The New York Herald Newspaper, July 28, 1862, Page 2

RR 2 t who were will. ducts, to pay a tax paid to eontractora in St 3s om foreign goods and New York in those oi bureing 0 mposed t re wine. cornet at ee b ia vith the rt ments of th® the date when it was so paid; the inferest on any : d t i t this tax aia0i was calculated from the date placed opts back 0 a kaaleoersamnins, (os Officer, without re to sages! ° s p 2 le ig 20 of e Westera vo to the date from and Sums wore a being taken as the date of oderstanding arose rela boar iu be proper endo States which the notes were te teres paid to em this way these men ft y received a larger su that to which they were entitled, inasmuch reased on their face were worth from the dato there written, whi dered wul) by the endorsement o! This abuse was broughtito ths notic who immediately corrected it, Shortly after kis inauguration Pres bis eall for aepecial easton of the gress. ed April 15, 15 the surr ment of the war voned on the Feurth ¢ With the passage of tioned ended the actio the subject of the of the Th Téncoln 4 two di n ual comme: v 39,46a 00 * District Goins 49.487 5 4 law each State was allowed to assume the t, paying into the Treasury the sum an allowauee of fifteen per The taxes levied were of two e5—taxes on real estate and taxes on incomes. The act proviled “that the said ot tax laid by this act ands and £ ground, with their improvements and dwelling articlus subject to taxation shall be enumerated and valued, by the respective assessors, at the rate each of them is worth in mongy on the 1st day of April, 1562.”” Property valued at not over five hundred dollars, belonging to any individual who resides thereon, was exempted, The taxos to be levied by thia act of Au- gust 5, 1661, were limited by the aot of July 4, 1862, as followa:--Sec. 119. And be it further enacted, That so much of an act entitled ‘an act to prove increased ree vento from imports to pay interest on the public debt, and for other purposes,” approved August 5, 1961, as im- gress, convened by President n and to provide rebellion, he pro to of the 2 asing reyeaue was to be ob. od during the summer of 1962 wil! the most portant enacted ellion the ucts Gince the foundation of ow gover bad by that time grown into gigantic pi the most unwilling had been forced into the belief that a great and bloody contest was before the nation, Every whore throughout the loyal States the people had mani, fosted @ Celermuped spirit: they bad said in unmistakable tones that the “Union muat and shall De preserved,” cost What might the eifurt s0 todo of their blood and treasure, | Hoges a direct tax of twenty million dollars on the United Acting in obedience to the will of their comstituents, the | grates shall be held to authorize the levy and cotleetion members of Congress mot with the intention of voting | of ong tax to shat amount; and no other tax shall ber men and money to the fuil extent called for. The result | revied under and by virtue thereof until the Ist day of Was the introduction and passage of the aci@ reviewed | \pri)/ 1365, whon the same shall be in full force and ia. effect. The regular seasiou of the thirty-seventh Congress met on the 2d day of December, 1861. The war was still far from ended, notwithstanding the fact that we had in the fleld an immense army, and on the seas and rivers great fleets of gunboats, men-of-war and transports, The creation and maintenance of such an army and navy had cest the nation immense sums, and it soon became appa- rent that more financial measures must be introduced: ‘The attention of Congress was first directed to the tariff’ which hadalready been altered twice within the year, Further change, at that time, was deemed inexpedient, except in the case of sugar, tea, coffee and molasses, on which the rates were raized by THE SUPPLEMENTAL TARIFF ACT, approved by the Prosident on the 24th of December. The act was so worded that it was capable of receiving the construction that the new duties should be levied on merehaudise of the descriptions named imported pre- vious to the passage of the act aud in bond at that time. The Secretary was favorable to such a construction, and, in order to give his interpretation full force, teie- THS 7.30 TREASURY NOTS BILL. Buta short time elapsed after the mecting of Congress before the great nancial measure of the session was in- troduced. ‘he act referred to authorized the Secretary of the Treasury to borrow $250,000,000 within twelve months of lis passage. In return for the money re- Ceived ou this loan the Secretary was authorized to issue coupon bonds, or registered bonds, or Treasury notes, The bonds were to bear interest at a rate not exceeding seven per cent, and were to be irredecmable for twenty years, after the expiration of which time they wore to be redeemable at the pleasure of the United States. The Treasury notes to be issued under this law were to be of denominations not less than $50, redeemable in three years, and bearing interest at the rate of 7.30 per cent ‘The interest ou both bonds and Treasury notes was to be payable semiannually. The issue of DEMAND NOTES was also allowed, the act providing that, as @ part of the loan of $250,000,000, notes of smaller denowinatious than $50, bearing no intgrost, but Payable on demand, may be issued. These notes : could de paid in excbango for ovin, for salarics and other | &r#pbed to the different collectors ordering them to re dues from: the United States. ‘They were also to be re. | @ufe the new dutles to be enforced in respect to such coivable for ail public dues, unlike the 7.20 notes fesued | 8°048- A resolution of both hous=s, <ubsequently passed, under the same law, which are not receivable for duties | UStvowed this construction. This juestion of levying onforoign merchandise, The issue of notes bearing in- | 2°W “nfles on bended goods gave rise te much excited terest at the rato of 3.65, payable one year from date, | ‘t8eussion at the time, and, though many thought such a BEng Saree gy wore to be at any time ox. proceediug justifiable, many others severely condemned changeable for the Treasury notes. The act provided | % The Taising of tho dutios on sugar, tea, coffee, &o., that no portion of the loan it authorized should be taken | W4S Productive of good reauite, BAving been effected at at leas than par. Our readers will notice the difference the proper time to enable the government to avail itself in the plans for raising money under the last and of the higher rates, on the crops of the year, which