditures
made necessary by their criminal misconduct,
as apart of the punishment due to the guilt of
involving the _ nation in the calamities of civil
war, and thereby bringing distress upon so
many innocent persons. Congress may justly
provide for the forfeiture of the whole or part
of the estates of the offenders, and for the
payment of its proceeds into the public Trea
sury.
Before dismissing the subject of the proper
provision for ordinary expenditures, inelud ng
the interest of the public debt, and a proper
amount for a sinking fuud, the Secretary re
spectfully a-ks the consideration of Congress of
the question whether the current disbursements
of the government may not be themselves di
minished? He ventures to suggrst that a con
eideraele saving may be judiciously effected by
a reduction, for the time, at least, of ten per"
cent upon salaries and wages paid by the gen
eral government, in cases where such reduction
will not interfere with existing contracts, and
that a further saving, perhaps not less consid
erable, may be effected by the abolition of th
franking privilege and a reducti n of postal ex
penses. itetrenchmeut in other directions will
Joubtless suggest itself to the reflection of Con
gress; aud it tit rust respectfully recommended
every retretaChinent compatible with, the
vigor and ellicleocy of the publis: service be
promptly and effectually mule.
The becretary has hlteady said that, on th
supposition that $80,00u,000 may be raised by
taxation in the triode proposed, ur derived from
the sales u 3 the public lauds and miscellaneum,
resources, it will still be necessary, in order to
meet the extraordinary demands of the present
rims, to raise the sum uf two hundred and
forty mi lints 'of dollars by loans. A. compari
n of the acts by which loans have already
been authorized and of the loans actually made,
will show what resources of this description are
vailab e and r existing laws. The act of June
22d, 1860, authorized the borrowing of $24,
vOO,OOO, at en interest of not above 6 per. oeut.
Clutter th 6 authority Mr. Secretary Cobb, in
October, 1860, negotiated a lean of $10,000,000;
ut, from causes not necessary to be here sped.
ded, the takers of $2,K8,000 failed to make
good their off rs. Tha amount realized was,
tr erefore, only $7,022,000, leaving for future
neg ,tiatien, under the act, the sum: of $lB,-
978,000. The act of February Bth, 1861, au
thorized another loan of $25,000,000 on bonds
at 6 per cent, and p rmitted the acceptance of
the best bids, whether above or below par.
Under this act, in February, 1861, Mr. Secretary
Dix disposed of bonds to the amount of $B,-
600,000, at rates varying from 90 16 100 to 96
10 10U for each $lOO, and realizing the sum of
$7,248,500 35; leaving to be negotiattd the
sum of $16,994,000.
The act of blanch 2d, 1861, commonly called
the tariff act, authorized another loan of $lO,-
000,000, at an interest not exceeding 6 per cent.,
and also authorized the Secretary of the Treas
ury to issue Treasury notes in exchange for coin,
or in payment of debts, for the amount of any
dis not excepted under the actof Feb. nary Bd,
1861, and for the amount of any loans restrict
ed to par not taken under the proposals author
ized by the act of January, 1860, or by the
tariff act itself.
Under the acts of February and March, 1861,
the present Secretary, in April, 1861, disposed
of $3,099,000 in bonds, varying in rates from
85 per cent. to par; and $4,901,000 in Treasury
notes at par, realizing for the $8,000,000 offer
ed the sum of $7,814,809 80 to the Treasury ;
and in May, 1861, he disposed of $7,310 000 in
12onds, varying in rates from 85 to 93 per cent„
and $1,864,000 Treasuiy notes at par, receiving
for the $8,994,000 the stun of 87,922,653 46.
The present Secretary also invited proposals
at par for $13,978,000, being the balance of
the loan authorized by the act of 'June, 1860.
No bids were received except three for $12,000
in the aggregate, which, • having been made
under a misapprehension, were permitted to be
withdrawn, or applied as offers for Treasury
notes at par, or for bids under the act of Febru
ary, at 86 per cent. The Secretary has since,
under the authority of Elwell, 1861, issued
Treasury notes to offerers at par, and in pay
ment to public creditors to the amount of $2,-
584,580.
