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Editorial
February 5, 1864
New York Daily Tribune
New York, New York County, New York
What is this article about?
Editorial critiques Democrats/Conservatives in House for inconsistent financial views during Civil War, advocating increased taxation to stabilize currency and resume specie payments, while opposing their anti-tax stance that could aid rebellion.
OCR Quality
95%
Excellent
Full Text
OUR FINANCES.
We have some eighty gentlemen in the present House of Representatives elected as 'Democrats' or 'Conservatives,' who evince a very laudable and timely concern with regard to the National Finances. So far as we have been able to discover from their votes and speeches, their average views on Finance are substantially as follows:
1. They desire that the Treasury should resume specie payment, 'immediately, if not sooner.'
2. They wish the soldiers better paid than they now are.
3. They would like to have our Government give France notice to quit Mexico directly.
4. They are opposed to any and every additional tax that can be devised and levied.
Such is about the sum and substance of what they seem to be driving at. That their success would prostrate the Government at the feet of the Slaveholders' Rebellion, is too plain to need argument.
—Now, we do not believe it possible for the Government and the Banks to resume Specie Payment so long as we are carrying on a war of such gigantic magnitude; but we would have the difference between 'legal-tender' and 'specie' diminished so far as possible, and at all events kept from rising above the present point. And to this end, it seems vital that taxation should be largely increased. It is manifest that the taxes are not paid as they should be. The Income Tax alone ought to have produced twice the amount actually realized from it. So should the Excise on Stimulating Liquors and Tobacco. We all know that Drinking was very prevalent and general throughout the last year; we think Fifty Millions should have been realized from this source alone, and as much more from Incomes. Yet the actual receipts have fallen far below these amounts; and—in short—we must impose higher taxes.
Now, we fail to perceive any evidence that those who seem most anxious that Specie Payment should be resumed are ready to take the only course whereby such resumption can be effected. If every man felt sure that the Public Debt would unfailingly be paid, principal and interest, 'Greenbacks' would be rapidly converted into interest-paying Government securities; and that would very soon reduce the premium on Gold to twenty, fifteen, ten, and even five per cent. Why do those who most clamor for this consummation oppose every measure tending to secure it?
We have some eighty gentlemen in the present House of Representatives elected as 'Democrats' or 'Conservatives,' who evince a very laudable and timely concern with regard to the National Finances. So far as we have been able to discover from their votes and speeches, their average views on Finance are substantially as follows:
1. They desire that the Treasury should resume specie payment, 'immediately, if not sooner.'
2. They wish the soldiers better paid than they now are.
3. They would like to have our Government give France notice to quit Mexico directly.
4. They are opposed to any and every additional tax that can be devised and levied.
Such is about the sum and substance of what they seem to be driving at. That their success would prostrate the Government at the feet of the Slaveholders' Rebellion, is too plain to need argument.
—Now, we do not believe it possible for the Government and the Banks to resume Specie Payment so long as we are carrying on a war of such gigantic magnitude; but we would have the difference between 'legal-tender' and 'specie' diminished so far as possible, and at all events kept from rising above the present point. And to this end, it seems vital that taxation should be largely increased. It is manifest that the taxes are not paid as they should be. The Income Tax alone ought to have produced twice the amount actually realized from it. So should the Excise on Stimulating Liquors and Tobacco. We all know that Drinking was very prevalent and general throughout the last year; we think Fifty Millions should have been realized from this source alone, and as much more from Incomes. Yet the actual receipts have fallen far below these amounts; and—in short—we must impose higher taxes.
Now, we fail to perceive any evidence that those who seem most anxious that Specie Payment should be resumed are ready to take the only course whereby such resumption can be effected. If every man felt sure that the Public Debt would unfailingly be paid, principal and interest, 'Greenbacks' would be rapidly converted into interest-paying Government securities; and that would very soon reduce the premium on Gold to twenty, fifteen, ten, and even five per cent. Why do those who most clamor for this consummation oppose every measure tending to secure it?
What sub-type of article is it?
Economic Policy
Taxation
What keywords are associated?
National Finances
Specie Payment
Taxation Increase
Greenbacks
Civil War Funding
Democrats Conservatives
Slaveholders Rebellion
What entities or persons were involved?
House Of Representatives
Democrats
Conservatives
Government
Banks
France
Slaveholders' Rebellion
Editorial Details
Primary Topic
Resumption Of Specie Payments And Need For Increased Taxation During War
Stance / Tone
Critical Of Democrats/Conservatives, Advocating Higher Taxes For Financial Stability
Key Figures
House Of Representatives
Democrats
Conservatives
Government
Banks
France
Slaveholders' Rebellion
Key Arguments
Democrats/Conservatives Want Immediate Specie Resumption But Oppose Taxes
Higher Soldier Pay Desired But Inconsistent With Anti Tax Stance
Eviction Of France From Mexico Sought
Increased Taxation Essential To Reduce Greenback Premium And Resume Specie
Income And Excise Taxes Underperforming Due To Evasion
Public Debt Assurance Would Convert Greenbacks To Securities, Lowering Gold Premium