had the present sare istrations. The mode in the former in. | 2°* theu arrived, A large increase of the revenue soon stance was to offer Treasury notes to those'who would | '*” ted. In this connection our readers will find inte- take thems at the lowest rates of interest, which we have | “*#!ind the following comparison of the monthly roceipts 1 Were in some casos as high as twelve per for the fiscal years endipg with June, 1861, and June, cent. The device adopted in the latter was to fix the | 182 rate of intereet to be paid on the notes, bind the Secretary of the Tréasury not to issue any notes With the raies thus fixed for tes than thelr par value. and to | MONTHLY RECEIPTS FOR DUTY AT THE NEW YORK Cus- TOM HOUSE. A limit was fixed in this way, and the opportunity, ox- red : isting under the former arrangement, to take advan. | gow ior’ tage of the wants of tho goverumect and only accept | October te promise to pay at ruinons rates, was removed. ‘the | November change in plan was eminent!y successful. January sis Thinking that we might be unable to raise the whole | February ataount of this large loan 1) our own conntry, Congress — provided that $100,000,000 tere’ might be negotiated | uy in foreign countries. The patriotism of ovr pox as, | Juue. however, saved us the humiliation of aex id from any other nation. The notes of deaomiuat! + a See $50 (the demand and _3 45 notes) were allowed to Le re issued after redemption, the aggregate value of those in circulation at any one time not to exceed the full amount of those originally authorized. The sum of $200,000 Was appropriated (or expenses iz carrying the act into effect. The bill was approved by President Liueoln July 17, 1861. 36,096,029 The efiect of the supplemental Tariff act on the Trea- sary is sufficiently apparent in the increased receipts after December, 1861. ‘The next measure relating to the national finances was the $28,223,732 TREASURY NOTE BILL, approved Fobrusry 25, 1863, This was, without excep- ‘ 7 tion, the most unportant financial measure in- i Ligier the firet oxtonsive issue | troduced in Congress since the outbreak of the of paper money by government was to be made. | repeiiion, It placed in circulation an immense Some fears were at first entertained that the people number of government notes, without would not readily receive so large an amount of paver which were tade by its provisions a legal tender mouey, as the Seer was liaited to the rayment of pasicieliet Gai dibele, Dobie efid. privade: welnia. 6h <span ede tadenent eal wis es jh paymen: jebts, public and private, within the pose of it at its par vaine. Such fears were scaiterad, however, as soon as it became mecessary te carry the act inte effect bie metliod o regnit of these | ted States, €: Londs and oles riety stated ‘pt duties Ou imports and interest upon Lis most important provisions may be lows — and to appeai to the peop! 4 viattd) aiieeie chert rel ies nn bel 1. is anthorized the Secretary of the Treasury to issue Ne pur consulting wil i < te emigent flaanciers and bankers of this city, 50 ax to de: | ‘ne Credit of the United States, $180,000,000 of de mend petee, of denominations not jess than $5 each 2, It provided tant $60,000,000 of the notes should be in lieu of the demand notes issued under the act of July 7, 1801, which it required to be taken up as quickiy as possitle. That the whole number of demand notes of both termine in his own mind the most f disposing of the notes to be teenie Boston any ynment notes to the value of to receive from the go 000,000. Thi 6 advances 9 banks . 150,000,000. This sum was advanced by tho banks | \.c9g, in circulation at any one time, shall not exceed under the following arrangements:—Ou the 19th af | 915 649.000, August, 1861, they agreed to pay over the drat a Ginnie 4. That the new notes shall be reestvable in payment 1 Lixes and debts due to the Untied States, except ties on imports, apd of al! claims against the United except for interest upon bonds and notes, which to be paid ip coin. the notes aliali be convertible into United states bonds, coupon or regi ed, bearing interest at he rate of six per cent, payable semi-annually aud re f the United States after five f nh f the Philadelphia mont of $79,000,000, reserving to thar es the right, should they wish so to do, to take, on the 15th of Vote bor, notes to the value of $50,900,000, and on the 1 December $36,700,000 rv The priacipa! pa of the arrangement between r and the banks were asfollows:— + 1 That the former chouid imm@ar 'Y '8ue 7.50 per cent notes to the oxtent ef 360,000,000, Nearing date of Leama’ Avgust 19, 1861. se lh 7 Fae eq tha béuke of New Yurk, Boston and Philedet. years, and payable twenty yera after the date there « 6 That euch notes shali bel receivable the same as oti ae ie 8+ per whe cee ois te tea { coin, at thelr par value, In paystent of any loans there. ‘no privilege of tatsing $199,000/000 more ab the dales | negotiated. already meationed Pa é te 7. That the Seeretary may ieewe coupon oF registered 3. That the government should appeal to the people | pings amonnt not exceeding $509,000.02, re- for 9 popular pational joan dorms pleasure of the United States after five 5. The fifth provision of the arrangement was that | Voy ang payable twenty years from dute, bearing in the banks should immediately pay into the Treasury | gst at the sute of six per cent, payable semi-anuaslly, ton per centof the amount of thelr first subsertpt ‘The bonds cau bo disposed of at any Lire at their market 6. That the Treasury Mepartment should receive in | 1.4 part payment @f these svibscriptions any past doe | 4. nis, ine secretary muy seceive deposits ia sums uot Treasury notes. lee than $10¥, for not less than thirty days, issuing to ay ‘The bake, th rey suneneeniew + he | therofor certi@eates of deposit, bearing interest at the $50,000,000 Angnst 19, $1 a ? ! ; * a Bip “| pate of five per cent, tue aggregate ainount of such de- pal no aim par cont Bonde on the 10M OF NO | is oo tine to exceed $25,000 ember ®. That dutios on imports shall be paid in coin or de. ‘ . mand gotes of the first issue, the coin thns received to the popular joan wan calied for aod met with & hearty | bog special fund for the payment of interest on the po - A chewed wen of fooiety. Tho | nds and notes; for the purchase or payment of ene wealthy Banker brought bie thousands nud placed them of the eutire debt of the United States, to be OE. ie gover hag tre aol fiscal yoor after July 1, 1862, whieh in In accordance with (he third