The only'anthority now existing for obtain
ing money by - loans is, therefore, found in the
act of March 2 1861, which authorizes the
issuing'of: bends bearin g an interest of 6 per
cent., or, in default of offers at par, the issue
or payment of Treasury notes, bearing the same
rate of interest, at par, to the amount Of $ l O,-
000,0000 ; and in the act of ,June 22, 1860 ; .is
modified the act of March 2,1860, under which
Treasury notes at 6 per cent. may be issued or
paid to creditors at par to the amount of $ll,-
3 83,450—making in all an aggregate of loans
authorized iu some form of $21,893,450. This
authority, under existing circumstances, is no
further available than as creditors may desire
to accept payment in Treasury notes at 6 per
cent., which is not to be expected, perhaps, as
an alternative for delays of which a just or pru
dent government will not, unless under extreme
fiee-ssity, permit the occurrence.
It needs no arguint.nt to work the conviction
that under the existing laws little or nothing
of 'the required surn - can be realized. The mag
nitude o ale - 060044 requires other measures:
As the COnteet in , ihich the government's now
owed is 0'994460 144. Wimal nistac!l sad
_
the sovereignty of the people, it is evidently
proper that the appeal should be made, in the
first instance, at least, to the people them
selves, and it is high y desirable, in order that
the circle of contribution may be widely ex
tended, to make the burthen press as lightly Re
possible upon each individual contributor; and
if possible to transmute the burthen into a
benefit. To attain these desirable objec 5, the
Secretary submits to Congress the expediency
of opening subscriptions for a national loan of
not less than $ 10 0,000,000, to be issued in the
form of Treasury notes or exchequer bilk,
bearing a yearly interest of 7 310 p r cent., to
be paid half yearly, and redeemable at the
pleasure of the United St des after three years
from date. The sum of $100,000,000 is named
as the amount for which it now seems expedi
ent to rely on a subscription of th s kind. But
it is not intended to restrain loans in this form
to any precise limit short of the entire sum
which may be required in addition to the sums
to be realized from other sources for all the
purposes of the year. The interest of 7 3 10
per cent. is suggested, because it is liberal to
the subscriber, convenient for calculation, and,
under existing circumstances, a fair rate for
the government.
It is beneficial to the whole people that a
loan distributed among themselves should be
made so advantageous to the takers as to inspire
satisfaction and the hopes of profit, rather than
annoyance and fears of loss. And if the rate
of interest proposed be somewhat higher than
that allowed in ordinary times, it will not be
grudged to the subscribers when it is remem
bered that the interest on the loan will go into
the channels of home circulation, and is to re
ward those who came forward in the hour of
peril, to place their means at the disposal of
their country. The convenience of calculation,
incident to the rate proposed is quite obvious,
for the interest being equal to one cent a day
on $5O. it is only necessary to know the num
ber of days since the date of a note, or the last
payment of interest, to determine at a glance
the amount due upon it.
To increase still further this facility of calcu
lation it is proposed also to issue Treasury notes
of this loan in sums of $6O, $lOO, $6OO, $lOOO
and $5OOO, with the amount of interest for
specified periods engraved on the back of each
note. The facility thus secured to the holder
of determining the exact amount of the note
and interest without any trouble of computa
tion, will materially enhance its value for all
purposes of investment and payment. While
the rate proposed is thus liberal and convenient
the secretary regards it es also, under existing
circumstances, fair and equitable to the gov
ernment. The bonds of the United States bear
ing interest of six per cent, and redeemable in
twenty years after date, cannot be disposed of
at current market rates, so that the interest on
the amount realized will not exceed 7 8 10ths
per cent. Nor is there any reason to believe
that treasury notes bearing an intertst of six
per cent, recivable for public dues, and conver
tible into twenty years' six per cent bonds, can
be disposed of in any large amounts, so that
the interest of the sum realized will not fall
much, if at all, short of the rate proposed, for
the difference of interest, if any, between such
rates and those of the proposed na tonal loan,
the Secretary thinks the absence of the feature
of receivability for public dues in the latter is a
sufficient compensation.
To secure the widest possible circle of con.
tribution, the Secretary proposes, in addition to
the inducements just mentioned, that books be
opened at the office of the U. S. Treasurer in
Washington; at the offices of the Assistant
Treasurers and depositors of public moneys ; at
the offices of such postmasters and other select
ed persons in such cities and towns of the Union
as may be deeignated. That subscriptions be
receleved for $6O, or any t•um being the multi
ple of $5O ; that the sums subscribed be paid
to cash, or if the subscriber prefer, In instal
ments of one tenth at the time of.subscription
and the tenth on the let and 15th days of each
month thereafter, the first instalment to be
f rteited in case of the non-p yment of the
.;:übsequent instalments ; and that interest ac
crue cud be paid as it becomes due on all sums
paid in, from the day of payment; and that
Treasury totes be issued if required for all pay
ments except the first instalment, and for these
on final payment.
