Npeech of Hon. 11. 6. Stebbins. Mr. Clteae'a System Defended by a Democrat. The able speefti of Mr. Henry G' Stcb bins, made lately in the House of Repre sentatives, has created much sensation among tha opponents of the Government. Mr. Stebbins is a leading banker of New York, president of the Board of Brokers, and is withal a Democrat. He has there fore unusual claims to be heard by all par ties. His speech js an eloquent and un answerable defence of the Government credit against its invidious assailants, chief of whom is 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 tliern to the false statc ment of Wood and others.— Pittsburgh Gazette. "Mr. Chase's avowed and recorded opin ions are, that sufficient circulation has been provided—that it cannot he increased ex cept at the hazard of svift destrue ion to the whole system— that no change n:hat ever, limiting or increasing the quantity - land 121 per cent. 1 know, too, from the statistics of the increase of the national wealth of America fir the last tch years, that in 1870 the middle Atlantic carrying ami manufacturing and the Western t'ood | riducing Stites will surely have thirty five thousand millionsof taxable property, and in 1880 eighty thousand millions! '1 Sir, the four hundred millions of le gal tender divided equally among these to be paid by them out of their in creased wealth from 1850 to 1800 alone, would have been extinguished in the first six months of 1800 and the balance of increase of wealth remaining on hand be the enormous sum of 87,500,000,000. — Measured in connection with the nation's ability to pay this legal tender debt, sir, is wholly unimportant. Have not twenty five mill ons of Americans endorsed this paper, as well as all the debt of the United States; and is not this endorsement guar anteed by forty-two millions of Americans thinking and laboring in 1870; and is not their guarranty underwritten by the fity six millions of Americans of the year 1870. backed up by their accumulated wealth of 882,000,000,000?" Coming to the measure before the House, the gold bill, he said, with a log ical impressiveness which was irresisti ble : " If this four hundred millions of cur rency were secured to be paid to morrow; if the nation could see it begin to die and disappear by the establishment of a sink ingfuudof 10 per cent., per annum.which would absorb it all in ten years; if by the legislative sanction the Secretary should direct the burning of 8100,000 of it a day, until the whole was destroyed, do you imagine you would hear anything more of rises in gold ? Sir, those measures would be the death of the speculators on the seaboard, and the nation would rise above their fears and anxieties, full of fresh power and hope. The passage of this bill to authorize the Secretary of the Treasu ry to sell from time to time the surplus gold in the Treasury would, in niv lins ion, have a correspondingeffect, and tend prodigiously to the reduc:ion of the ex penses of the Government." Mr. Stebliins then unveiled and attaek eu the artifices by which the people's mon ey i:< depreciated in the great cities. His speech concluded as follows : Suppose, s'r, some vast theatre, crowd ed with thousands of human beings, ab sorbed in a dramatic spectacle; and sup pose. sir, in the uiidst of their happy ab sorption two, three, or more voice# should suddenly raise the appalling cry of fire, and rush toward the narrow entrance for the street? Does it need any prophecy to foretell the fearful disaster that would en sue while this frenzied •multitude dashed at the contracted outlets, and through tho Crowded corridors? Hundreds might be crushed, limbs be broken, numbers suffo cated, while thousands might be robbed by the brigands who had perpetrated the ca lam ty for the purpose of plunder. Sir. will any one undertake to say that the building is really on fire because of the infuriated cry -of fire? No, sir! And sir. thii is precisely the (jasc of the people of this country. " During the past three years disloyal voices have kept crying fire against the national .finances, and there have been con vulsive movements to escape the fearful calamities said to threaten the paper sys tem, and which is finally to be entirely de molished. And while this cry continues, and every imaginable auxiliary is used to magnetize the nation into such belief, and while the masses are rushing out of ilie Federal building in mad disorder, a svs tem of pillage has been going forward that defies description, and human ingenuity is taxed to its utmost to keep up the alarm, that the spoils of the villainy may aug ment, and the opportunity for plunder be protractd yet awhile longer. Sir. it is our solemn duty to assist in correcting this scandalous state of things. The first step that we are bound to take is to relieve the Government from the fearful position of being a hoarder of gold. It cannot afford to be an instrument in the hands of its enemies, a participator in the depreciation of its currency, a confederate with the speculators of the seabord. * ''Sir, I repeat with all the. emphasis I am capable of expressing, that in advoca ting every measure for strengthening our financial system; by