stipulation, above noted per contut made wit wnt om seanty savings, contributor aga pret sisF piees tend vieiled their wampect. The | 12 Nenet apartas @ einking fund. atid Ny Wan wie f 0 passage of this law the Treas: ational joan WAS @ SudcOAY, Lhe alas iy with whieh It AL the Lime of the passag 0 Treasury exbauated, contractors in all parts of (he conn. tery remained mmpaid, and, wnlee this bill shonid pass, the Secretary would bayo no means at ( | band by whieh to hquidate the debts of the govers meut. Mr. Spauiding, io bie speech on the measure, ruly said, ‘(we were never in greater peril than as this inoment, Tt will require all our best energies to suo wess(ully meet the eviais though which we are passing. lam oppremmed by the magnitude of the work before ‘he agai euder provision of tho bill was an experiment Though the Morrill varuf of the March previous bad | No dire wy sity had ever before eompelied our govern- gronily thereasad the rates of duty on foreign merchau- | ment to resort to thw issue of such & vast amount of paper dine, it was believed that a revision thereof should | mousy An jnierewting Gireuseion was carried on ve made, aod theraies sill further tucreased. Spices, | (br mut the loyai Kection of the country on this el! Hiquors, silks and articles of juxury were got taxed | import While the majority of the news- neatty.ns heavily as they wight be, and should be im | papers anc the greater part of the peoula earnestly com- times of war. The money crpended for theve articles | mended (Py yx ginene, any looked & Ayith disfavay wee 60 touch lont to the country, insemuch as it wan cout | aff lodiy proomimce thet feet of i penaloas, away, and, iu return, articion, the use ef which could Satd the latter class you ieue wae taken made it evident that (6 would not be neces sary te resort to foreign nations for Snarcin} ald But as @ basis for UDO issue Of such wast quantities o Treasury notee the governmont must have addition revenue, The attention of Congress wer ayain two the subject of acquiring the money nacesenry intorent on the debt so rapidly accruing, and ‘wo portant measures, haying this end im view, wore gov originated itm THE WAR TARIFF. to the goverament, ‘if well be dispensed with, received, As econ, thoretyre, | gach ap amuunt Of paper money you will infate prices ae Congress met, {his subject wae considered, and fi lesa | to an alarming extent; yor will bring ruin and dustrogs than a month @ Dill increasing duties on ted mer. | on the nation; you will only gaia temporary reliet ehandine was introduced aud passed. It passed August | and at some day, perhaps not (istout, the 9, 1961, aad received the approval of the Prosideut Avguat | oraal will come, and the governarat and tha poop” 6, 1861. Onder its operation the revenue of the country | be bankrupt.’ Hut thow® who thus viewed the subject Eembiy tagromsed, Tew adoption wag just judicious, aud | qied wo propose a vetier vlan, afid (yugross, tok | NEW YORK HERALD, MONDAY, JULY 28, their fours groundiess, passed the bill. In the 1 Representatives the question excited much attentio called forth from Messrs. Spanidiag, Hooper aud others able spoockes. From that of Mr, Spaulding we ext the following interesting sta date of the speech is January 23, 1862:-— At that time the Secretary of the Treagury bad bor rowed ou the 7.0 Treasury motes, payable in threo 100 000 00 years On twenty years’ 6ix De to the equivalent at par per annum, balf year! ($44,664, 230 07 actually rece! into the Treasu which the six per cept bonds were ation ag eurrenoy (and tion within a fow days), 35 . sot eereneer iene $208,516,000 amount of the public debt up to the present which United States stocks and Treasury 1d, is as COMOWS Inst fow days, Bay... time, and { notes have been issu Up w July 1 $00,307,828 19,084 mouths, upon notes, the sur . There was borrowed of August, thr bonds, issued rs to the national loan, + 69,000,000 was borrowed, on the Lst of Ovto- ber, upon like securities. nosecpes 62,009,000 There was borrowod, at par, for seven par cent, on the 10th of November, upon twenty yoars’ six per cant bonds re- reduced to the equivalent of sevens, in. cluding interest... 69,009,000 ‘Thete have begn issued oi ‘Treasury notes, payable on deman Making an aggrogete debi, in forms, t6 January 15, 1962, of. Estimated that, by-July 1, 1362 emiount required would be. Total debt estimated to July 1, 1862 Estimate for the fiscal year up to July 1, 1863, if the war continues to that timo. . Total indebtedness, liquidated and unliqui- dated, to July 1, 1863. + $1,200,009 ,000 The bill of which wo have been speaking was passed with the intention of providing for the tiguidation of the national debt by the introduction, at @ later day, of a thorough system of taxation. The legal teader notes soon found their way into general circulation, aud met, with favor with the people. They are now the principal cur- rency of the country. The clamors df contractors to whom the government was indebted wore silenced, and ouce more the Treasury found relief. . A NEW FINANCIAL MEASURE Was approved by the President March 17, 1862. The ob- jectof the act was to authorize the Secret of the Treasury to obtain the coin necessary for thi meant of interest on the bonds and notes. It provided:— 1. That the Secretary may purchase coin with any of the bonds or notes of the United States, authorized by Jaw, at such rates and upon such terms as he may deem advantageous to the public interest. 2. It authorized the issue of certificates of indebted- ness. 3. It made the demand notes of the first issue lawful money and a legal tender. 