Norwich bulletin., 1921-07-13

to duty.
 After a survey of. mere than four months, contemplating conditions which would stagger all of us were 1t not for our abiding faith in America. l am fully persuaded that three things are essential to the very beginning of the restored order of things: These are the revision, including reduction. of our in ternal taxation, the refunding of our war debt and the adjustment of our foreign loans. It Is Vitally necessary to settle these problems before adding to our treasury any such burden as is eon.em- plated in the pending bill.
 ''1t is unthinkable to expect a busi- ness revival and the resumption of the normal ways of peace while maintaining the excessive taxes of war. It Is quite as unthinkabIe to reduce our tax bur dens while committing otr treasury to an additional obligation which ranges from three to five billions of dollars. The precise figures no one can give. If It is concelvably true that only two hundred millions a year will be drawn from the treasury, in the few years before us, the bestowal is too inconsequential to be of real value to the nations defend CTS; and, if the exercise of the option should call for cash running into billions. the depression in finance and industry would be so marked that vastly more harm than good would attend.
 Our government must undertake no obligation which 1t does not intend to meet. No government will pay the bill. The exchanges of the world today testi- ! fy to. that erroneous theory. We may rely on the sacrifices of patriotism in war. but today we face markets and the effects of supply and demand, and the ! inexora ole laws of credits in ffuna of 1 peace.
 | At the very moment we are obliged to pay five and three-quarter per cent interest for government short time loans to care for our floating indebtedness, a rate on government borrowing, in spite of tax exemption, which ought to prevail in private transactions for the normal interest charges in financing our industry and commerce.
 Definite obligations amounting to ST.. i 500,000 in war savings certificates, vic. tory bonds and certificates covering float i ing indebtedness, are to mature in thc two years immediately following and the overburdening of the treasury nov
 means positive disaster in the years i'm mediately before us. MereSt prudence calls out in warning.
 | "Our greatest necessity is a return t the normal ways of peace activities. { modest offering to the millions of ser vice men is poor palliative to nor, millions who may be out of employment Stabilized finance and well established confidence are both essential to restore,
 industry and commerce
 The slump, which Is now upon US. i
 inevitable and part of wars aftermath
 IL followed in the wake Of war since th
 world began. There was the unavoid . t.,1a1
 off. the unfaiiips attendance of losses il
 the wake of high prices, the inexors bl defation which infiation' had preceded l, It has been wholly proper to seek to ap | ply government economies. but all tn ti special acts ever dreamed of will no l avoid the distresses nor ward off all tn
 losses.
 'The proper mental state of the peopl will commit us resolutely and conidentl | to face our tasks and definite assurance as to taxation and debenture will con