Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-10-12
Governor DennisOn at the
Square Meeting Tonight.

his guests, sitting quietly in corner,
little old gentleman, dressed in the plain
est manner, to whom we were introduced
by the Secretary. We found we had fallen
upon one Of the most remarkable men Of
the day. In person he was quite small,
and delicately formed, his whole frame
showing that he has passed the meridian
of his bodily powers. His head was bald,
but we'll shaped, with high retreating fore
head, and his eyes shone with all the brill
liancy and FIRE Of youth, as in rich and
glowing language he poured forth a food
of interesting and entertaining matter rel
ative to the great rebellion, its origin, pro-
gress, and final destination. This was
bert J. Walker of Mississippi, formerly
Senator of the United States, Commits
sioner to China, Secretary Of the Treasury
under James K. Polk duz11g the Mexican
war, and late Governor s. Kansas under
Mr.. Buchanan. This was the man to whom
We briefly referred, few days ago, as now
engaged in publishing in England series
Of remarkable letters upon the fnanoial
policy of Secretary Chase-the wealth and
resources of the United States, the present
condition Of the so-called Confederate
States, and the history of JEFF. Davis, as
connected with the reputation of the
bonds Of Mississippi.
Having for forty years beer leader,
and intimate associate of southern states
map, and prime mover in the annexation
of Texas, and deeply identified with the
history of the South, as one of her sblest
and most distinguished sons; and the on
" one Of extreme Southern views who has
remained loyal to onr Government, Mr..
Walker is euinently qualified for thei task
he has undertaken, and his letters
have been read with the greatest favor by
the English public. His analysis of our
present financial position, and the relative
condition of the two Governments is most
searching, and he shows up with merciless
skill the shallow pretensions Of JEFF. Da-
Wis Government, as well as the history Of
JEFF. Davis himself, and his utter disregard
Of all y6blic morality, in connection with
the history of reputation in Mississippi.
Originally violent opponent of Cover
nor Chase in political life, he has now be-
come one Of his wsrmest admirers, and in
unqualified language, has both in this
country and Europe, endorsed the policy Of
the Secretary, as 10 the highest degree
wise, prudent and patriotic.
he says "that the scheme of Mr.. Chase
was wholly and entirely his own, and that
its success has been unparalleled in the his
torn oTtks uDorld From a lifelong Oppo-
nent, this is high praise, though richly
deserved; for the historian who writes the
history of the great rebellion, will pre-
serve the name Of Salmon 2. Chase as that
Of statesman deserving the highest graf
itude and honor from the American peo-
pie. He will tell how with an empty
treasury, with the public credit shaken,
and seriously damaged, with civil war
threatening to destroy our national life
and blot out our free institutions, this
wise and prudent statesman filed the
treasury to overlooking, provided ways
and means to meet every financial crisis,
and by his ability, patriotism and integrity
restored the public confidence, and saved
the national credit funder difficulties most
appalling and exigencies most desee
perate.n How he not only provided
means to carry on this gigantic struggle
to successful issue, but left behind him
in complete and working orier, q system
which, when extended over our vast do
mains and incorporated into the financial
life-blood ef the nation, will effecually
prevent another rebellion from disturbing
our peace, or destroying the integrity of
our National Government
But let US give Mr.. Walker the benefit
Of his own striking words upon this sub
ject:
Mr.. Chase's success has been complete under
the most appalling difficulties. The preceding
Administration, by their reasonable course and
anti-coercion heresles, had almost paralyzed the
| Government. They had increased the rate Of
interest on Federal loans from six to nesrly
| twelve per cent. per annum. Their Vice Presl-
dent (Nr. Breckinridge), their Finance Minister
/ (Mr. Cobb, their Secretary Of War (Mr. Floyd,
/ their Secretary Of the Interior (Mr- Thompson(,
are nov in the traitor army. Even the Presi-
dent (Mr Buchanan), with an evident purpose Of
/ aiding the South to dissolve the Union, had an
nounced in his messages the absurd political
/ paradox, that a State has no right to secede, Tut
| that the Government has no right &c prevent its
| secession. 1t was conspiracy of traitors at the
| heal Of which stood the President, secretly
pledged, at Ostend and Cincinnati to the South
las the price of their support,) to aid them to
control or destroy the Republic. Thus was It
that, in time Of profound peace, when our
United States six per cents. commanded a few
weeks before large premium, and our dent was
less than SOS 00O, ,O00, that Mr. BuChanans Secre-
tary Of the Treasury (Air. Cobb was borrowing
| money at an interest Of nearly twelve per cent.
per annum. Most fortunately that accursed
Administration was drawing to close or the
temporary overthrow Of tie Government would
have been effected. Never did any minister Of
finance undertake task apparently so hopeless
as that so fully accomplished by Mr.. Chase in re-
wing the public credit. single fact viii Illus
trate the extraordinary result. At the close OF
the fiscal year ending LIST July, 1850, our public
debt was only S64, ,T69, ,703 and Secretary Cobb
was borrowing money at II per cent per annum.
On the LIST of July, 1868, IN the midst Of stu
pendous rebellion, our debt WAS 81, ,097, ,z74 900,
and Mr.. Chase had reduced the average rate of
interest to SO per cent. per, annum, whilst the
highest rate was 7.50 for a comparatively small
sum, to be paid on next year. This IS financial
achievement without parallel in the history Of
the world. If speak on this subject with en-
thusiasn, it is in no egotstical spirit, for Mr..
Cbase's system differs in many respects widely
from that adopted by me as Minister of Finance
during the Mexican war, and which raised
/ United States Eve per cents TO 4 premium. But
my system was based on specie, or Its real and
convertible equivalent, and would not have
answered the present emergency, which by our
enormous expenditure, necessarily forced par
/ tial and temporary suspension Of specie pay
/ ments upon our banks and Government Mr.
Chase's system is exclusively his own, and, in
many Of its aspects, is without precedent in
history. When first proposed by hira it had
| veruaaSr friands- md was fnrceh unon q ralne.