4. It extended the limit of temporary deposits from $25,000,000 to $50,000,000, and provided that the rates of interest thereon shall be prescribed by the Secretary of the Treasury, not gxcoeding 5 per cent. 5, It allowed new notes to bo issued in place of mutilated ones unfit for use. ‘The act explains itself; comment ta unnecessary. THE NATIONAL TAX BILL. , While these various measures were in progress, the Committee of Ways and Means of the Mouse of Represen_ tatives were engaged in preparing the firstdraft of the National Tax bill, by whieb and the tariff they calcul to raise sufficient money to afford an ample base on which to rest the credit of the government for the issue of notes and bonds. One tax bill, the provisions ef which wo have noticed, had already been passed; but the amount of money to be raised by it was entirely inade* quate to the wants of the government. The people of the loyal section, contrary to the hopes and predictions of our foreign enemics, were loudly calling on Congress to impose the taxes. The patriotism ef the country was uever more clearly manitested than by the popular feel- ing im relation to taxation. A nation which bad hitherto boou free from its oppression, readily assumed, when it became necessary 6o to do, the obligatious impesed. The act imposing the taxes was very jong aud minute in its details. It waa carefully reviowed and amended by the House in Committee of the Whole after i: bad been re- ported from the Committees of Ways and Means, and was first passed by that body on Friday, April 4, 1862. It was then sent to the Sonate, where it wiz ed to the Finance Committee, by whom it was in due time reported, with many amendments, The Sevate, after long consideration, passed the act on Friday, June 6, 1962, after having rejected two sub- stitutes, offered respectively by Senators Simmons aud Mebougall. The act was then returned to the House for concurrence in the amendments made by the Senate, and wes referred to a conference commitice of both houses. On their report it was finally passed June 23, and received the sigoature of the President July 1, 1862. Our readers have been go often and so receutly made ac- quainted with the details of the Tax bill that a review of (hem at this time would be usel We therefore pass ou Lo the next measure, which was the TANIFP ACT OF 1862. The new tori was a companion for the Tax bill. Ii had been in course of preparation while the latter had been $208,784,013 the + —$860,000,000 6507000,000 uuder di-cnssion, and was made to conform with it. By ite provisions the duties on imports, already vi ch, were raised still higher. 1! waa thought in Congreas that venne to be derived from customs would, age of this act, be increased to $100,000.00 together with the sum = which it is estimated the Tax bill will yield, after it sball have gone into full operation, will give for the apnaal revenne $210,000,000—a sim Sulficiently large to pay interest on any debt we are likely to contract, and to contribate to its final liquidation by the establishment of a sinking Cand for that purpose. The torifr heen changed, since the inception of the re boltion, four times. As might have been expected, our English enemies (two years ago we called them friends) setup a xroat Low! of indignation whey they scegciveg of their manufacturing communities. Ome would sup pose, from their manner of talking, that Americans are to legislave lich interests acd to pass laws for the benefit of Engliehmen. Tet them understand, once for wl, that we shall pass euch laws for our own goverminent and adopt such measures for our own eupport and dofence as wo may sce ft, without care for how it may affect those who Lave weted so meanly aud onfriendly towards tus i: Our struggle for existence. The disewsaion on this bill occupied much lox time than that om the Tax bill, It was required: however, to pass through the same routine, being rae ferred to & conference committee, and adepted on is yeport. It wae flnally paseed July 11, 1962 Ou the caine day Wr. Lincola approved of ANOTHR® TREASURY NOTE MILL, of which we give tite following review:— Jts principal provisions were— 1. ‘What the Seeretary may issue, im addition to awounte botor# anthorizod, nolee to the value of $160,000,000. Phat no notes for a fractional part of w dollar shal) be issued, but that of the above named sam $55,000,000 shail be of lower denominations than $6 9. That such notes shall be recetyable for ai) debts dao to or from the United States, with the oxception of duties om imports and Interest on Wounds, woes, Ao., aud shai! bo a legal tender 4, That certificates of deposit, such ax those anthorized under (he law already reviewed, ray be issued, bearing interest at the rate of six per com, payable seni. onountly & Ue Secratacy way exclange for such notes, on terms deemed by bin mast beneficiat, Thited States bends bearing six por eant interest, redeemable after dive and payable in twenty yeare; may issue notes ao received in exchanges, may receive and gaucei notua fssued under former acts, issuing in View thereaf an equal amount io notes authorized by this act, aud may picchace, at rates not exvecding that of she clvrent market, and cost of parshase pot exuugging One-eighih of one per centum, Ey bonds or oartitieates of debt of tha U gay doom desirable ‘ Tint Uae atgraviag, & ‘Treasury Department 7 That the limit of reesipts of tamparary deposita be uted at the a8 horstofore, not to exened J ant 4. That wot fave than 850,000,000 of the notes bo sued shall be reserved for paymant of saga dno’ ‘ Tae | 9. That certificates of deposit amd indebvedness may be received on the same terms @3 United States notes for bonds redeemable after flve and payable in twenty years 10. That the & » ordorad by Congress, borrow such part of »,000,000 (which he was authorized to borrow by the “Act lo au thorize a national loan, and for other purposes’) a8 may not have t i f ii passage, ‘Phe Troasury Note bill was ouo of the last passed before the adjourument of Congress. 1 has pot yet boea put ia operation by Lhe isaue of the notes it authorizes.” We have, in the preceding columns, given a complete review of the financial measures instivuted aiaco the re bellion areso. But ome more act raiuaius to be spoken of. Its"passage was called for by the peculiar state of tho currency aud the increased value of speclo. We refer to the AUT IN RELATION TO POSTAGE STAMPS, which authorized the Secretary to exchange, for United Siates notes, postage and other stamps, which it made ro went of all dugs to the United States leas exchangeable for notes, whea presented in gums not lesa than $5. It algo made unlawful the tssue of 1 abinplast The act was approved July 17, 1962 ving avd printing of the notes ant bonds issued arious laws have beeu attended with conside uader the y rable expense, as will be sea Bp coteroge to the follow. atement showing such cost upto the 25th of last ry. ‘This cost has'beon largely increased siuco that mo; but, as the data of the expenses sicce that date are os with the following:-— For printing, v there for oc thro yea: 60 sheats, i represen eatin BUT,958 SL For engrayi for threo yours’ bo TEIN 6,470 00 sgato for throa years’ bonds... For sugraving, printing aud numbering United States notes, payable on demand, and paper therefor, say 1,442,260 sneets, requiring 8 distinct impressions By band, ro engraving, numbering, printing $24,428 3h 112,381 65 ond ‘ ++. 