The New York Herald Newspaper, November 12, 1864, Page 8

sees oe NEWS FROM THE SOUTH. Report of the Secretary of the Rebel Treasury. The Usual Anvual Necessity for. Patching Up the Finances. Ne Carrying on the War Witheut an Improved System ef Finance, e @ne Hundred and Thirty Dollars of Reb Currency Worth One Handred Dollars in Six Per Cent Bonds, or Six Dollars im Specie. Plans for Maintaining ‘the Rebel Credit. j CONGRESS. Rebel Refugees in the Worth Re- quired te Return and Fight for the Piebellion. PROCEEDINGS OF Resolutions Ojposing the Arm- img of Slaves. Bpeech of Wr. Foate,, of Teumessse, Fa- voring an Alliance of North and South to’ Raforce the Mon- roe Boctrine. REBEL RORROR OF PORTER'S FLEET. YOTE OF OUB PRISONERS AT RICHMOND, ae, as, Cad Report of the Secretary of the Rebel ‘freasury. ‘Trnasury DrrarTatent, 0.8. A. iCUMOND, Nov. 7, 1864. Bon. Taos. S. Bocecs, Speaker of the House of Represeuta- hives. ReowuPTS OF THE TREAFURY. @e—I have the'bonor to submit the following report ef We cond)\tiou et tas depariment on the 1st oi Octo- Der, 18:4. The isst statemevts submitted to Congress were up Lo the Is? of April, 1864. The receipts into the Preasury (or the wo quarters ending ov the lat of Ucto- Ber, 1504, ure as fo!lows:— Four per cent registered’ bonds, act 17th Feb- +$13,353,500 Tuary , 1354............- rien Bix per cout bonds acd stock, act 23d March, 863. bands and stock, act 23d March, aoe 5 3,600 ’ and stoek, act 28th Feb- 2. 1861 aay < 7,600 cent “ fect itn Feeruury, 1804... 388,000 @tx por cect Bonds, tive’ bund y aot 17th February, 1864... 14,481,€50 per ceut “bonds, vighteent! ch 1th February, 1864... a ceseeeee 495,200 eur per cent call certificates,- seventh sec- thon, act 17h February. 1364 -. 20 973,160 even per ceot bonds, act 20th February, 1863. 2,700 Bix per cevt certificates of indebtedness, act 11th Feoruary, 1864. 1,739,100 Pax 00 vid tsace redeemed * 14,440,586 Repay meuts by disvursing otiicer 20,115.830 Treseury votes, nuder act 17th February , 1864.277,576,950 ‘War tax.... 2, 42,294,814 1,238,732 59,004 War Department. ate +$246,367 At2 Blavy Department 15 554,804 Xvi, miscellaneous and (oreign intercourse . 10,427,674 Pebiic dedt—for payment of juterest. Public cevi—lor payment of principal. $614,038,882 oe im the Treasury on Ist April, '$308,282,722 415,191,560 $723 474,272 614,938 se ee 418108 435,439 + $22,053,200 Deduct amount of expenditures ‘The balance io the Treasury is... This buiauce ts made up as ‘oliow Preasury votes (new insue) and spec Bregeury voices (old issue) to be cance! - $6,882,238 ‘Total... ? $108,435 439 The public debs on the 1st of October, 1864, was as fol tows:— Funded Debt. vesve of bonds avd stocks. . $363 416,150 fmsue Of Call cortificates , . 197.578,370 issue Of Cortibcates of idebredoess | 19,010,000 ‘Petal esve cf produce certificates, act April "eS apapege scssueeseee 9,600,000 Amount of 7-50 interest notes, which bave ‘assumed the character of permanent bonds. 99,954,900 GI aii os 00h 5020050 cess srtgees +++ + 688/459, Beduced by amount redeemed, to ha Met May 16, 1861. priveipal.. Set Avgust 10, 1861, princiy Gali ceriiicates, act Lecember 24, 1861, #1x per cent........... (Gali certiicaces, act March 23,6 five per cemt.......... tes tees eeee ee «$580,840, 0 Unfunded Debt. Amount 3.45 {nterest notes outstanding. Botal issue of Treasury notes—old «+ $516,050" $1,147,970,208 various departioents { the government for the six months let July, 1506, are as follows jmoates sebmitted by’ 4 for ibe euy port from La: Jauuary ralative Ofhiee Department Department... ° iment of Justice... dgeresste Pass seve soresssroees Valances of apprapriations not October, 1464, are as 1yllows. — {aod m)soe/inneou: jar | @artmeat. vy Department. Whe expenditures wore estimated by my the three months from lst Apr predeeeneor wo Ist July at 000 000. AJ this rate the expenditures for the six sould have been...... $324,000 @00 this arnount oust ve added dhe debie then @aled |) be in arrear, which do bot appear fe bave Leno reduced, (he actual expendi fare bog $484 261 86. ovens Padvet amount pad... % OnLnALed expenditures from Let Get Ber to Lat Janwary, 1865.....,...., *” 108,000,000 anhidite « total of fi al Vo charged agsinat existing spprépeiaiters’ eet mount dpducted from the balance of a@hdcawn, Viz: $744,106 118 06, loaves the from past ri@tions ay a y the six piety from the {otet Sunemey te the @ortved from Regmter, prosenws Vly, 1866, $407 416,604, ‘Weerding tables 0 the pubic 4 a auurenste of \s. The following summa: ludes the re. SEAGER ARS funding of Lhe 014 wnune, which *; °°. der te Coy ee, ‘Total of funded debs ‘Treasury notes ov Deduct amount NEW YORK HERALD, SATURDAY, NOVEMBER om the books of the Perister, and ex- more’ precial D: sor the Uniunded debt:~ _ » Depart. is linbie toa further Fe juction for the following Y ems of debt tocluded ia the 7 degvwter’s accounts, but stilt tn tho Treasury, viz:— Treasury motes (Dew sense. $22,053,200 91;995;000 ‘Total debt October Z, 1866. -$1,196,381, 005 A table of the public de! of April, 1364, Prepared on the same priuciple, ‘shows It to have been as + "9523,630,670 280,000,000 wi ot .. 008,580,670 amgeat \tetanding be oat " we boy steeonpa +» « + -$506,792,103 jissippi Department... 80,000,000 ‘Total .4475,702,108 Deduct tax of S343 par’ out. *168) 268 ———— 817,194,735 Total debt, April 1, 1664 1, 120, —Whick, compared with th ‘deb iene aes ihe cotanouteaetanne inet = f mx monws Ast April to 7 ‘This addition to our indebtedness te. smaller than might have been apprehended, yet is greater than if the ee rency had risen in value, and thereby the expenditures had been reduced, and the jarge amount of taxes paid had contributed exclustvely to the reilef of the Treasury. Tho foreign dept, consisting of a single item, is omit- ted; "the whole amount, boing under £2,200,000, is ade- piven fn Og led by the cotton owned by the govern - et 280,000 bale Per pound, the quantity being 6 expendHure of the current quarter, it is assum: will be met from the following reavurces, ‘Wize gi) Treasury notes—amount unexpended of the Proportion applicable to the payment of ‘expenditures... ° ereccrecece «++ $80,000,000 Taxes—amount to be’ received for the last |” quarter of 1564, estimated at............. Bonds, certificates of indebtedmess and loans on bypothecation of bonds... The certificates of inderted: Fevruary, 1864, dtd not prove as favorile an invesiment as teas anticipaied, and the amount o/ these securities, taken in rayment by pubiic creditors up to let Uctober is $2,000.000 oviy “from the saleof bends and joans on hypothecattou of ponds, about $45,000,000 was. raised, and from the vew issue of Treasury notes $283,000,000. the large and rapid issue of Treasury motes is the more to be regretted frum the