Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1870-01-21
senator rumnc. ;. y,nsntia' speech.


suffering Of our business interests from the de
ranrement Of the currency. There must be
financial as vel as political, reconstructlon
As to the preservation of the national credit,
there is no longer room for doubt; but the re
duction Of taxation is the subject OF much differ
ence OF opinion War taxes. however, should
not be peace t4s.-. and this i the point that
nov deserves atteDI.ua. j. ha' been shown that
in 1870 our population would be y, 30, 34l (;
in 1880 it would be So $40 PIG; in 1880 it
would be 7G,G77,S72, and in !. % IN would be
I lOS, poe, 4l5, while in 1880 It would amount 10
psi ,G30.3l4 Our national resources increase
still faster so that what is burden now will
be scarcely a feathers weight in the early parts
Of the next century Why, then, should not
the future citizens of this Republic contribute
their mite for priceless benetaction to them As
well as TO US
Assuming, then, that reduction Of taxation in
some form IS to be our policy. Mr.. Sumner re
views the propositions Of the Secretary Of the
Treasury, and considers them inadequate
''They hand over to the future - he SAYS '.what
T / wish TO see accomplished al once 90 Looked al
in the light Of business be believes inst twelve
hundred millions of SIX per cents. cannot be re
funded either nov OF hereafter IN four and four
ami half per cents without offering c0mpenss-
ton Do an additional running period Of the
'
nor II the tWenty-nve-thirties. proposed BY the
Secretary DO practical inducement does not
anpe1- Mr.. Sumner says be heartily coucurs
10 the suggestion that our exports must be in
creased AM our commerce restored, but this
caunC. be done under the present pressure Of
taxation And yet something must be done, for
while the adequacy OF our national resources
seems manIlesr o. Inc world. our bonds are be-
low ls- En1 our currency j. Irreleemshe ps-
per The retuuiIng of az existing loan implies
two distIHCt AM independent TRANSACTIONS mr..
the extinction ur payment il some form of the
existing loau, ana secondly, the negotiation Of a
new loan o. sl amount equal % tnat extIlFuisl-
ur t-r Sumner ui. thera would be nc
coercion upon fda h0'Iers Of TIL fve-twenties
With tine f-licou- use 1t nse per cent ten-for-
Ties al. tls co.u necessary for SUCH independent
action may be assured 10 adgancs. The refund
l-- ~ Che SKIES fol-. So. into nves. c0utemp.ates
tLs payment from present funds OF L;tle more
than i.lrlea- millions, beng The excess Of i've
tveutss shove ,1e hye hundred millions urovid-
Cd fe-. Tie annual reduction Of interest on Jnat
loan Will be- -a.--l. 81. The substitution o.
,lrer hlui-e- millions Of tours Tor @ Ike amount
at skies vii. operate O. further sayIugof $1,000
GOD. masking "a sum total lt III. 9o-,-1a. or near
twelve millions.
During tle year $50 toe further sun Of
$685. -.-I.. being hve-tWentes % 500, vii
f... wiki % she c1utro. Of ths Government, wneu
tla -rsi 90 -Hc Government viii boz o. such
p.-ea tla- I've hundred millions can be refunded
l1 four AID "a l-.. per cents, with be addition
.l tl.-.v-..1 millions paid from the Ireasury--
--u- Iu.uril- further annual reduction Of
-. OF Joia annua. saving Of S-l,-
.-.-. . r1.el shout twelve millions may b.
s-yel during -a- current year. Here for the
-.ra-.r- SD .r.~