197,810 46 thore will be turther do 900,000 of United States OO of registered l notes, and for 50,001 f pripling by the pow ih course cf Bank Noto Company Tho clercical force required to sign, register ‘and otherwise prepare these issues for use (a list of which is hereto annexed) roquirca a monthly ment of $9,366 67, and there the sum of. A - 42,736 e9 For additional clerks iu the oflices of the A\ sistant Trowsurers For commissions to 31 as sotiled. —Makin quidated claims amounting to «+ +<§228,717 16 Of this there has been paid thus far (January 28, 1862) for paper, engraving, printing aud numbering + 106,685 88 n aggrogate of ascertained aud li RECAPITULATION. The funded debt of the United States, as reported by the Secretary of the Trcasury to Congress, May 29, 1862; ‘was as followa:— ‘Treasury certificates ‘Treasury notes, ordered. United States notes. Temporary deporits Temporary deposits. . 145,880,000 44,865,524 5,913 ,08: —_—— Total [Siar )) interest, 4.05 per cent, 191 446,184 Since the 29th of May Congress has author! the additional Issue of demand notes to the extent of..... te eens «+ 150,000,000 Postage and other stamps will be in circuia- tion as lawfui currency after August 1, and it Is antieipated that the revenue from this source will reach...... ...-.+:4+ 40,000,000 The gational debt, already contracted aud authorized to be contracted, is therefore. .$681 446,184 ‘This, it wil! be seen, does not include the expenditures since May 29, which, in the absence of official Mhferma- tion, It is impossible to estimate. ‘Though this debt is very large, wo may yet congratu” Yate ourselves ou its inferiority to that of other nations, that of Great Britain being in round numbers $4,000,000,, 000, at an annual charge of, say (at $5 to the pound ster- Ting) $141,810,000, while the interest on our debt amounts to but $21,877,909, at an average rate of lows than 3.14 per cent. SUMMARY OF TREASURY NOTRS ISSUED. 1. Six per cont notes, authorized by the Thirty sixth Congress, receivable for all public dues, duttes on imports AUTHORIZED TO BE Seven and three-tenths per cent notes, issued under act of July 17,1861, These notes are not reccivable for duties on imports 3. Demand notes issued under the same act of Congress; receivable for duties on imports. 4. Treasury notes bearing interest at 9.65 per cent; not receivable for duties on iusports. 5. Logit tender deimand notes, authorized by the act of February 25, 1862; not recetvable for duties on imports. 6. Additional legal tonder notes, issued under the act passed July 11, 1862; ust receivable for duties on im ports. . Treasary Notesa Legal Tender for Taxcam ‘An Important Decision. [From the Chicago Tribune, July In reference to the caves Which have for fore James B. Bs rwell tendered to the mount of $150 in payment sUTY notes ty the value of $210 tor The Treasurer declined io re- wd brought au action to recover the . Joxeph f of the Treasur hat los opinie States Treasury notes \ town taxes, He did no mont of State tax & lated Uist hey st 10K, Slate's Attorney, appeared on ; and in asking for judgment, wy was that (Le United al tender for ce yy and be used in pay- » State stipn- He bad ady rai 2EgEE a Mr. Keeley ts ree they had been tendered, Mr. Keeley stated that he was desirous of do} Ore’ iguvent of the Court on c ited by hin given by counsel for th wnoe, the decision of Un was, (hat ‘tie tender iu this case, being iegal is ratused against the lauds and lots describe said Farwell’? v partis had objected to the paymentof {inary oud techy teal and Mr. EA rir. He 1. 1) objected sm de)in ques ts Were not, im id tuent the ob qnevts? inds 3. That ne « Heation of U been ded b, 4. That ti for the amount of which jrdgt be eniered, were not, and were vol authorized by to be, evied aud toxsemged, aud wore HOt el oF as- sewsed by the proper authorities, Wor I manner and form ae required by aw, 5. No sufficient of legal tax warrant oy warrants were Igsiied for the coltertion of the alleged taxes, and were hot returned according to law. No proper demand was made for ihe paymunt of suid taxes, and no attempt war made by the proper vihwer to collect anid taxes, by dis tréan of the personal property of the owaer of eaid laude abe town Lote, deerion of te ovort im referenes to this ease was «judgment be rotneed.’” NOTICES OF NEW PUBLICATIONS. ‘Tue Noma Tro. By Jeremiah Burne. We bays socalved a besutifrl litte volume entitied ria," modeutly dedicated to those uvble pa fefouce of their country in the It is vary neatly printed and couratos sketches of the leading oy nthe liven of Ruewrortia » Tryon wud Baker Sacha handy Weile wfzic wilt aoybtions become very popolar, NBG MT and its way into almost every tamily, XeGowpanying the “patriow offering’® there I8 fh prowpeorie of s uew work to be called “Ths Heroes of the Kepablic.”” Thiy promises to be equally At scoote(ul a8 U8 prodacersor, ‘The publishers are Ba. ker & Goawin, of this city, ‘Tee Unron, @ discourse delivered in the hall of the House of Representa’ » at the Capitol, in Fronkiort, Ky. By Rev. James Craik, D. D. Morton & Griswold, Louisville, Ky.; H. B. Du rand, New York, Ths parophies manlents the strong fouling tn favor of the Colom that existed in Keatucky at the latter end of 1959, for tho language Of vue apeakor w both forcible and eta that nattoual and State aove velgnty We | 16 American liberty. Usrry on rra Rearowatron: an addross by & pras- byter of the diocese of Htinois, A. B, Darand, White street, New York. Foie praphiat is of @ semi-celigiow, semi pateiotio Loop, showing that as thers ia but one head to the jeitual, a0 ought (hare to be only one head to yrornimant temporal, ‘The typegeaphy of (he tittle en borrowed withia twalye months of the | THE CONFISCATION LAW. Proclamation of the President. BY THB PRESIDENT OF THR UNITED STATES OF AMBRION, In pursuanco of the sixth seotion of the act of Congress ontitied An act to suppress insurrection, to pusish trea- son and rebellion, to seize aud confiaeate the property of rebols, and for other purposes,” approved July 17, 1862, aod which act, aud (tho joint resolution explanatory thoreef, are herewith published, 1, Abraham Lincoln, Prosideat of the United States, do hereby proclaim to and warn all persous within the contomplation of said sixth section to coage participating in, aiding, countenanc- ing, or abetting the existing rebellion, or any robsltion, againat the gvorament of the United States, and to return to their proper allegiance to the United States, o pain of the forfeitures and seizures as within aad by sid aixth ceotion provided. In testimony whereof I have caused the seal of the Unites on to be affixed. + Dono at the City of Washington, this 26th day of July, in the year of our Lord one thousand ¢| {. 