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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.

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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?

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

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