The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-03-05

and rapacious politicians who have controlled
and would continue for another four years the
plumbers and excuses Of this incompetent ad-
ministration. Give as . change, and give
us practical military man. Thus. as
the late great democratic party was broken
up, defeated and destroyed by its man
aging cliques Of scurvy politicians, SO
the republican party will probably be scat
tered to the winds. Against nero tinkering
politician, like Lincoln or Chase, a substantial
man of the army and the people, like McClel'
Ian, will have abundant reasons TO- calculate
not only upon an election, but upon success
amounting to complete political revolution.
ME-. sIebbins, OF New York, ON the Gold
Ban.
Mr.. Stebbins made very sensible and amia.
BILE speech in Congress. on Thursday last,
upon the bill authorizing Secretary Chase to
sell the surplus gold in the Treasury. 1t was
the speech Of Q practical man, who understands
what he Is talking about, and In the main we
can agree with it as far IS it goes, although we
do not think that It goes far enough. In many
respects this speech is in decided and agreeable
contrast with the utterances Of the other men,
bers of the New York delegation, and especially
with those of the nincompoop representatives
from this city-the two Woods, Brooks, Chanler,
Herrick and Ward-who seem to represent
nobody except themselves, and no interests
except their own, and who entirely misrepre-
sent the sentiments of their constituents upon
almost every question brought before the
House.
But, though Mr.. Stsbbins says great many
very sensible things, he does not tell us all he
knows His speech has an air Of reserve and
reticence and is perhaps more effective on &C
count of what he obviously holds back than on
account Of what he expresses He declares
'his hostility to paper money system, and yet
thinks the period of war such an exception to
the general rule that paper money system is
necessary. he does not like Secretary Chase's
financial system, and yet he will support it as
the best thing to do under the circumstances.
We wish that Mr.. Stebbins had been as frank
upon these points as he is in regard to the
gold and stock gamblers. He knows that Sec
rotary Chase's system is as bad as 1t could pos
sibly be. He knows that, in fact, it is no sys-
tenn at all, but only an attempt to drift along,
in the hope that something may turn up and
obviate all difficulties. He knows that Secre-
tary Chase started wrong, and did SO wilfully.
No man could have been better advised than
Mr.. Chase. He bad the financial experiences
of England and France before hlm-ths one
showing him what to do and the other showing
him what to avoid doing. Up to the time that
he obtained one hundred and fifty millions in
specie from our banks everything went smooth
ly. After that he disregarded good advice, sus.
pended specie payments, and began to food
the country with paper. The result we can all
see for ourselves.
Mr.. Stebbins knows that had Mr.. Chase raised
two-thirds Of the necessary revenue by direct
and indirect taxation, and issued bonds or other
interest-bearing paper for the balance, he could
have maintained specie currency and kept the
bonds at par, or very nearly so. The history
Of the past two years proves this We are .
commercial and Industrial people, and could
easily have endured such burden. Indeed,
we have endured q greater burden and have
paid heavier taxes indirectly IN consequen CO. of
the enormous increase Of prices brought about
by Mr.. Chase's system or want of system.
Had IL not been for our commercial
and industrial resources we should long
ago have been In the same situation
as the rebels, who are afflicted with an equally
incompetent Treasury Department. But the
administration and the first war Congress were
afraid to tax, and so Mr. Chase was allowed to
20 on issuing paper, until now, as Mr.. Steb-
bins says, financial panic is imminent Should
the panic come 1t is no more than might have
been and was predicted from the outset All
paper money systems have ended, and must
end, In financial panics. But, If we now had
strong, able and experienced fnancier at the
head Of the Treasury Department, the panic
might perhaps, be avoided by gradual re-
turn to specie payments and to a dependence
upon taxation for our salvation. Secretary
Chase Is not that sort Of Hnancier, however.
He is even yet afraid to tax. The whiskey
bill, for example, hangs fire because he and
other members Of the administration dare not
lay on the taxes, or are interested in having
them withheld from that particular article.
By and by, after few more months Of trifing
and corruption, IL will be too late for reform,
and nothing can avert the threatened ruin.
Mr.. Stebbins knows these facts, and is aware
that the means we have pointed out form the
only safe and effectual mode OF escape. We
are sorry, therefore that be did mot press these
considerations more fully and emphatically.
THE New YORK MILITIA ABANDONED NJ THE
vo,s, rrpr Thu annronr;at ;on sor tho orv,,;coy