9] hundrod and si<ty-two, and of the Independence of the Ua tates the eichty seventi ABRAHAM LINCOLN, tBy the Presidont—Wrum H. Sewano, Socretary of State rounto Bet ny hand and The Confiscation and Emancipation Act, Av? BY THE PRESIDENT JULY 17, 1862. AN ACY 20 RREOTION, 10 PONIAM TREASON AND 1AK0N, TO BRIE AX ATE TUB PROVRTY OF RE- AND FOR OTHE PUKEOSES. y tne Kenate and Howse of Represanayyes Of the United Siales of America in Con, Asvomblady That every porson who shall ommit the erie of treason against tho United States, and shall be ad. judged guilty thoreof, shall suffsr death; and ail bis slaves, if any, shail be d and made froo; or, ab the discretion of the court, le shall be imprisoned for aot fess than five years and fined not less tion ten thonsand | dolfaPs, ayd all bis slaves, if guy, hall be declared and made ftea; dXid Tac iat Bed aad gated on aay or all of the property. rea! and pe! excluding slaves, of which the said porsou #0 convicted waa tho Swnor at thetime of committing said crime, auy sal ‘nce to tho contrary notwithatanding. Sec.2. And be if furiher , that if any assist or engaze the author: United States or the laws thereof, or shall give fort thereto, or sail engage in, or give aid and comfort ct h existing rebellion of insurrection, and be cx victed thoreol, such per ibe punished by imprison. ment for a period not axeceding ton years, or by a tine not exceeding ten thousand dollars, aid by the liberation of all his slaves, ifany he have; or by both of said pun- ishments, at thé discretion of the court. Sec, 3, 'And be it further enacted, That cvery porgop gullty of either of the offences aescribed in this act, shall be forever incapable and disqualified to bold any oftice the United States. 4. And be i further enacted, That this act shall not eo y way to affect or alter the prosecu- tion, conviction or punishment of any person or per- ity of treason against the United States betore the of thig act, unloss such perton is convicted under . And be it further enacted, That, to insurati termination of iho, present rebellion, it shail the duty of tho President of the United States to cause the seizure of all the estato aud property, mouey, stocks, cro- its and effects of (he persons hereivafter named ia this ection, and to apply and use the same and the proceeds Y thereof for the support of the army of the United States; ty 18 GRY ree tay ene YE Sai hacor iy person hereafter aoting as an officer of thé army and navy of the rebels in arms against the govern miont of the United States, ‘Sexnlly—O! any person hereafter acting as president, viee president, meinder of Congress, judge of any court cabinet officer, foreign tnidister, conimissioner or consi of the so-called Contederate States of America, Thirdly—O! any porgon acting as governor of a State, member of a convention or legisinture, or jadge of avy eave of any of the so-called Confederate states of Ame- ica. Fourthiy—Of any person who, having held an office of honor, trust or profit in the United States, shall hereafter hold an office in the so-called Confederate States of Ame- riea. ‘Fit hly—Of any person hereafier holting any office or agency under the government of the so calied Confede- rato States of America, or under aay of the sevoral States of the said confederacy, or the laws thereof, whether auch office or agency benational, State or inunicipal in its name or character: Provided, That the persons third- ly, fourthly and ufthly above described shal! have ac- cepted their appointment or election si é date of the pretended ordinance of secession of tbe State, or aball ve taken an oath ofaliegiance to, or to support the con- stitution of, the so-called Confaderate States. Sixt) any person who, owning property in any loyal State or Territory of the United States, or ta the Dis- trict of Columbia, shall heres‘ter assist and give aid and comfort to such rebellion; and all sales, transiers, or con- veyances of any such property sha! be null and void; and it shall be a sufficient bar touny suit brought by auch person for the possession or the use of such properiy, or any of it, to allege and prove that he is one of the persons described iu this section. Bec. 6. And be it further enacted, That if any porsen within apy State or Terri of the United States, other Delng engazed in arinedrebeliio against the governs act, being engaged in rebellion against the govern- ment of @ United States, or aiding eaten non re bellion, shall not, within sixty days after pulllic warning aud proclamation aly given and made by the President of the United States, cease to aid, countenance and abet such rebellion, and return to his allegiance to the United Staves, all the estate and property, moneys, stocks and credits of such person shali be liable to seizure, as afore- said, and it shall be the duty of the Preeideut to seize and use them as aforesaid, or the proceeds thereof. And all transfers or conveyances of any such ty after id sixty days (rom the date of such warning and prociamatiou, shall be null ant void; and it shall be a sufticient bar to any suit brougit by such person for the possession or the use of secu property, or any of it, to ee and prove that he is one of the per- sons desoribed in this section. ind be it further enacted, That to secure t mnation and sale of any of such property, after t aame shall have been seizet, #0 that it may be made available for the purpose afuresaid, proceedings in ren shall be iustituted in the name of the Uuited states in any district court thereof, or ia any Territorial court, or in the Cuitod States District Court ior the District of Co- josnbia, within whiehsthe property above described, or any part thereof, nay be found; or into which the samt if moveable, may first be brought, which proceedings shall conform as nearly as may be to proceedings in a miralty or revenue cases; avd if said property, whother real or persona!, shall be found to hays belonged to person engaged in rebeliion, or who hus given aid comfort thereto, the same shall be concemned as en mie’ property and become the property of the States, and may be disposed of as the colirt sll! decree, and (he progseds thercot paid ivto the Treasury of ihe United States for the purposes aforessid. Soo. 8. Ant be it Suriner enacted, Thi shall have power w m ‘8 h forms of decree and sale, aud direct