~Die~.
Thi - 4 morning after a short Maass Cram Bassi, is the
thiriy-tbird year of pis sue.
3 03 2butt-tizements.
CO-PARTNERSHIP
1/TANTED.—Agood businessman with
if V from 5101 t• VW capi'al to enrrigo in a Artt
etas* business, 10491;lif 50 I.of cent pfak. Address 6
Manufacturer, at thla LElca. Jylo (Me
yi 0116 E WANTED.—A. small house for
& recruiting readezvoun—nexr Railead pra
te ed LIEUT. ORABT, ISM Artillery,
jy , 10.dmaelt Joao, Boole.
t'O ALL WHOM IT MAY CONCERN.
NOTICE is hereby given that under and
in pursuanee of the Act of Assembly in SUO7 ease
mad' and provided, will be sold at public auburn 01
SATURDAY THE 26th DAY OF OCTOBER, 1561 ac the
ware house formerly oceupid by John Wadlwer & Son,
in the City of. Harrisburg, Pennsylvania, the foLowing
g00d.,;, ware; and met.. hen 1153 to pay the charges there
on due John Wallewer & eon, arising from the transr.or.
tation, keeping or storage thereof :
PitoEthTT COMO.= TO
3 Ploughs, Hunnagle.
1 Carrtige Pole, Owner.
1 Cooking Range, S. D. McCall,
z Boxes Mdze, W. E. Pence.
' -T - Box Carpenter Tools, G. R. Darndoilar,
1 bedstead and Chairs, A. Fog.
1 Box Painphleta, Owner,
2 B.IX Household Goode, -.-- Owner.
1 Chest Sundries, Owner.
1 Chest BOOFehOId . GOO4 Wm. Brown.
1 Cart and 2 sieves, Chas. Smith,
Lot Broke Stoves and Castings, Owner.
Lot Household Goods, J. J. Cull.
1 chest Bedding, Owner,
1 Stand, 1 Bed, 1 Bedetead, Rock
er, I Frame, ' Mrs. Baker.
1 Box Glass Ware, Owner.
I B.:parator, Owner.
1 Plough; Owner.
1 Horse Rake, I.Drill, Owner.
'1 Box eundrles, Bridget Gilmer.
1 -Box Patten a, Owner.
1 Box Furniture, Rev Miller.
1 Chest Tools, ()when
3 Boxes hidie, Mrs. M. White.
1 Bbl, 1 Half Bbl liquor, 1 Keg, Owner
1 Bbl, 1 Wed Break r &c., J Winebrenner.
2 Threshers and Power., R. T. Etter.
2 Boxes Paper, Own r.
Bo! , < Cement, H. Ru2P,
Let Tools ice., - O. P. Dull.
1 Smut Machine, Owner.
1 Lime Spree ler, • Eli Fry.
A. O. FiIb.STER,
- C. F. MUBNCEI,
jylo-IdBtw Assignors of .Ino. Wall ,wer a Son.
FOR SALE.—One of the best business
stands in the city on reason .ble term=, or 'wed
for Neu or aye years :it sled in Market saw. beftsosa
Fourth and Fifth. lingufte on the.pren t•es of
9412 in • DaNIG LEEDY.
SELF SEALING !I !
•
TARS, CHINA. POTS AND TIN CANS or
tji five varieties just re.ceived and for sale low ny
jy 9 ' • WEd. DocH. Jtt., & CO.
STRAY HORSE.
TAKEN up to-day (July 9,) in the Sixth
ard, astray ti KEY nOSSE, w.tuout ekddieyy
:Lie or hirness, The owner can otn.da the andual ey
prociag property and pa } tug aharE es.
LOUIS KAPPHOM,
Jy9 Ste Sixth Ward,
EUREKA SKIRT 1 I.
A Nialegant skirt. Belt adjw4ting in sit
-1-36, tang, done. Ik• into and elegazd',lcaproyement,
tLica please defy [O9-2U • ; TONES,-810.71.E.
IMPORM BOLOGNA. SAUBIGB.-A
varmint batjuit raving and for .4. Dy
1191 WiLa QV " a_o9,