failure of the measures relied upon to sustain thetr value and reduce expenditures. ‘the new notes are received by the public at a value scarc ly any hi her than the old, and, as @ ve hi her tha consequence, the expenses have GOLD VATUE OF REBRL CURREXCY, _ The currency demands tne immediate and the gravest con- sideration of Congress. Unies a uniform and stable value can be given to the Treasury note, the effort te carry on the war through their instrumentality must of necessity tealandaned. Acquiercence in us deplorable d-preciation 3 to court the ruin to which it leads One hundred and thirty fine doibirs in currency, the price obtained jor one hundred dollars in siz per cent bonds, is equal to siz dollars only im specie; and to sell the bouts at this rate is reality to dispose of them at nimety four per cent dis- count: or in other words, to give a bond for one hun- dred dollars in consideration of the loan of six dollars. There is not araan of property in the country who wold not preter any fair measure of taxation rather than Procure @ temporary and treacherous prosperity by the sale of mortgages om bis estate at this ruinous rate, The depreciation of the currency, proceeding from re- dunduncy, aud the want of confidence 1m its ultimate re. demption, oan only be corrected by mensures that shall Doth diminish its volume ana sustain the public confi. dence, The measures adopted by Con; to reduce the currency dic combine these essential clements uf success, Those who had taken the old notes, relying on the ,00d faith of the government, en finding them sud denly deprived of one-third of taetr nominal value became alarmed, aud received the new notes under strong ap- Prebénsions of a repetition Of the measure. At the time, to, that the currency act provided for a circulation ex- ceeding four hundred millions of dollars, it circumscribed and reduced the demand for the noves by making the four per cent bonds receivable in the payment of taxes.~ By the let day of August $170,000,000 of the new notes baa alrexdy been issued, and tess than $10,000,000 sufficed for the payment of the taxes coliected at that date. Depre- ciation commenced at .oce, and proceeded at so rapid a rate that by the 1x day of Ucioter gold was seliing tient fve dollars for one. ‘The necessity of providing @ speedy and efficient rem: dy for this condition of things is obvious. The bonds to be nold for this eurrency; the taxes must be collected im it, aud hence all the means of the government for the purchase of supplies wili consit of thie medium, Admit- ting that the amount which may be raised {rom these sources is nominally equal 10 toe estimated expeuaitures, there is yet no security agamat such a further decline in the vaiue of the notes as wil tions and add enormously to ‘the pub ic debt. The time, therefore, seems to have arrived when Congress should take measures to restor he currency, or make provision for ta honorable redemp- tion, and rdbrt v the we of and bank not-s. The adoption of the last alternative, it is feared, would pro- duce great embarrasament im the community, and the impossibility of obtaining am adequate supply of specie and bank nass for Uke wan's of the government would create the necésvity for @ system of universal imoressments, ‘oilowed by incaicuiabie suffering and distress. TLANS OF IMPROVING JHB CURRENCY. That the government must be supplied with sufficient means to carry on the war all are agreed, Our enemy Oilers us no terme short of unconditional surrender of Ife, iiberty and property. and no choice is left us, Af we were disposed to it wdispensadie to the fall development and uncon. +trained use of our resources. The raurn to specie pay ments being for the present impracricable the inquiry whether it 1s possible to restore and maintain the of the Treasury uotes as acurreocy. The acc mplish- ment of this end is 0 such vast importance that tt is, of all others, that to which the resources of the country should be devoted and applied. Were it possible to an- Ucipate the productions of future years of peace, and convert them into money for immediate use, the ex- pediency of resorting tosuch @ measdre could not be doubted. May not a poar approach to it be made by de- Voting. portiva of these future productiogs to the par- powe Of imparting to the Treasury notes a high and stable value? | submit that this may be done, and respectfully propose @ plan for its accomplishment. It ie an act pledging the faith of the government against the issue of Treasury notes beyond the amoust authorized by the act of 17th February, 1944; exempting ibe notes [rom taxation, providing (or the application of twenty per cent of toe taxes annually to the redaction of that amount until peace be deolared or tho outstanding sum be reduced 0 $150,000,000; continuing the tax in kind after the war, and appropriating a0 ascertained pro- portion thereet anduaily to the redemption or paymeat of tbe circulation, unti! the whole shail be retired. 1 proyose that the redemption ahail be made from the Utes of cotton, wheat corn, at prices tixed by the act—namoly, ctton at fifty cents por povud, wheat at four doliars per bushel and oorn at two doitars por bush. el; tbat the notes be received alter the war, from ail persons liable to the tax in kind, t9 commutation of their tithes; and that the Secretary of the Treasury be autho Tired (o issue certificates in exchange for Treasury notes bearing six per cent interest, secured and redecmable ia the same manner and on the same terms as the notes themselves, free from taxation, and receivabie alter tbe war in payment of the tax im kind, and that all notes Sa into the Treasafy,for these certificates be can- celled. The effect of this measure would be that, at present prices, the tire population would be ioterested in exchadging their productions for Treasury noice. They would coustitute noi only « sale curr but @ profitable, investment, for tm the ras'o of ten dollars for one, as COmpared with Rpecie, the produce obtajved in paymant at the close of the war would cost the following prices, viz: cotton five cente per pou: wheat forty cents per buebel, and corn twenty cents. ‘These noméoally low prices vee pet ‘operate to the pre: judice of \be rgriculturist, tor » being in kind, would neither be jocreaged nor diminished by tne price. Ite true be would have @ Collateral joterest in commou with tax payera gooeraliy, (for of course all jaterests Will be taxed) in the redempt! rate rate. In this -reapect bis interest wouN be pro tected by the prices stipulated by the act, which tre not too low for a time of peace. But if they were, & full ewmpensation wonld accrue to tne ‘ax payer in the immedi enhancement of the Doles wad consequent redaction of expenses. And the Prodacer would find « complete indemnity in