The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1864-03-19
M. Chase.s Financial system In.
held BY = war Democrat.

Mr. 0O0SG y 108MCA81 0y88C0 u D.
held by = war Democrat.
1ne Ssl,eney Of the Government IndestrGc-
sible Uwder His Policy Democrats Sstna-
! mOned by q Democrat to Saetain the Fed
cral finances.
sappers and miners, who attack the foun-
dations ofihe Public Credit, and labor to
undermine the Government. while battling
to save the Nation, lately startled the loyal
capitalists Of the North and the business
men Of the country with the compounded
lie that Secretary Chase had put Afioat .
thousand millions Of paper money-flung
this fabrication like shell into the center
OF Change. with all its possible sequels Of
and Bankruptcy, public and private. The
missile was Intended to be widely mische-
vious. While yet kissing to-day, a Demo-
crat Of a different breed War Democrat
"a Democrat who loves his country and
stands by her through thick and thin, the
banker Stebbins Of New York, snatches it
up, and with intelligent handling and
traitorous shot. Then this War Democrat,
from the hight Of his patriotic position,
addresses himself to the Democracy and
to the men Of Commerce, Trade, and Man.
ufac.urers- of the first to sus-
Ain boldly and lovingly the Financial Sys-
tem which Secretary Chase has established,
as ore wise in itself, and made inevitable
by events and indispensable by necessities;
and teaching the latter with mastery
clearness and persuasiveness to have faith
in themselves, their country, their Govern
ment, its funded Debt, and their own and
their children's power to pay it of to the
last dollar, principal and interest, with
punctuality and honor.
: The House galleries are thinned by the
<lxli oft t1~n lu~~ l~,pf Nknx
right" floor ia crowded with ex pectants Of
the coming speech. A short, thick, but
nervous and wire-woven man, quite like
Douglas in his figure and look, with large
square head, open face and wide, promi-
nent yet cOmpacted brow, dark, earnest
eyes, resolute yet benevolent look, raising
in his place to speak. g-
officer Of . surgeon near the reporters gal
Harry Stebbins of New York. Preei-
dent Of the Board Of Brokers, who has
learned. finance a. Mr.. SQ1eers taught bot
any, by going and doing it, He started
poor, has spent 4 fortune every year on his
family and friends, is very rich and up
right and honorable-and yet Democrat"
aon Of ae hs isi House he Essase.ns saS
made new inclination to hiIn when he
said: g.,
Mr.. Chase's avowed and recorded opin-
lons are, that sufficient circulation has
been pr0vided-that it cannot be increased
except at the hazard Of swift destruction
70 the whole system-thaf no change Uh0t
erer, limiting Orincre0sing the Qseantity Of
circulating medium, schieA is four hundred
matiOns, should be considered for one mo-
Ment." ~
The Fernando Wood sappers and mi
ners saw the fuse Of their shell pulled out,
and looked savagely at the recreant Demo-
efat who preferred truth and country to
party. l@
The orator read from Secretary Chase's
Isl rePort-claimed that its declarations
should be received "a the highest evidence
o. the facts therein stated, aud Of the finan-
cal purposes Of the Government, and de-
nandeH Of Democrats and Of the people to
I've TO the Secretary's declarations. re-
spectipg the amount of circulation he had
i1ued and should issue, the fullest credit.
Holding the report in his hand, he contin.
red:
Page presents al estimate Of the con-
aition Of ahe public finances upto the lat Of
duly, 1864. and the estimated total debt un
- the lsS Of July, 1865. On july !. 1884
Mat debt wila be 81, ,666, ,958, ,64l, Of which
yeo,O ,OOO. 600 is currency. On the LIST of July.
l6A it will b, q %, ,035, 100, Of which
10000, ,OoO acill stiN be csTremcy. Deduc4-
t0W currency HUN C00 OeOt, I00 1u0o- |
g debt Of the United States will in Julv.
Ht, ~, b q, ,sSl ,9s5, le0.a class all but tie
~ 900, 900 legal tender a. funded debt and
! aeuHe that the extreme limit Of thia
4lnd Of money has been reached-that ID
ss9 seuer be exceeded" ~.
The orator, practically familiar with
ssoking, and knowing mans ways with
Iocey, and his passion for interest and
weakness for coupons, demonstrated this
pfoposition in the clearest manner. He
showed that the %400, ,0o0, 900 Legal Tender
~ per cent was, like the Funded Debt,
%srcnantable commodity, partaking Of the
,;ea;racter =; of the English Exchequer bill;
af aatfang and falling in price with the value
y ~. .money-increasing in value daily with
.as ss augmentation of interest-doating as
IN. Sa.1ency few days after being. issued,
W. ~ presently absorbed, and gone from the
naS market. not to reappear until presented for
ppssyanent, pss on maturity. In the same man
- - ne showed that the Debt Certificates
s.e aNl not scurrency'-that they are bought
sos suu sold for investment and as rketable
ssma ssmu,,nodities, and occupy precisely the
''n'e relation TO Capital that the Promis-
Y s