The New York herald., 1862-12-22

OoSyereeaoA % OuR HlUonoloa A2oaroS'
4 stevens ana Chass CenssssanG GAs Sins
~ Their Party. ss
The speech Of Mr.. Stevens, radical republi-
can, Of Pennsylvania, giving an explanation Of
his absurd and unprincipled bill, and the state
ment of Secretary Chase, late radical member
OF the Cabinet, in reply to resolution of the
House Of Representatives, inquiring as to the
causes Of "the grievous delays" in paying the
troops, are highly instructive, as showing the
utter incapacity of the republican party con-
trolled by the radical wing thereof to meet the
crisis which the radicals have precipitated upon
the country Like lunatlcs they have kindled
the most terrible confagration on record, but
they have shown themselves as incompetent as
lunatics to extinguish the flames MIR. Chase
refers the House to "the books Of the War De-
partment for precise information" and shirks
plain answer as regards himself He cannot be
expected to acknowledge that his own ignorance
of the natural laws Of finance is at fault and
the same is true of Stevens, the Chairman of the
Committee of Ways and Means Both endea-
vor to shift the responsibility from themselves
to Congress, which would only show that the
republican party, having at present an over
whelming majority in that body, are utterly
deficient in the necessary ability to legslate for
the financial affairs of the nation. No doubt
this is atriotly and lamentably true; but it does
not follow that Chase and Stevens are better
skilled in finance than the rest Of their party,
though they may now, when the mischief is
done, the currency deprecated, and the treasury
without money to pay the troops, endeavor to
clear their own skirts Of the ruinous blunders
Of Congress
Chase confesses that "the resources Of the
treasury have become inadequate to the
demands upon it," and that ''it is not
in his power to arrest the accumulation Of de-
mands upon the treasury beyond the posi-
bility Of provision for them under existing
legislation" He says, however, that If Congress
will only adopt the measures recommended in
his annual report all will 60 we'll, and the COM
plants about delays Of payment will soon be
removed. But his annual report is tacit
admission of his former ignorance; and what
confidence can be placed in the soundness of
his new propositions7 His report shows that
bitter experience has thrown glimmering of
light upon the darkness which enveloped his
mind when he assumed the responsibility Of
indicating the financial measures necessary
to Garry great nation through tremendous
war. He Is coming round to the ideas whichwe
offered for his guidance, and which he then re-
jected; but he is only doing so by halves, and !
altogether he is too slow for the crisis.
Mr.. Stevens is equally ct fault. He, too,
anticipates 81 terrible crash" and ga general
bankruptcy overtaking the nation" If the pre-
sent financial system is carried out; but he says
che has little expectations" that measures will
be adopted to prevent it. Indeed, from all ap-
pearances, we are inclined for once to agree
with Stevens. There is little to be expected
from Congress SO corrupt, SO ignorant and so
fanatical. Mr. Stevens is very indignant against
the letter writer's of Washington who exposed
his bill, and the money editors throughout the
country who commented upon 1t. He says they
either misunderstood or misrepresented his
views. We think it ia very questionable
whether he understood himself, and there
fore it is not at all wonderful If
others should misunderstood him. When
the Chairman Of the Committee Of Ways and
Means could seriously propose in bill to issue
"a billion Of bonds" and, after the comments
in the HEEALD and other Journals upon. such
downright ignorance, could persist, as he did |
in his speech On Friday last, to talk Of issuing
"a billion, Of bonds at six per cont" and -
whole billion Of bonds" it must become. evil
dent. even to a school boy, that he knows no.
thing even Of the elements of arithmetic If hs
means by billion of bonds billions worth
mode Of expression the annual interest at
six per cent on billion Of dollars woald be
sixty Thousand millions, or five times the amount
Of the real and personal property Of the whole
country, from the Atlantic to, the Pacific and
tic Rio Grande to the st. Lawrence. A billion,
according to DR.. Johnson and all other
authorities in England, and Webster in
America, is million OF millions--in numerals,
1000, 900 600 900. To count such sum Of
money at the rate Of two hundred per minute,
and twelve hours in tho day, would require near.
" twenty thousand years. But il he means that
billion OF bonds is really a billion OF bonds,
as the celebrated Irish member Of Parliament.
s,ir BOYLE Roche, understood his subject when
he proposed that "every quart bottle should
hold u quart" then billion of bon,s is some
thing almost beyond human conception. Sup
pose the bosds ranged from $50 each up To
81 ,oO0--saI $500 average the total amount in
dollars wosld be ilve hundred billions. Let
NJ stevens attempt to realize that sum, and
before he does his head, already added
by insane politics, would be complete
ly tarncd, aud ii would be necessary TO
,anSrt. him in a strait Jacket and send him Ia
a lunstic asylum. No wonder for even the
Yribane, the leading organ of the radicals TO adj
nit In aa article on "the House committees new
Finance bill that il did not know that 1t quite
understood Mr. Stevens finance measure The
same Journal, icpresenting as II does CONNER
.;I. /. IL Ia1rl lniis To I.r1Leat yehenlenil..