the tale a pg oro now et four dullags, aud the tio 1 oJ, to the payment of @ tax hereatter of twe In suggesting the three apecite — ann sy ieee re S000 200 TO). +640 ssnannansonns: © of the.noter ate mode | nner ‘This amount applied aveanily woald redeem the notes ; Taxes is revérrod to ‘Yor much valuable and loterestisg Outstabdysg in our or Bye years. estimara may be iLiurfed from the foliew mg suamary of the erups of the Coufeder aie Stutos betore the war, taken from the United states ornsus of 1860:— COTTON ESTHLATED AT FOUR HUNDRED POUNDS PER BALE AND MAPTY CENTS PER FOUND, WHEAT AT FOUR DOLLARS PER 09 | this amount, -apptied to the values of 29,579,244 + 16,910,344 $271,052,104 Forat Value of Cotton, Wheat and Corn. _—$—$_—$_—_— $181 ,783,528 108, 153 Virginja.......0| 88,860,704 North Carols. | “80,078 664) Carolina: ‘The leading details of thie plan or measure to reassure the public of the ssfety ef the currency, and the redemp- tion of it td fall, will consist of the ratio in which the selected staples should be combined, and of the provision necessary to equalize the value of the postponed and Preceding instalments, The combination of the staples, &s recommended in this report is 1.9 of wheat, 4-9 of corn and 4-90f cotton, The scheme recommended in another place, for the purpose of harmonizing the value of the successive instalmenta, is the substitution of certificates bearing interest for the currency set gpart dy the hoiders io commutation of the tax or to purchase the tithes. After the most careful investigation, I am satisfied that the measure may be successfully reduced to practice. Under the operation of this system, a sure appreciation of the currency may confidently be expected. All will discern the advantage to arise from the acquisition of Treasury notes at present prices, and evengforeign capi- tal muy be expected to absorb @ part, for, at the rate of ten doltars for one d:liar of specie, the cost of cotton would be reduced to five cents per pound. Confidence may be oxpected to return: for those who dread repudia- tion, and those who would regard the return to specie payments with equal alarm, would both be encouraged and assured. In impartiugelncrersed value and security to the Ireasury cotes, greater retiance in the value of the funded debt would be inspired, for the expenditures a be reduced, and the accumulation of debt be re- tarded. The currency debt being provided for, the total remainder, to wit: the funded debt, : would be as already stated... -+s $738,340,090 And if to this sum be added the amount of Donds to be sold before the Ist January, which may be estimated at about....... 40,000,000 Tho total sum of interest bsartng debt on the Ist of January, 1865, will be. ‘The value of the real and personal property fn the Confederate States, in 1860, ac- cording to the United States census, taken at specie value, was. $5,202,166,107 Notwitbstavding the waste and desolation of the war, and the amount of property in the enemy’s lines, the jaubjects of taxacion under the act of 17th February, 1864, nccordiag to the geturus made to the commission ors by tho assessors, under the act of 19th August, 1861, is as follows:— Property employed in agriculturo— $778,840,090 Specie value.............$2,900,758, 777 Currency valued at $5 for $1. $14,508, 703,890 Other property— Specie valuo...........+.. 1,450,879,379 Currency valued at $7 for $i 10,152,655,653 Specie vatue.. + $4,351,138,156 Currency value ++ ++ ++ $24,056,449,643 There is an clement of our national wealth, taken sin. gly, that exbibits, io a striking view, the amplitude of our resources to meet our wants. I refer to the greas staple of cotton, The net proceeds of one bale exported and sold in England at the preséot price is about two buadred dollars io gold; and, at the rate of ten dollats ta currency for one doliar in gold, this is equal to two thou- and to four billions of dollars for the two every effort should be made to apply this great element of wealth aod power to the purpose of arresting the pro- Pe ~ of depreciation and retarding the accumulation of jebt. 1 propose ap additional duty of five cents per pound on the exportation of cotton and tabacco, aud the aaplication Of the uutios on imports; payment to be made in coupons of tbe five hundred miliiom joan, sterling and specie, as now provided by law. Tne price of cotton in Liverpool being about sixty cents per pound, the deduc. tion of five cents for the tax would hardly have an ap. fable effect upon its value in currency. The duty would fail cavefly on the foreiga consumer, or be taken from the profits of the exporter; and an important finan- cia) advantage would be obtained at a moderate expense to the country, The increased duty on imports would be asmaii tax on this lucrative trade. if paid by the tm. porter. it would be free from ail objection; i bs the consumer, bis ability to bear it js abuodantly proven by the high price paid for goods, These measuces would en- bance the v: ind enlarge the and for the five hun- dred mitiion loan. The expeoditures for the six months, from the Ist of January to the 1st of July, 1865, ‘with ao improved currency, may be safely ‘eatimated at a maximum 0( $30,000,000 ; nod for the twelve months at............ To this amount must be added tor the re. demption of notes, as proposed, the sum of 60,000,000 and ior the ostimated amount of: floating Te A et ry I propose the following scbeme of taxation and loaas, ut fe 1, Taxation, including the tax in kind... ...$360,000,000 2 Sale of bonas of the five hundred million loan andfcertifieates of inaebtedness...... 409,000,000 2. Import and export dues and miscolianeous receipts... oud 5,000,000 Total... ,000,000 To rarse the amount proposed I recommend the repeai of so much of the act amending the act of 17th February, 1864. as will leave the property jull operation, witnoat the abatemonts now Vowed fviz.: section 1, paragraph 1, of the amendatory act of 14th June, 1864, which provides that she value of hs tas a Eta Seal be dodes on agricultural property; section 8, paragraph 2, of the same act, which provides that the eball desired amount of revenue will be sectred and the pro- mipeut inequalities of taxation, now the subject of com. piaint, wii be redressed. The’ tax in kid veing ten per cont., and its value In currency $145,000,000, it follows that the productious taxed amounted in vaine to $1,450,000; and the arsessod value of the property from which ‘these productions are derived being $2,900,759.778 40, it te apparent that tho grows income ‘of $1,450 000,000 is equal to fifty por cent Of the anvensed vaiue of the property. Hence, 4p agriouitaral estate of the value of $109 000, subject 10 an wt valorem tax of $5,000, ylokted a groas income of $60,000. ‘The tithe of this income ($5 600) paid the pro: party 19x, and leit undimininued $45,000 0 income. 