New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-13
THE NATIONAL FINANCES.

If we have not been quite go free as some
Of our neighbors in administering to Congress
counsel direction, castigation, with reference
Finances, our reticence has proceeded in part
from difiidence as to our own ability to advise
in the premises, in part from our confidence
that Congress comprehended its duty and would
fearlessly discharge it.
We have presumed ], unnecessary to reiterats
from day to day that stringent, productive
taxation s an obvious and imperative necessity.
No system of Finance can be worth anything
from which this vital element il excluded. To
issue ream after ream Of promises while making
no provision for their payment were as prepos-
ferrous as to attempt filling sieve with dew.
To run in debt in such crisis is hard
necessity; to run in debt without making pro-
vision for paying at least the interest were
ruinous absurdity. Every loan of whatever
nature must be backed by tax sufficient to
pay at least its interest, or the rate at which
it can be negotiated must be practically ruirous
As to the proposed making Of Treasury Notes
legal tender, We ponder and hesitate. 1t
NAV do to give such forced currency 10 a
limited amount of these issues, pror'ded such
taxes are levied and provision made for fund
ing them that their intrinsic, absolute worth
shall be kept within three to five per cent OF
the gold they (by fcton) represent. but iet
them be issued in such amount and under such
conditions that they are seriously deprecated,
and all commerce and business will be I'M
hinged. while kaaycry and swindling Will -four
ish under the protection Of law. Here, for
example, is an executor or guardian who has
an estate worth Half Million Dollars in his
hands, the property Of widow and orphans
he may be enabled TO pay this with four-fitbd
of the money actually in his hands, making clear
500, 900 out of those whose interests have
been confded to his charge. Call him rogue
if you will; but what say you OF the la"
which is his accomplice
We are quite aware that this is no move
expedient-that Revolutionary France Tough
and conquered central Europe on her bOundleH
issues Of Assigrats, and that conservative lin
Gland maintained her desperate struggle aSains
Napoleon for years on currency OF rredcom
able Bank Notes which ranged in value Ia
below the gold they proiessed to represent
But we are yet to DO convinced that these OK
amples have for Va more of encouragement
than of warning.
If our armies are soon TO advance aud nigh
and crush out the rebellion, we can stan'
t almost ANY temporary arrangement; if We mr.
to persist in getting ready to fight at some III
definite future period, it will be very hard +
preserve our Finances from. serious dlapidaion
Congress should make ample provision for tn
present urgency, and then wait to see what
to be done before providing for another fscs
year.
| We trust the Secretary Of The Treasury, til
Finance Committee Of The Senate, the Way
and Means of the House. and tue loyal banker
and capitalists now gathered in Washingto
may confer freely and earnestly on the presen
crisis, with q fixed determination to come
an agreement at the earliest possible hour; an
when they do agree we trust Congress Wi
promptly and heartily enact what they sha
unite III deciding upon for the best. Ia time lik