encouraging the Sec retary of the Treasury to persevere in car rying out the ideas distinctly presented in his aunual report; bv pointing out to the extent of my huiiAle ability the way to roll back the current that has set in such irresistible force against the public credit; by pointing out the vast resources of our country, and showing that an issue of $400,000,000 of currency is only a substi tute for the gold and bank circulation it has displaced, I fulfil my duty as a Demo cratic representative." JS?" When a lady, flashing for a lover, cunningly adjusts her features for the purpose, each oftbom is at an acute angle. (The gjtmmrau Cittern. THOMAS ROBINSON, } CYRUS E. ANDERSON, | JiClltors - M. W. NPli.ill, Publisher. BUTLER PA. WE I>>"i:SI>AV::MAK. 1» ls«|. fit)•"Liberty and Union. Now and Forever, One and'n»eptfrable."—D. Webster. FOR PRESIDENT IN 1804 : ABHAIIAM LIICOLy. Who can furnish us for publication, a complete list of the field and line officers of the grand Copperhead army, recently organized for the defense of the Herald, against the expected attack of Lincoln's minions, as they call them ;of course M'Clellan WH C >mm in ler in chief, but who were his subordinates? Think they must have been principally composed of the "working members of the late Demo cratic convention—the chairman of their committee on resolutions for instauce, and his next friend, the "armistic" man. The Election Again. We hope our friends will bear in mind that Friday next, is the day to choose election officers, to say nothing of anything else. Don't rely on your former majori ties in our close districts to your tick et; recollect that about fourTiundred re cruits have entered the service this eouuty. seven-eighths of whom were Re publicans ; we can only overcome this loss by more vigilance. Let us have a full poll and all will be well. A (»oof chocking the eonvcntidb movement ] and keeping the people in subjection.— I It is reported that the rebels intend hang ing the entire number of soldiers ca[4ur- I (id by them from Colonel Frost's command I 51 in number, half of whom, have never been in the rebel service. Ira Neal, a drummer boy, 15 years o'd, who had never been in the rebel service was among the number hung. The na tive union troops have taken tlic matter into their own hands, and have given such of their officers who did approve the severe measure, an opportunity to resign, and giving warning that immediate death wil be inflicted on any officer who hereaf-» ter offers to surrender t<» the enemy or asks for any quarters. • From Sew Orleans. NEW YOUK, March 18.—Thesteamship* Morning Star, from New'Orlesins on the oth instant, via Havana on the 7th, has arrived. She brings 1,200 bales of cot ton. A part of Gen. Lee's cavalry have left New Orleans for the Red river. Gen. Sherman arrived at New Orleans on tho 2d on the gunboat Diana. His late expedition is called by himself a big raid, in the course of which lie reached a point ten miles east of Mcridau without any op position worthy of the name,and returned with 1,100 ifiules, 1,000 contrabands, 500 prisoners and a large amount of supplies. • Transports are rapidly bringing troops back from Texas. Governor Michael Mahn was inaugura ted on tho 4th with imposing ceremonies at New Orleans. Gen. Ranks delivered an address, in which he predicted the rc | ductionof the insurrection to three or four j States on tho Atlantic coast I y this sca i sou's campaign, I brate has the basis of a century, for we \ have achieved deeds, of » century in the ' past two years, and so long as the people j are faithful iHid true to themselves, so ! longiwill stand Louisiana, the first return I ing State in which every man is a free j map." All the j eoplc were in the streets dur ing the day.and there was unquestionaby j the si nearest feeding of sa sic on shown ; than on many of them .re bo stcrous day of secession uialnes in 1801. • A Hairs in I>eni;:'»rlt. NEW YORK. March lo.—'llie fo! w ing dispatches per the Australasian, con taining important news, were only receiv ed to-day : DENMARK— Copenhou/cn, Feb. 27. Denmark has expressed tlie wish to be ex cused from replying tuany proposition for a conference so long as Schleswig is not evacuated. STUTTOARD, Feb. 27. —In to-day's sit ting of the Chamber, liaron Vofl Hugel said, according to the most reliable infor mation, that a speedy termination of the war was not to be expected. Denmark was firmly resolved on oppo sing the most determined resistcnce to the claim of Austria, Prussia and the Federal diet. Herr Holder proposed that every facility be afforded to the Government to enable it by the most powerful measures, and especially by a union of the middle States, to bring the national cause to a successful issue; and further, that the discussion of the extraordinary credit of 680,000 florins be postponed until the middle State3 were seriously determined to act. The military credit was, however, granted by a vote of 65 against 15. jjgf In 1861 the Bth Ohio took with them to the field an eagle, which has followed them into all their fights, and screamed wildly above the din of battle. The brave Bth is now on a furlough, having re-enlisted, and hav ing the eagle still with theih they find no difficulty in filling qp their ranks with recruits. The noble bird has been twice wounded, and if he comes out of the contest the boys intend he shall be kept at the tajiitol at the charge of the State. Interesting Ceremony. WASHINGTON, March 9.