1 Tesult Was the consejuence of valuing the property for teration in specie, and the productions received in pays of the tax iv currency Had the property been 1 fo the mediom in which the tax was payable, the aesesement would bave boen at lowst $50,000 and the tax $26,000; OF Dad the articies received in kivd been valued, as the property was—in specio—the payment would not have exceeded $2,000, aud $3,000 more of tax would hare been reveived In currenoy. The iveqoality of taxation that resnited ie iain ork apreuour by a comparison investments made ip ernment securities §=The sum of $100,000 in eight per cent bonis, yreidiag ed per annum iatorest, paid $5,000 tax, and left a claar income of only $3,900. Capital tavested io log presents contrast eqonily striking. Ono of the banks in Rich- mond, which i¢ meferred w as ao oxample only, ov) a orpitil of $2,836,000 400 taxes,’ the mpecie being naso-sod at eightesu times the value of 1460; wad the amount distributed among the pinckbolderm a $268 On $100 069 consequentiy, thus ja. aa $14,000 and the income’ $11,500, ualisies gave rise to grave compiainia, while any amount Of taxation equitably distributed wold deabdtless be cheerfully mot. The poliection of # large sim in Texas is eenentiat 0 the reform of the currency, and the conntry fs in a con- dition the most feyorable to bear the burthen. The duvdance of money and bigh price of every species of or and supplies lan J render tbe payment easy free from embarressment. The freasury will do- rive little ald from this source in the present year, The 4a On the currency brought no revonve, operating only of the circulation. The other taxes, with lithe exception, will be yeeeived in four The taxoe w Property and income are to some oxtent ee = fh) ad va- ‘on proper orn turd beng it roa of cael ea id the Property dimnitotatn u esum A valorem tax. These absioments ia four per cent bonds result in reduc! Hue from taxation (exclusive of the vold ‘fadont $40,090,000, REPORT OF THR COMMISRIONER OF TAXPA, ‘Bho Aeoomyany log abje report of she Oormissionor of, ‘The credit due to this | deformation on this imporwant sabjec compat! the property ul the country Qt the present muted vaiue, the following is the existing Fave Of tax- ulus of feal and parsonal property ‘@ eurreocy, rated at 118 ite to seven times tbo v-luation of 1800 $24,666 440,551 Total amouns of ta: r which is at the rate of one and ove-sixth per cent. ‘Wit this estimate of the regouror’s of the confederacy tbe taxes (or the ensuivg year cannot be deemed excessive. 1 Of $360 .009 000, reduced inte specie at tweoty doliars for one doilar, % only re C4 Fate of lets than one halt of the calculation is made in $4,351,138,157, is ove per can! currency. $24.656,449,651 baif per cent. paymevt of the taxes qnarteriy, a measure strougly recommend, less than one-fourth of the cur- rency will suffice ‘er the quirter’s tix, aud the amount collected in any one quarter wiil be restored to the cir culation before anoLner becomes payable, it is aprarent ‘that the resources of the country are ample to meet the proposed increase of taxes. It may be objected that the several measures combined will unduly reduce the circulation, and expose the country to the evils ot declining and 6 cur. reocy. The reply to this ion is, that the evils predi- cated are, \o some extent, able from the reduction of the curreacy ami the improvement of its value. ADy measures that are success{ul tu effectiug the desired reform trials that attend Compress decs no: interpose, mend restore the currency, gradually, j meins of eoluntary a tion, a by some violent and aisa.trous ‘Tne developments attend at the And if ry body by persons of limited lation. The deposits held by the banks, large as they are in the aggregate, proved to be the accumulations of judtvidual depositors in ai parte of country. The report of the depositaries, a] ted funding the hotes show that soldiers, " families and the generally, have been the heaviest sufferers by the (az on currency and its depreciation, In view of the large of the poorer classes of society in the currency, the re- sponsibility of fixing the value and establishing the security of the notes, assumes the gravity of & sacred” duty. The soldier, and all who are forced to the imme- diate use of their money, are without the chance of redress for the loss they austain by the depreciation, whereas the capitalist bas it io his power to indemnity eet and even reap a prefit by investing in public 3 st i ods. ‘The measures proposed may be expected to correct this inequality, and give to these who claim our sympathy a mortgage upoo our fature supplies for bread at fair prices, and when the war is over the country will enjoy the satisfaction of having protected its defenders from want. If the proposed reform should be followed by a general and large deciive in wise: the result would be bailed with the liveliest satisfaction, except by those whose imprudect investments have contributed to the de- rangement we desire to correct. No improvement of the currency ean be expected that will not be attended Dy an immediate decline of prices. It will, therefore, be idle to say that the reform of the currency is desired, if we are willing that existing prices should be continued, and to sbrink from measures that will be attended by the results indicated, is to oppose the reform of the cur- rency. ‘The time for hesitation is and ons of two al- alternatives must be Measures should be taken wituout delay to revive comfidence io the treasury notes and upbold their value, or a tax payable in specie and the notes of solvent banks be resorted to. in the most favorable light in which these notes can be regarded, ‘the purchasing quality does not exceed one to seven or eight, #8 compared with specie; and the bonds are even lower in value, being sold at the rate of ove hundred dollars in bonds of six dollars in specie. 0 continue such exchanges, tf, indeed, jor any length of time it were possible, would be ruinous. But my conviction 1s, that it 4s impossible to persevere, ant, ‘untess prompt and decided measures of reorm are ad’ pled, the progress of depreciation will be accelerated, and our em barrassments Leome insurmeuntabl. I would therefo earnest’ y urge upon Congress the necessity of acting wi/h ch, and, by the adoption of vigorous and drctde, es, restore the value of the currency and avert the calami.y with which we ave threatened To remove apprehensions of our ability to bear with convenience the increased taxation recommended, it will suffice to eall attention to the amount of taxes paid this ear The total amount of taxes is estimated at... $374,188,414 But from this sur must be deductea the credit given for the taf in kind and the inoome tax, viz-— ceeeeeesee 128,787,245 Leaving as the amount of taxes actually = $245 401,169 0) on Treasary notes of thirty-three and @ third per cent: and as the four per cent bonds have declined in value to $66.66 per $100, the tax, in effect, included the whole sum of issues, ex- cept in so far as the bonds were used at par in the pay- ment of taxes, viz:— Total tes ++ seee08T9T,792,000 Lene estim: mount of four per cent bonds recetvable in payment Of taxes......