such deeds and conveyances to be executed and delivered by tue marshals thereot where real estate shall be the sub- ject of sale as bail filly and eft t tue pur- sof this act, und yest in the purchasers of such pra- rty good and valid titles thereto. And the said courts shail have power to allow such fees and charges ot their offivers as ball be reasonadia aud proper in the pre uiises, ouvey- macted, That all slaves of 9 And be it furth perseos who shall hereat against th poverninent of the United shall iuany Way give aid or eumlort th from such persons or the contre! of the persons found on (or) being within any pi.ee oecn pied by rebel furces and aiterwards occupied by the forces of the United states, shall be doomed captives of war, and shall bo forever free ur their servitude and not again bed as slaves, 10, And be it furlper enacted, That no slave eacap uto auy State, Territory, or the District of Colombia, from auy other State, shall be delivered ap,or in any way impeded or Lindered of bis Hberty, except fo. crine, OF kom: offence against the laws, unlogs the person claiming said fugitive shall first make oath tbat the persou to 1a jabor or service of Buch fugilive is alleged to nd has noi borne arms tates in the present rebellion, nor nid and comfort thereto: and no’ pores in the military or naval service of the United shall, under any pretence whatever, aasume to d cide on the validity of the claim of auy person to the viee or labor of any other person, or surreuder up ony Such person to the claimant, on jain of being dismissed from the service. Sec. 11, And be dt ferther envcted, Toat the President of the Uni'@d States is authorized to employ as many jersous of African Jeseont as he way deem necessary and prop uppression of this rebellion, and for this purjose he may organize and use them ig auch mauher as he way jndye bast jor the pubite welfue. 12, And Lett further nected, That the President of tat States is hereby authorized to ma transportation, colouization and se(uement, in cal eountty beyond the Jimits of the United in parsons of (he Afr made free by oviaions of this #06, a8 may be wilit Waving iret olyained the yonsent of io said country to thelr protection and settieméht withio the saqne, with all the rights and privileges of freemen. Soc. 18. And be if further enoeted, That the President ig hereby authorized, at any tie hereatter, by prockana- tion, to extend (0 pbigons who may have particioated in tho ewisting rebellion iy any State or part thereof, pardon end atauesty, wilh sue! ceptions and at such tue and on such conditions a8 he may deem oxpedieut for the pab- tie well ‘Sac, 1d. And be it further enaried, That the cours of the United States shall have full power te institute pro- coodings, make orders and decrees, issne proves, aul do all other things neceasary to carry Unis act inte effect, ‘Approved, July 17, 1962. Pubile Resolation. JOINT RESOLUTION RBXPLANATORY OF “AN ACT TO. 4UPPRESS LNSURKNCTION, TO PUNISH TREASON AND. REBELLION, TO SBIZE AND CONFISCATE THB PRO. PERTY OF REBELS, AND FOR OTMER PURPOSES.” Reso'vet by tha Senate an Hous’ of Representatives of the United States of America, tm Congress assembled, That the proviaions of the third clave of the fifth aaction of Can aet ty anppress ingurrection, to puwish treason and ‘pollien, wo seize and conflerate the property of hull be 90 construed ae act or ac prior 10 the passage thereot, y Member of «Stare Legislature ovjadge pling oF onieriug 1 the constitucion of America.’ wor dee amid act be BO the raat estate of his owner, ehall any panishment of proceed i const ried as to work a forfeiture tha offender bey oud (via na:rteml hfe Approved, Maly ET, Ge THE CITY OF RICHMOND. rerquecees All eyes aro turned on Richmond. While McClellan and Wilkos and Pope are concentrating their means and forces, let us see what and where Richmond is. Richmond, the capital of Virginia, and the so-called capital of the rebel States, is aituated on the loft, or northoast, bank of the James river, at the head of tide water, aud below the lower falls. It is the soat of justice for Henrieo county, and is distant from Washington, in an afr line, about one hundred miles south by woat, The distance by railroad is one bundred and thirty miles from Wasuingtou, one hundrod and sixty * from Baltimore, and tweuty-two mites from Potersburg, which fagouth of the Virgiuta capital, Richmond lies tn lati- tude $7.82 north, longituds 17.27 west of Greenwich, oF 0.26 weat of Washington. {t is the largest town im Virginia, and bas boon cousidered one of the most beau- tiful in the United States. ‘The situation of the oity and the scenery of the environs were much admired, combin- ing in a high dogroo the elements of grandeur, beauty and variety. Tho river, winding among verdant hills, which riso with gracefui swells aud undulations, is tn- terrupted by numerous islands and granite rocks, among . which i% tumbles and foams for a distance of several, miles. The city is built on several hills, the most considerable of which aré Shockoe and Rich:acad hills, separated from eaoh by the Shockoe creek, and is laid out with genera! regularity io rectaugular blooks. About iwolve parallel sircote nearly throg miles ig length, ox- tang northwest and southoast, and were originally dis tinguished by the letters of the alphabet, ‘A’ street ba- ing uext the river; but other uames, however, aro wow generally uged. ‘Who prinoipal thoroughfare of business and fashion i Majn, formerly “BE strect. The grosa stféets,er thoss which interdect the etrasls Fost then tioned,are designated by uumbers, such as First, Seoond andsoon. Tho Capitol and other public buildings are situated on Shockoe Hill, the top of which is an elevated plain in the western part of the city. This is the fash- jonaple quarter, and Is considered the most desirable for private residences, The Capitol, for ite size and ele- vated position, is the most oonspiouous object in Rioh- mond. It stands {a the centre of a public aquare ef about eight sores, in which is a splendid questrian statue of Washington, Tho building is adorned with @ portiso of [onic columns, andeontains a marble statue of Washington, by Houdom, taken Crom life, aud considered @ perfeot likenoss, The City Hall js en clogant and costly building, to the Dorie etyle, at an angle of Capitol square. The ponitentiary, which stands near the river, in the western suburbs of the oliy, has a frout three hundred feot in length, and is ene hundred and ten feet deop., The number of prison- ers in September, 