American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1864-03-16
Speech of Hon. III. G. Stebbins.
Mr.. Chase's sutem Defend ed bvs Democrat

The able speech of Mr. Henry G. Steb-
bins, made lately in the House of Repre-
sentatives, has created much sensation
among tho opponents Of the Government
Mr.. Stebbins is leading banker OF New
York, president of the Board OF Brokers,
and is withal Democrat. He has there
fore unusual claims to be heard by all par
ties. His speech is an eloquent and un-
answerable defence of the Government
crcditagainst its invidious assailants, chief
of whom ia Mr.. Fernando Wood. Mr.
Stebbins, it will be seen, based his argu-
ment upon fact and truth, and not upon
speculation, taking for his text the record
ed opinions of the Secretary of the Treas
ury, and opposing them to the false state
ment of Wood and others.-PWsbmgh
Gazette.
"Mr. Chase 8 savowed and recorded opin-
ions are, that sufficient circulation has been
provided-that it cannot be increased ex-
cept at the hazard of sEift destruc ion to
the whole system-thot no change 'chat-
ccer, limiting or iacreaSdlg the qaaattty Of
circulating medium, ashjch Is. to~r h"ndred
mMioas, should be considered for one mo-
meat."
Mr. Stebbins further read from Mr.
Chase's report:
Page presents an estimate of the
condition of the public finances up to the
1st of July, 1864, and the estimated total
debt up to the lst of July, 1865 On
July lst, 1861, that debt will be 81 .6S6,-
958,64l, of which S400,0OQ,000 is cur
rency. On the lst of July, 1865, it will
be S2,23l, ,935, 100, of which si00, ,OO0,-
900 will still be necessary. Deducting
this currency from the debt, the funded
debt Of the United States will, in July.
1865, be 81, ,S3l, ,935, 100. / class all but
the s400,000,000 legal tender as funded
debt, and l assume that the extreme limit
of this kind of money has been reached
that it will never be exceeded"
A correspondence of the Tribuue describes
the speech as follows:
Z" The orator, practically familiar with
banking, and knowing mans ways with
money, and his passion for interest and
weakness for coupons, demonstrated this
prtNosition in the clearest manner He
showed that the Sl00 600 900 legal ten
der 5 per cent was, ike the funded debt,
8 merchantable commodity, partaking Of
the character of the English exchequer
bill---rising and falling in price with the
augmentation of interest-aoating as cur
rency few value of money, increasing in
value daily with the days after being is
sued, but presently absorbed and gone
from the market, not to reappear until pre-
sented for payment, on maturity. In the
same manner he showed that the debt cer-
ti6cates were not 'currency"-that they
are bought and sold for investment and as
marketable commodities, and occupy pre-
cisely the same relation to capital that the
promissory note occupies. The loan he
next showed to be like any other funded
debt, and when he concluded this branch
of his triumphant argument with the
words:
And so, Mr.. Speaker, out of sixteen
hundred millions of debt, thus farcreated,
but four hundred millions is currency -
the assent and faith Of the House follow
ei him, and the Copperheads shrunk back
in their chairs They sunk deeper back
under his manlyrebuke Of the arguments
and statements they had resorted to with
deliberately malicious purpose Of swelling
the current of improyident specuIatlons
of weakening still more the public con
fdence--of depreciating still more the
public credit-of pushing up still higher
the price of the precious metals--of in
creasing to still greater degree the neces-
cities of the Government and in the same
proportion the burdens of people alrea-
dy staggering under their load Of bloody
sacrifices, great anxieties and expenses,
and attempting to shrivel the war arm Of
the country with predictions Of national
bankruptcy and reputation. He said
Sir, such predictions and statements
cannot be made in this House without
damage to the public credit and injury to
private Interests Nor can they be made
without hurtful influence on the hundreds
of thousands of soldier in the field, far
away from their homes and in the midst
of enemies. They look to Congress to
build up the national credit, to strengthen
it if it is endangered, and to fortify it
where it needs tortifcation. They wish
to feel sure ~ ample supplies of men and
money, until they can terminate the war
successfully and honorably. sympathize
with these soldiers. With all my object
ions to the present financial system of the
country, feel it my duty to sustain it till
the war is over. And | think, sir, that it
is the duty of every man in this House to
be jealous and industrious in his labor to
inspire the public with confidence in Mr..
Chase's financial system, and to enable the
Government to negotiate its loans and
meet with promptitude its obligations"
Had there been holes in the neighbor-
hood of Fernando Woods seat, numerous
chairs had been vacated under the ring of
these Democratic words, vacated with un-
tiultatory haste, and Kisses Of leave tax;
ing.
The orator then rose with his theme and
treated paper money like statesman as
well as banker. He said:s
~ am taught by history that great wars