+-.++++ 89,000,000 Total ...... saconees $708, 792,000 $708,792,000 at thirty-three and a third per Sum of taxation actually borne by the peopl: in 1864... steeeeees teeee se ees $481,665 ,169 mS this sum there was roceived in aid of the Treasury, viz:— ‘ Jax in kind, valued at, Tax paid in currency. Total It is now proj to’ raise $30,000,000, whieh will bring into the Treasury an ex: cess over inst year of. + 174,472,569 ‘Total... —While ti Hou ‘be $121,665, 160 less than last year. I would respectfuily recommend that all government ‘bonds and store, and loans « ject ‘The policy of this vious. - Under existing laws except in tho case of tbe five bandred milion loan and the certificates conditions as other income taxes. measure is of indebtedness, the income derived from governmeo! securities, ts nearly al taken back in the form of taxa- tion. Ono effect is to drive the bonds abroad and create a foreign debt that will be found oppressive on the return of peace, and another is to raise a preference for other investments over government securities. Many invest- ments yield « larger income than simple interest, and are eapable of bearing the tax, but the interest on govera- ment joans being limited, and not susceptible of augmen- tation, the tax of five per cevt absorbs nearly the entire income. In the case of the four per cent bonds the whole would be taken; and whengit is remembered that this rate of interest is low, and that the joan was re compulsory, this class of public creditors cularly entitied to the consideration of Congress. y der regard for the just claime of those who, confiding in the honor and good faith of the government, responded to Its call for poountary ald will be attended by no loss, ance they who deal the most honorably with the creditor invariably borrow on the best most ecovomical terms. I would particularly cali attention to a class of credi- tors now lending their money to the Treasury at four per cont interest, on the bypothecation of the six per cont Bon-taxabie bonds, It is obviously the interest of the government to exempt these loans from taxation, im like manoer with tho bonds they represent, THE BANK TAX. The tax also upon the banks deserves, in a manner, the careful cousideration of C.ngress It would be a couspicuous wrong to constrain these institutions to wind up thoir aiairs, and a serious loss, both to the pub- lie and the government, to deprive the country of the sapport to be drawn from the concentrated capital they possess. This, | think, must eventually be the effect of ‘the present tax if contioued, and 1 reoommend a modifi- cetion of the law, such, 1 my option, as wili give the desired relief and leave the revenue undiminisned assets of the banks represent the following interests:— 1. The capital belonging to the stockholders, 2 The surpius fuod also belonging to the stockholders. 3. The deposits belonging to their customers. 4. The outstanding circulation belonging to tbe Dill holders. The following plan of taxation ts proposed:— LL That the ad valorem tax be laid upon the sum of the capital and surplus profits; being the total property of the stockholders expressed in currency 2. That deposits be free from taxation, as consisting of ‘Tressury uoves only, # (ax upon which reacts upon the governmen 8. That a tax of twenty-five per cent be laid upon the notes of the bank, payabie in sp \ Treasury notes, former in the proporticn that the specie beld by the bank bears to the sam of the outstanding notes, pro- vided that all bilihoiders presenting their notes at tue bank aod making aifdavit that the notes were, oa the day of the paseage of the act, the property of loyal ¢itizens of aliens in amity with the Confederate States, Shall be taxed five per gent only, and t the samo pro- portious as to specie and Treasury notes, and that it be made the duty of the bank to record oy thus pre- rented, with tho names of tbe persoos a the sane, and to collect and pay the tax aud 10 report to th Torr for stration, ax in the of the ai] potes HOt presented for record an Provisions of the act, ‘The circulation of the banks on Ist of January, 1860, ‘was as follows, and there is no reason to suppome that it ig now apy len8:— Virginia,.... North Caroli Total, .... fer < If limited to the five first-uamed @tull operate ov & sua Of forty.taree million dollars; and Mf the returns shall exnibit a the residue would be brought contribute more largely Tre re ‘The courts decided the aot of on » 1862, section the four 0 carrenay are blew a4 en "tho mb: ‘dum, papttalired, We eynal ton rednetion of early, wenty rotilivn collars of the prioipal ef the debt. ‘Aa sho acy of June 14, 1804, bo increase the compensa z i 5 H rele extended to others, and | suggest the carly passage an © bring them witbia the mesnmg and entitie ‘them to the beneiits of the act of let June. Toe organtze forces to serve ‘the war,” approved 17th ‘ebruary, 1864, wud: of the Treasury t» i@aue bunds for th: payareut ne Bounty provided by the act. but omits to Ax a time ‘or payment of the bonds, and | respectiully recommend that the act be amenaed in that particular. THR S*ANS-MISSISM.P] ASENCIES. I have the bwoor to report that the agency of the ‘Treasury in the traes-Missippi Department bas oeen or- ®avized and put in operation, and after * protracted de- lay occasioned by the difficu'ty of communicatios, The led the recoipts there(rom of state ments exbibiting the result of the funding aod of its other operations, Supplies of the new issve of Treasury of indebtedness, have to believe that order and i soon py we that a wi take place, tod the dificultion and embarrasauieats’ pithervo expe: Fieuced there be rem»ved. The re,orts or the Chie's of the Prodnce Loan Bureau and of the Treasury Note Bureau will be sabmitted to Congress in a separate communication. G@. A. TRENBOLM, Secretary of Treasary. ‘The Rebel Congress. SECOND CONGRESE—SROOND SBssION. x, Nov. 8, 1! . ‘SENATE. ‘The Senate was called to order at twelve M., by Mr. Hunter, eerie nt ona Mr. Gaagau juced the following bill, which was read the first and second times, and referred to the Com- mittee on Finan A Dill declaring four per cent bonds and certificates there- for receivable in payment of all taxes, due and payable for the year the Congress ef the Confederate States de enact, That Soude sad Sortssaion iherefer Fearing roar per vent inter est, issued in pursuance of the act eptitied an act to reduce the currency aud to author omup of notes and bonds approved February ‘and they are bere- declared to be, recei im paynrent of all taxes er Sitept export or import duties. se vs or event lie ‘Ibe House met at noon—the in the chair. Gn motion of Mr. Orr, the Senate adjourned. WRUEE OF REPRESENTATIVES. ‘The Sreaxer presented a communication from Governer ‘Smith, of Virgmia, inclosing a copy of the proceedings ef a convention of Governors lately at Augusta. , ‘The paper having been read, Mr, Perxivs said, the resolutions of the Governors were 80 admirable, and so appropriate to the circumstances of the country, that he moved that they be entered at large on the jouraal and be printed. Agreed to By Mr. Hamty, iy of Ark.