Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1870-01-20
FUNDING THE NA ATIONAL DEBT
--SENA TOR SUdfNER'Y PLAN

on Wednesday,t to refund the National debt
and resume specie payments, is, at any rate
ono worthy respectful and earnest atten
tion. 1t comedies sufficiently with the ex
pressed policy of Secretary Boutwell,, te
leave no serious difference of view, and tc
sacrifice no important wish Of the Admins,
tration, If Congress should see fit to adopt
it, bodily Mr.. Boutwell, desires to refund
the debt, at lower rate of interest. He has
been laboring to SO raise the credit of the
Government as to be able to negotiate such
loan. And he .sesires to continue the pre-
sent rates of taxation, during at least one
more year, in order to still further strength
en- our financial credit in the eyes of lend
ers.
In the first two Of these, Mr.. Sumner CO.
incides, and his bill is mainly to be consid-
cred for its funding features. In the last, he
disagrees with Mr.. Boutwell,, and the Presi-
dent, and we are bound to say, better repre-
sents, 80 far as our observation extends, the
feelings of the great mass of people. There
is severe pressure upon the business of the
country, and, rightly or wrongly, a nervous
impatience in respect to continued national
taxation. For ourselves, we should be glad
If the country could and would bear another
year under the present tax schedules, for it
would raise our revenues and accumulate our
surplus, so that the turning of our debt
would surely bo comparatively easy effort.
But Mr.. Sumner distinctly comprehends
and states the necessity Of attending to Mr..
Boutwels second proposition. He says:
"1n any measure having this object (fund-
"ing at lower intcresD there are two things
"that must not be forgotten: first the pres
"erUotion Of the national credit and
''second the reduction of existing taxation.'
But he takes, evidently, distinct and decided
issue with the Secretary upon the question
whether as the latter earnestly declared, in
a recent lecture in Washington, "Our power
'to place new loan, at reduced interest, is
"wholiy dependent upon the magnitude of our
''surplus revenue The Secretary wants to
fund before reducing taxes; the Senator
thinks both can be accomplished promptly,
anc insists, at any rate, in emphatic language,
that -
''Thc country is uneasy under the heavy
burden. Willingly, gladly, patriotically It
submitted to this burden while the republic
was in peril, but now there is a yearning for
relief. War taxes should not be peace taxes;
and so long as the present system continues
there is a constant and painful memento of
war, while business halls in chains and life
nh nl.., ia
being sale, relief from the pressure of exist
ing taxation is the first practical object in
our finances. But so entirely natural and
consistent is this object that it harmonizes
with all other proper objects, especially with
the refunding OF the national debt and with
specie payments. As the people feel easy in
their affairs they will be ready for the work
of reconstruction. Therefore do | say, as
an essential stage in what we all desire,
Down with the taxes"
The Senator, therefore proposes to main
ly compensate-lenders TO the Government.
for their reduction Of interest by longer
time on the bonds, and this, he believes. is
in itself iusst, because posterity will reap
the benefits of the successful suppression of
the rebellion, to secure which this debt was
incurred. He proposes to borrow $500, ,O00,-
900, at five per cent, payable in ten years
and due in forty; $500, 900, 900, at four
anil half per cent, payable in fifteen, and
due in tifty and 100000, 900, at four per
cent, payable in twenty, but not due till
sixty years. The first series can only be sold
1t par for coin, or exchanged for the 5-20s
1f 1862; the secoKd may be exchanged for
any Of the outstanding obligations bearing
| higher rate of interest; and the third may
De ex ch anged for greenbacks, national bank
, otes, fractional currency, or any outstand-
ng obligations of the Government.
Mr.. Sumner believes that we cannot re-
und, at four or four and half per cent.
now or hereafter, without offering additional
&C compensation in the running period of the |
bonds," more than Mr.. Boutwell, has pro-
,osed. This is his reason for suggesting |
onger time. And as to the practical oper-
'tion of his funding effort, he believes it to |
'e thoroughly practicable, upon reasoning |
which we must offer our readers outside of |
his art;nla