—The Pres ittont of the United States this after noon formally presented to Major 4 General Grant his commission as Lieu tenant General. The ceremony took place in the Cabinet Chamber, in the presence of the entire Cabinet, Gen. 1 lalleck, Representative Lovejov,Gen. Ramlins, and Colonel Comstock, of Gen. Grant's staff, the son of Gen. Grant, and Mr. M'Olay, private Sec retary of the President. Gen. Grant having entered the room, the President rose and addressed him thus: "Gen. Grant, by the nation's appreciation of what you have done, and its reli ance upon you for what remains to do" in the existing great struggle, you are presented with this commission con stituting you Lieutenant General in the army of the United States. While this high honor devolves upon you, also a corresponding responsibility rests on you, as the country herein' trust you. So under God, it will sus tain you. I scarcely need to add that with what I here speak for the nation goes my own hearty personal concur rence.' To which Gen. Grant replied as follows: Mr. President: I accept the com mission with gratitude for the high honor you have conferred on mo, and with the aid of the noble armies that have fought on so many fields for our common country, it will bemy earnest endeavor not todisapoint your expectatiohs. I feel the full weight of the responsibilities now devolving upon me, and I know that if they are met it will be due to those armies, and above all to the favor of (hat Prov idence which leads both nations; and men. The President then introdnced the General to all the members of the cabinet, after which the company were seated, and about half an hour was spent in pleasant and social conversa tion. IMPORTANT POSITIONS. —TunneI Hill is thirty-one miles distant from Chattanooga and one hundred and seven miles #rom Atlanta. It is in Murray county, Ga.,wher.e themoun tains come together, forming an am phitheatre. It receives itsname from a tunnel which is 1,477 feet long, 18 feet high, and with a clear width of 18 feet. It is cut, in a great meas ure, through solid rock, and the ap proaches to it arc protected on both sides by massive masonry. Dalton is seven miles beyond Tun nel Hill, and is one hundred and ten miles by railroad from Knoxvillc. It is the county seat of Whitefield county, and was laid out in 1846. Its location is in a fertile valley,, sur rounded by mountains. Dalton con tains a steam flour asd lumber mill, and an extensive foundry. Its im portance, in a military point of view, consists in the fact that it is naturally capable of formidable defence, and is one of the angles ofa railroad trian gle whereof Chattanooga and Cleve land, Tennessee, are the other corner. The next important places south are Kingston and Home. Kingston is seventy-nine miles from Atlanta. It is a small village on the Western and Atlantic Railroad, but is impor tant as being the junction point of the Rome Branch Railroad. Rome is located twenty miles from Kings ton, a little north of west. It is the county seat of Floyd county, and is situated on several hills at the con fluence of the Etowah and Costeduula, which form the Coosa river. Steam boats run up from Mobile to Rome. There are two rolling mills and two powder mills there. WASHINGTON, March 10.—The rat ification of the treaty between the United States and* Great Britain,for the final settlement of the claims of Hudson Ray and I'ugets Sound Ag ricultural Companies, have just been exchanged. All questions• between the United States on the on.' hand, and the Hudson and Pugets Sounil Agricultural Company on the (/her, with respect to the possession, rights and claims of those companies, and of an" other British in Oregon and Wiiobington Territories are to be settled by tii»> transfer of those rights and claims to the Govern-- ment of the United State*for an ad equate money consideration, and it is agreed that the United States and her Brittanic Majesty shall within 12 months after the exchange of the rat ification of the present treaty, appoint each a commissioner for the purpose of examining and deciding upon all claims arising out of its provisions. REINFORCEMENT FOR THE ARMY,. —The NY. Evening Pout of "Wed nesday says: Tho number of soldiers daily pass ing from tmd through this city and 'harbor tow; field is constantly in creasing. Today transportation or ders have been issued from the United States Quartermaster's office in this city to sixteeh hundred soldiers, all of whom will bo on their way south to night. Careful estimates, drawn from the official returns, show that the number of men provided with means of transportation from this city by water and. by land is more than twelve hundred daily. Including tho soldiers who go forward on passes ob tained elsewhere, the weekly aggre ! gate is eight to ten thousand. 5®- Gen. Grant is in command of fop. ees which occupy a front of nearly fouir hundred miles.