—A resolution directing inquiry ‘and report by the Committee on Military Affairs, whe. ther the officers and privates of the army were not seve- ral months in arrears of pay; and if 80, why. Agreed to. ‘By Mr. BELL, of Ga.—A resolution directing inquiry by Committee on Military Affairs into the cause of the ab. sence of s0 many officers and men from the army; wi ther due to defective legislation or failure to enforce a Proper discipline. Agreed to. By Mr. Mites—A joint resolution for raising and nizing a Polish Legion. Referred to Committee on tary Affairs, Also, a bill authorizing the consolidation of companies, battalions and regiments. Referred as above Algo, @ resolution directing the Committee on the Judi- ctary te inquire into the expediency of requiring citizens lable to military duty, absent from the country mot on public Spey to bara re assist in ae pats riper on pain of confiscation of their property, disfranchisem af-er the war, or olher adequate penaily, Agreed to. By Mr. Foore—A resolution declring that all furtber attempts to secure recognition abroad should be desisted from, aud our diplomatic agents in iD countries at — witharawn, Referred to Committee on Foreign Af- airs. Mr. Foote also presented a resolution embracing a se- ries of propositions responsive to that portion of the President’s message which treats of the einployment of slaves in the military service. Tae propositions assert that a generat levy of the slaves for soldi rs is unwise; that their withdrawal from iabor would be inexpediont so loug a8 we can otherwise obtain as large an army as we can maintain; that if the aliermative be presented of suljugr'ion or their employment in the ranks, the latter shou'd.b: prefer: red; Vast for the uses to which they are now applied, their ownersbip by the government with prospective emaccipation by the consent of the Staves, as the reward of faitbful service, would be expe dient; that the numbers fo employed should be increased to torty thousand. Thr whole concluded wiih a resoliaion affirming that it was necessary to have the antecedent con sent and sanction of the Siates to any utiempt at cnferring emanctpation by the Confederate authoritie’. * Mr. Foote spoke at much length in support of his reso. Jutions. In the practical policy recommended in the message he concurred, and bad used the language of that document in framiag bis propositions, But his closing Tesolution was directed to the correction of ap important omission of the President, He regre'ted tha/ language so incautious as that by the President had found ts way into a deliberate document. The construc. tion which might, and must, placed upon it, would be exoediogly would imply the abandonmont of our cai Mr. Foote denied that the Confederate authority hed any power whatsoever to Interfere with the relation of javery without the express antecedeut authority of t Stat message did not expressly ackuowiedge the necessity of this. Indeed, from its language the oppo- site might beand would be implied. Hence the neces sity af explanation. He proocoded to show that the | ovi- tion be maintained bad been sanctioned by Daniel Web- ster, whom he (ook cccasten to compliment’ Kven Seward, lawless and unprincipied as he was, had never gone sv far ag the language of the message may be construed to 0; for he had proposed to change the constitution so as expressly to exciude Congress from interfering with slavery. If the Confederate authority could emancipate forty thousand, as contemplated by the moesage, it could emancipate all. Lincola cifimed no more, Mr. Foote referred to bis own political antecedents. Though he had made efforts to rave the Upinn in the dys of the compromise, which caused him to be censurea in some quarters; though he bad been slow and reluctant in advising bis State to secede; none were more zealous than he to maintatu the Confederate cause; nor was any State more devoted to tbat cause than his own (Tennessee). In response to some inquiries, Mr. Foote suid he was in favor of a convention of the Confederate States, not to supersede, but to ald, the Confederate authority io juating the terms ‘of peace. If McClellan were elected it would oe o triumph of the States rights men, and a doubie convention would than be probabk We had, he said, more friends at the North than we had in either’ England or France. Those countries desired the ruin of both North and South, He was willing, on the recognition of our shiependence, to enter into an alliance, offensive and defensive, with the Northern States, jountly to enforce the Monroe do trine in America, and to form a liberai commercial treaty. With this alisance Brith authority would be morpt out of Canada, and French dominion im Merico w utd be over- turned,’ Siz or seven hundred thousand mn would do, aed thus visit a just reribution on tne cold bloodel monarchies concerned, who are now attempting to surround the two ‘and limit their growth. ‘When Mr. Foote concluded bis resolution was, on his own motion, postponed till Thursday. Adjourned, > ‘Mili Peace Negotixtions. [From the Milledgevitie Recorder. ‘We perceive with much regret tuat a few papers in Georgia advocate the sovereignty of the Stuies to sucha degree as to auihorize each for wself to make the best bargain it can with Mr, Lincoln for the cessation of hostilsties. We regard this as exceedingly wofortunate. it not oniy gives an interpretation to the Southeru compact which t instrument does not justify, but w isan indirec: con- feasion of weakness in the confederacy most hurtful to the do not impeach the fidelity of this doctrine of State rights. but we persu tuat the error, honeat ag tt may be, ts calculated to exert an whappy in- om our struggle for national ind-penaence. The Proposition, at this gloomy juncture of reverses in Georgia, implies an abandonment of all hope of ulrimate success, and in thw respect it is very objectiona’ ven if nothing more serious could be alleged against it. Such a