1853, was two hundred and sevoaty, thus showing It to be commodious: The city at one time contained a court house, jail, an armory three hundred and twenty fect long by two hundred and eighty foot wide, two market houses, a theatre (not long since stroyed by fire), an Orphan Asylum and @ Masonic le A new custom house was here erected by the United States government at a cost of about four hundred thou- gend dollars. There wore also three banks, with an aggrogatg capital of over two mil- lious, and several insutance offices. ‘The publi press was, before the rebellion, represented by sevoral daily and weekly journals, {a all about @ dozen, and there are twenty-three churches im the olty, & Dewutiful gemetery, named Hollywood adorns the ous- skirts, and in this the remains of President Monroe ° Interred after being removed from this city in 1869. . The {ally of James river are @ short distance above the city proper, and afford considerable water power, by which machinery of the factories are worked. The ‘Tredegar Iron Works are situated near the river, and have latterly turned out an immeuse amount of artillery and war material, Vessels drawing about ten foot of water could, previous to the rebellion, have easily asconded to a place called Rocketts, which is only about a mile from the city, and can now, unless the re- bels have cutirely destroyed the channel, a not unlikely proceeding, aud la)gor vessels could also have come within four miivs of the elty proper. At City Point there are fifty fect of water in the river, and there are also abowt twelve feet of water over the bar, a short distance above City Peint. A canal bas been built around the falls, and above them there is navigation for twe hundred miles, to Covingten. ‘The city was founded 4m 1742, and became the eapilal of the State in 1799. Ia Jame, 1361, the rebels made tt the capital of their rottea confederacy. There are five irect lines of ratlroad which enter the city, and from which many others branch within a few miles of the same. The following table of railway distances may be ‘nteresting:-— Distance. From Richmond to Peteraburg.. .- ... From Richmond to Weldon, v! terabul From Richmond to Suffolk, via Petersburg. From Riemend to Norfolk, via Petorsburg. From Richmond to Lynchburg, via Petersburg... From Richmond to White House. From Richmond to Frederickaburg . r te Creek From $0 Staunton, via Gordonsville. ’ From Biehmond to Mount Jackson, via Gordonsville ‘and Manassas Gap 222 The fo! san extract from @ statement ofa gea tleman who yis.ted the oity iast summer: ‘The principal feature that strikes every one who sees Richmond for the first time is ita curious topography. From the James river, which, tumbling over its rocky bed, makes a wide bend here, with its convex face te the city, rise, without auy regard to uniformity of dires- tion, some half dogen hills, of gravel formation and of pretty considerable olevation. There has never been any attempt to grade (bom into fevel streets, but the city is soattered promisouously up and on aud over thom, just aa fasbion, tasts or business inay have bap- pened to dictate. The principal part of the city, howe ever, oconples actually ouly ono of those elevations, and the garden spot of that one Is the Capitol square, where stands the building of which Jofferson prooured the design in Franca; but which, however magnifioent it muy have boen deemed iu the simple, unostentatious days in which it was buill, is certaiuly not to be lauded now either for ite beauty or for its adaptation te the wants of a State Legislature, much less to those of a Cougreas of Confederate States. In the coutre of the aqoare is the beautiful equestrian statue of Washington, lookin, as calm and serene and commanding aa if thecity which he overlooks was not the centre and hot-bed of the fouiest treanon that ever showed jteolf iu the light J Tbe pedestal is designed for eight other staiues of distinguished Virginians, but three of which lave yes veen put in their places. These aro Jefferson, Henry and Magon--not the artogant, self-conce!ted blockhead who recently represented the State in the Senate at Washing” ton, and as now goné seeking recogoition at London as the diplomatic representative of socessiondom—but a far purer, Wiser and more patriotic nAmesake Of his. Hore algo is a small staiue of Newry Clay. Richmond bas really bat one business thorouglfare, ‘That In Main street. Most of the hotels, banks, newe* payer offices and atores are located on it, It extends northward into the opem country, and southeastward tow suburb called Rockette, In this latter section of it are Aitnated some of the tobacco warehouses where our Union priaenert are gow confined. These ave large, old brict edidces, of mouldy, dilapidated appoarance. three together on one side of the street, which here is of a most dingy character, and two neatly opposite. Those on (ho north sid@ are overloeked by the bluffs in which wech Hill here terminates; and which supply gravel tor the Bity, while those om the south side of tho atreet have the James river aud Kasawhe causl, aud the river itself immediately in their rear. Néar the sumwit of the elovation known as Church A)! ia @ largo, old-fagbloned brick bollding known as the Almshouse, It been converted from its original pure poss, amd now serves as x hospital for our sick and wounded, Sisters of Charity come and go, tiring angels of consolation, aad the hearse requisition, #0 groas is on. ‘o kept jn constant mortality that hovaed iu the yi hospitals. As ® genera thing the former residents of (his part of tho city have gone elsewhere since the-lo- 6 here; and now om overy tenth house ot more you see waving a little dirty, whitish. yellow fing, oting ® Iazaretto, The Udd Fellows’ Hail, en Broad steet, 19 alao used as a goncral howpital ‘Un the most commanding part of Churob Hill ati! stands, f@ good preservation, too, th. chuiret in which Patriolg Henry inado the famous speech at the commenesment of the revolutionary struggle, whero he wsed that memora- le and oft.quioted phrase, “Give me liberty, or give me death) Around (be church age the graves of (ho Ina generation of the people of Richmond, aud 1 waa no tiie \isguated to observe that few of the stones had om caped the vandalism of some scomndrela, who, a5 8 proog of their wit, out (he figure “1” before the figuren record) tog the agen of the deceased, raking it appear that “a who rested here from their iabors had sujoyed inared!: bly patriarebal Jongth of yoars. Cataqon Ula bil and the reketty ayyord kaqwn AB