The national Republican. [volume] (Washington, D.C.) 1860-1862, 1861-05-18
THE NATIONAL CREDIT.

eminent is daily strengthening. There is
every reason why it should be so. There
never was any hesitation about the adequacy
OF the financial resources of the country to any
conceivable emergency, provided always that
the stability Of the Union could be relied upon,
and men are beginning to see that there is bet
ter reason to-day for relying upon this stability,
than there ever was before. The strength OF
the Government has been quito the test, at its
only possible weak point, by the effort OF sew.
eral States to break up that political connec-
ton known as the United States. That effort
has been threatened often, and its success has
always been feared by many, but now 1t is be-
ing tried, and the conviction is becoming gen.
eral that it will fail. The attachment OF the
popular masses to the Union, has been brought
out in manner which. surprises even those
who counted upon it most, and it is now being
comprehended that this Government is really,
what it has so often been said to be, the strong
est Government on the face OF the earth. with
that idea firmly fixed in mems minds, there Is
all end of all doubt Of the frmness OF the credit
of a Government, able to avail itself by taxa
ton of the resources of such q country as the
United States.
1t would seem even now, that six per cent
treasury notes, convertible into stocks bearing
that rate of interest, can be made available at
par to any extent. This is an improvement
upon that period of distrust of the continued
existence of the nation, which was brought
upon US by the cowardice and treachery Of the
late Administration. But six per cent. is
higher rate of interest than such Government
as ours ought to pay, and higher than it will
be obliged to pay, if the Congress which com.
mences its session on the 4th Of July next,
adequately represents the patriotism and good
sense Of the people.
The credit of the Government must be sus-
tanned and improved by large and sweeping
measures of taxation. The people are ready
for such measures, and if there is any weak.
ness, it will be, not in them, but in their rep
resentatives. Ali observation Of American
politics shows that the people never finch
from paying any tax demanded by public ne
cessities, and that popular intelligence on that
| point is ahead of the timidity Of that dema.
gogueism which is the curse Of our State Legis
latures and Of Congress. No party in this
country ever won victory at the polls, upon
an issue made against q necessary tax, and
never will, until the people become incapable
Of selcgovernmeDt.
We are ourselves in favor, at this crisis, Of
taxation pushed to its maximum productive.
ness, and Of every description which has been
tried since 1889, not excepting Mr.. Madison's
stamp tax, and if such tax can be made to
wipe out that pestiterous paper money, which
excludes constitutional gold and silver from
circulation, Sc much the better.
Tea and coffee must be taxed, and much high
er than the proposition Of the last Senate,
which was lost in the House, in such whirl-
wind of demogagueism.
OF course, such war as that in which we
are engaged, must be carried on in part by the
use of credit, but credit is wasteful expedi.
ent, if it is used too much, and if it is left I'M.
sustained by adequate revenues. 1t is by tax
ing roundly, that money can be borrowed
cheaply. TIE terms which Gov. Chase can
make in Wall street, depend upon the showing
he can make of his resources, and if Congress
is wise and firm, these resources will be equal
to the crisis. There is no limit to what is pos
sible in that respect, in country like this, full
of wealth, and not less ready to pay than to
6ght, when the national existence is at stake.