The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1864-05-05
,8E GAZE GIT;klI v 5; (.;!3': . Z ,I,



J hH9n e fl @ I'll : :,
The eloquent and convincing speed
delivered in the House of Represents
tives on the 10th inst, by Hon. Hsau
1 a, StSblinSs d TIN frst. ainll6A 20 New
York, is published in full in the Globss'
Saturday laat. shr. stehbins, As maay .
our readers know. is of the weli-kno9f
banking teuse Of AoAlli6teR - rlebbins
He was elected to Congress a. = Demo
ma&,s over sRcha4di g: : Nc Cornick
Union, but has from the first stood b
Cthe Adminntfation 4 ID ->aSkts 10 uu,
down the rebellion: sfs,se
Mr.. Ssebbins BEGAN With Statement,
that the preservation Of the credit Of the
: copntsy demands thai e1tAhitkxSRit u I
sycsem of taxation sufficiently broad ID
meet it requiremsHssE during aud after
the war, and proceeded to show that the
: var has thus far cost ths pe&Hl1S bat .
little over three-6tths OF the Increase Of
their wealth for the past three yearss--
This increase is admitted to have been
-, 400 0O.O 900 since 1861; while the
expenses of the war have only reached
$1,000, 600, 900. Here then, said Mr..
Stebbins, We have the remarkable fact
that this war has been conducted upon .
scale unknown for itA magnitude il, the
history OF Nations, at cost per annum
less than ths aggregate profits Of the in
dustrial pursuits of the. country, leaving
wholly unimpaired its vast fund of accu.
mulated wealth. Mr.. Stebbns verified
these statements by the production Of
numerous statistics. =
Contendipg, therefore, that the war
thus far has been of no vital injury to the
people of the free StAtes-that it has not
diminished its resources single dollar,
and that SO long as it is conducted BY and
within themselves it viii only tend to
develop their immense resources, aud be
the means of exhibiting in degree that
nothing else could have done the over
whelming power of the nation, be pro-
ceeded to show that wars do not necessa-
rily impair the means of future produc.
ton, citing the history of the debt of
England as an illustration. The bill now
before Congress to raise revenue equal
to fifty per cent. of the Goversment's re-
quirements, he regarded g ba. =. part of
the great chain which is to BE- forged by
this Congress to hold the nation together;
and in this connection he remarked:
"a bill which shall strike down that
part of our foreign commerce which fills
the land with extravagant Injuries of the
Old World should speedily follow this
one. II should also establish q tariff of
duties SO high on other articles that every
part of our manufacturing industry will
spring into active and vigorous life. We
Americans should live within ourselves
during the continuance of this war. and
sell what products we may have for gold,
and we should maintain this attitude and
continue this policy until the great prob
lem of our national existence is finally
and forever solved"
STOPPING IMpoRrArIoss.
Abiding incidentally to the lack Of
sympathy from Fsnces and England
which We have experienced, Mr.. Stebbins
added lya
"Their policy has already destroyed or
rendered useless the greatest commercisl
marine in the world. All the Injuries
they could infict have been inflicted. II
Let MS labor hereafter only for the certain
re-establishmeBt of the Americas Union
upon basis as broad and As long as this
continent, 80 that We may establish JUS
tice, insure domestic tranquility, provide
for the common defense, promote the
general welfare, and secure the blessings
of liberty to ourselves and our posterity.
Make your legislation conform to this
idea. and see what splendid spectacle
the American people will present 70 the
world. Prohibit the expectation Of every
dollar of gold and silver, Of every bushel
OF grain. Of every pound of beef and pork,
or adopt the policy of prohibitory tariff,
and thus announce to mankind in every
part Of the globe that America will per-
petuate her great principles Throughout,
all time; and that. until the question as I'd
her power and right to do SO is definitely
settled, she will draw the resources for
the contest in which she 10 engaged from
her own broad domain, and from tho, in
exhaustible treasury of her own prosper.
Gus people; that she. will hold no inter
course with foreign nations until after the
war, none whatever. Sir, such secouvse
would secure triumphant success to the
American arms, to American Industry in
its multifarious branches, and render. us
9 forever independent Of the, worlds" s
Quoting from Mscaplay 70 show the
origin and growth Of the public debt d
England, and from Mccullough to prove
the increase of the British customs reve-
nue., be illustrated the ability Of the u
ted States TO establish it's national credit
upon firm Foundation. He argued that
the tax law should produce SsO0. 900 200
ayear, and that it could produce $780,.
100000 without injury to the int resta
OF the country or its people. To this wise
and effective Legislation he added the aid
Of the national currency system, which
be warmly approved. Concerning The
State banks he spoke as follows: ~
THE BANKING SYSTEM. ~s
n11-ae ssxs.