pre- tension is wholly inconsistent with the power to con- duct our foreign relativns which bas been delegated 0 the Conederate government. Coupled with this romantic Idea is that of a con- wn of all the States North and South, to ad- just the terms of settiement. When the’ retetive composition of such a body i taken into view, either on the basis of State sovereiguty, on which the North stands about two to one against the South (twouty-two to twelve), or in representative power, which largely preponderates in favor of the North, at Our tiff experience in Congress has ever shown, the seceded Htates would haye no voice whatever which the Diast of fanatictem would not instantly silence in toe convention, Astor Southern independence, no one dare breathe it in Buch @ presence. Then, with absolute dis. honor froma such arbiteament, the South would meokiy ask for recoostruction with constitutional guaraotees of property, Xe. Driven'to this humiliating extrome, and scorned for the audacity of expecting the recognition of property in ‘sour fellow citizens of African descent,” the dele. gates of the haughty South, once so jealous of their minded men at home. Such would be the legitimate re- sults Of @ convention of ail the States, We are greatiy Mistaken in our estimate of Southern seosibilities and Southern valor i any messure or the kind will be sano en one-tenth of the people, however clamor. w timid end speculative politicians may bo In course to quiet our matioual troubies, « jn the fight aud we must carry it on to the bit- ter od anti! we.can cioee it with honor. It is no time for a8 10 propore negotiations or to ask forboarance. The sword oun be abeathed alter victory. urging th Wo ai Phe Questions of Arming the of Neconstractio [From the Mobile Tribune, ‘The question of putting nogrocs tn the discussed somewhat gingerly by some of the papers. Une of them (the le Ohronicle) deciares that is might be don mixed at he i Coneidered @ person by the State end municipal anthorities, aut by the constien. Of the United Htates, The article is imgeuiously writ. ton, Dut whiio ia premises are correct, its conclusions Sa snter: the law, is a sort of mixed person. He hes esented in the legislation of the country— bes of trial, as freemen bave—ia protected Se eptere ag carefully as is the owner, fe true; but ne je, nevertheless, nothing iy ae regards the ricbis of the owver. ‘and sold like other property, Ho is to the ‘worth & given sui paid for -bim or improved b: one pays for a farm or lg tp me Sr tbat, im Jaw 8 psr#oy, be I® nothing but property to the OWher—thet It, 10° & person go far aa tne law of bargain and eal is concer od Hows, of course, that to impress a el pres a certhin amouns of Property —jast as Ay 86 14.4 mule. oF o horpe, or aAmonn! ia to im a pro, oF. corn: aed ei |} ‘ion of the heads of the several exeou:ive % fs as mach to pay for theone ag v4 tid lber alles tad clerks 0” the gorermmeat ths | Iehieribe etter shall be attained. Less than an as ie eugee by the slow menresecey ‘Less thup ww putting ev! ee acl a nendene, and with reesei a » WO Bball be subjugated fiually, ag much tvough Lincola’s army occupied every {vot of our coun try. ‘There ie @ difference to be sure. Men of property Dy ibia reconstruction might be able to save some thing of what they possess; Dut they would held it* ony by the sufferance of a section’ which would bave power to rule us by legislation aud by individaal ra- Dacity: and all that they could leave to their children would be the shame of attempting to establish y to fignt for it. It wonld uot only be eternal disgrace, bul it would be fi7ing from @ present misery to transmit it te their heirs, on the presumptina that the young men of’ to duy are unfit for anything but a condition of seridom, This, however, is soreigu to the putting of the slaved into the serv It 18 bot necessary to do that pow, The: white men are sufficient for tne er joy. When they: are weakened so much that they cannot hold their posh tion against the enemy, then we can resort to the and shen we do that, as the last resort, then we abal) willing to see slavery sacrificed to the independence a the country. That ind»pendenee will justi y aay sacrh foe. Everything is well spent that purchases that boon, (From the Ricbmoud Dispateb, Nov. 9.) We bave forborne to take any part 10 the discussions Felative to the making swidiers of our slaves, because it bad re been formally proposed as ® practical quee tion, aud we bad hoped that ® would be rassed over, We did not wish to crease a breach at @ time when harm ng ts :0 destrable, As the discussion is to be forced upon us, bowever, we wish to express our opposition, aad she grounds thereof, in as few words as we cap. The in the firs! place, is totally uncomstite, tional, We parted from the old government because of ite determined purpose to ioterfere in the domesti¢ affairs of the States, Were we still under that govern- men! ed in a war with all Europe, and invaded a million of me, surety nobody wili contend thas geueral government would possess the power, under the Pretext of necessity, to abolish slavery in the States mukiog soldiers of the slaves; for such is the undeu' effect of that measui @ arg not aware that the Covfeder: ral government hed not, Secmd—Lat it be cobceded that the constitutional ‘exists. The exercise of it is, nevertholess, a com fasion of weakness, or, rather, a professiqn of a weal ners which does not We have no occasion to re- sort to any such extreme measure, Our adaira are in @ Detter condition, aud our prospects brighter, than they ever have been since the commencement of the war, Third—Armies must be fed, and in order to feed them crops must be ma The negroes are our agricultural Iaborers. Take them from farm work and you destroy the @rmy more effectuaily than Grant can do it, with ® milion of men to back those he has in the field, Pourth—It would be a powerful stimulant to recruiting for the Yankees. There can be no doubt that av: number would resort to them who are restraii at present by the apprehension of being forced into tho rinks, ‘They stay at bome Ddecause, they are in no danger Let tbem geo that it is as dangerous to stay as to go apd they wil bo pretiy certain to go. Tor, with the Yaukees, they get a hig dounty for enlisting, and liberty and equarity into the bargain. The services are set bofore them wisich of the two to chovse, und there will, we fancy, be litle hesita- tion as to the choice the whole question when we @topt this wo may be fighting for, the Yankers are fighting for ‘the nigger,” that ig, 10 abotitionze tbe South, Weare not disprsed to gratify tuem af we cal avod it, Henry Ward Heecher, ju one of b@speeches, made about a your ayo, boasted that siavery Bad reo @ mortui blow, and tha: this war would be the mou spreading ‘New Euglind ideas.” that 33, 0: > ¥aukeo- Fourier am, freelovetsm, and td whole breod of Jstas tbrodsnout the covtipent, ‘These tvecs, he com- teuded, would ake a surer conquest than (he sword. ‘Toe Nuroau ios ot ola woo mmiortal renown by barn ing up their city, ther wives and chiiaren and theme sejyes rather than be sub ugated. If we «re retuced to The sume excremity perbaps 1t will be well to make sole diers of our negroes; fur we the «new about as muich an act af desperation as che ovher, But we deny that we buve come to that poiut or ure iikely to come to It. uongot the Cenfederais {xecative to ia~ nafhber of blacks 1uto the pubitc service nd laborers cannot be reasvbably che ¥ will be some dtvicloo on ve sae. setting free after the War such us are purchased by Fement cz these Purposes. It isto be hoped thas on of te matter will not be indulged to am unnecessary jength, and that the action of the govern ment will be at once prudeut und practical, as teamsters ed to. ibe Rebel Horror of Forter’s Flect—Where in he Going 10 Strikk>t [From the Richiwend Whig, Nov, 9.) What has become of the armada which assembled im of the Chesapeake and sailed with 8.0 (or. few daye ago to tbe southward, and, a® ero inclined to be'reve, for Wilmington, tions for the reduction and oecapation: of that important post aud port’ There bas Veen ample ime since it wae suid to have sailed for its appearanee off the works at the mouth of hear nothing of such an event, no possibie militury end to be served by the cone st by our authorities bere or at Wilmi are warranted in apprehending that some ot than thet is the object of the expedition—that the attack, will be made i some rtuer quarter—and that the sup- Loved unquestionable jnformation of the War Department. has been ceceotive. Bul at what point may we reason- ably expect tho blow to be denvered? Jn what quarter Of our seaboard are there tdications of a contemplated descent of serious proportions ¢ Can it be that Charleston is to be again tried? We fancy wot. Her state of preparation, the labors there of Peauregard «nd the lamented Harris, and the provence of the soldier Hardee, are not promising elements for the succes o such an operation Besides Yankee vengeanee can be suificiently sated by keeping up the bombardment to the destruction ot private agonal lose of life of women a1 4_dtecotmtort and bardabips. property, witb tbe children, and te of non combatants. either directly or from Vensacoia? We not believe an expedition for such an operation would be fitted out in the North, Looking along the coast, and scanning the sigus of the times. we are induced to belteve that Savanoal Goorgia, and some point on the coast southwi of it, Will prove to be tha ob ective of this expedition, after ull. *Gue indication may be seen in inc recent ar-. rangement to make Savannab the point for exchanging: some 10.000 prisoners of war. Under cover of that Cloak, perchaces, it was sapposed by our treacherous. sevemy that he mixbtaseemble unsuspected his fleet of transports to Wat quarter, and concentrate on tavoreble- felads in that vicinity a force sufficient (or the operation, which in that way could be made almost ® coun de main. things which wonld recommend such ap. kee councils, the featnre of bad faith. would give to it very much the zest, dor epicure finds tn putrid Fawn te § attempt to the that it would wi w lakes, away off to the northern rauge of Mi one prolonged current of ecstacy would thrill the Nore erp public. The peculiar incitement to time would to make it Auavta and Shermap: or, ‘in case the lawer be forced to give up atlanta and fall back out of to hie fastvess at Chattanooga, Geargia re the poeseasioat “ot Savannah and the occupation of the coast of Georgia. could be Beid up a8 a com ensating substitute, Indeed, aa an advantageous exchange. Seme such monves have inspired this movement, we may rely on it, thoagh the present condition of atiairs at Atisnia, and the transfer of the xctuai theatre of war from Southern Ge rgia into Middle Tennessee, by the pagsige of our army under Beauregard, mto thot region, may cause some modifica: jon of the hig of operations in the con: in the va weil constructed, ext perly manned they shonid mako immediate commander there, General Mo- Laws, bos baa division comman P seexsed Of Sound sense and " We do not, therofore, apprebend disaster, while hoping that our authorities will strengthen his bands at the right moment to the utmost stretch of our delensive re- sources. The Fight With Ki trick in Ala, bama. [From the Mobile Advertiser, Nov, 2 J The enemy being reported advancing, as wae believed, abont 4,000 strong, from the direction of Rome, General Fetguson, commanding division, formed bis lino on Ter- Tapin creek, about a mile north of Ladiga, and en) them at ten o’clook. Tho fight lasted an hour and ten deiog completely whipped re were @ portion of: Kilpatrick's cavairy, eom- ed bY General Girard, One regiment was composed of Aiabema tories, We captured an elegant stand of colore aud eleven prisoners, including four wounded, The enemy left some hail a dozen killed on the fletd, and citizens report that their ambulances wore full of dead and wounded. Our lors was one office the Second Alabama, wounded, suppored mortally, and three privates killed. Fergunon's Drigade,2olone! Kyles commanding, did the fighting, being pomied on the road, The brigades om the right avd leit were not evguged, A Fight With the itebels in French Prveps in Mextce. {Correspondence of tho !lougtum (Joxas) Telegraph, Browsevinia, Aug. 28, 1 A very interesting ¢ in the bistory of evente travspiring around ws took place on the 2d ini A large party of Yankees started for the Rio Grande, above, the mouth, to procure waver, and parsed the French, troops eucamped on the opposite side of the river, They had not proceeded far before the Texas boy: Colonel Widdings, got aftr them and attacked them «® oveo, The Yauks turned about in doable quick, and scampored down the bavk of the river as fast ds thoir horses would carry them, in sighs of the French troops, on the other side, who lined the river bank to witness. his great “akedaddie” aod hamiliation of the subju- hordes of Abraham tre Vir-t, Toe race wor an om one, HO doubt, to the Kuropeane, who may in the Courge of humin events bo placed 1a # similar preaion- ment, ae the Bown, oF Month of the great river, in amply fortclent to throw off a very groat amouet of uobeahby mine cowardly loge of the Yi safety among vastly superior sumbers, who appeai to veeapy the Brags lead, waiting for an oppriunity to depart, Returniog from their victorious hey, of course, Rqaln pasaed the Freoeh troops, a aanem- died on the opposite bank 1” grent Bumbers to wit the retora of the Texans; avd loud were the hurrang CONTINUED OW FIFTH PAGE