Mr. Chase’s success has been complete under the most appalling difficulties.  The preceding administration, by their treasonable course, and anti-coercion heresies, had almost paralyzed the Government.  They had increased the rate of interest of Federal loans from six to nearly twelve per cent. per annum.  Their Vice-president (Mr. Breckenridge), their Finance Minister (Mr. Cobb), their Secretary of War (Mr. Floyd), their Secretary of the Interior (Mr. Thompson), are now in the traitor army.  Even the President (Mr. Buchanan), with an evident purpose of aiding the South to dissolve the Union, had announced in his messages the absurd political paradox, that a State has no right to secede, but that the Government has no right to prevent its secession.  It was a conspiracy of traitors, at the head of which stood the President, secretly pledged, at Ostend and Cininnati, to the South (as the price of their support), to aid them to control or destroy the republic.  Thus was it that, in time of profound peace, when our United States six per cents. commanded a few weeks before a large premium, and our debt was less than $65,000,000, that Mr. Buchanan’s Secretary of the Treasury (Mr. Cobb) was borrowing money at an interest of nearly twelve per cent. per annum.  Most fortunately that accursed administration was drawing to a close, or the temporary overthrow of the Government would have been effected.  Never did any minister of finance undertake a task apparently so hopeless as that so fully accomplished by Mr. Chase in reviving the public credit.  A single fact will illustrate the extraordinary result.  At the close of the fiscal year ending 1st July, 1860, our public debt was only $64,769,703, and Secretary Cobb was borrowing money at twelve per cent. per annum.  On the first of July 1863, in the midst of a stupendous rebellion, our debt was $1,097,274,000, and Mr. Chase had reduced the average rate of interest to 3.89 per cent. per annum, whilst the highest rate was 7.30 for a comparatively small sum to be paid off next year.  This is a financial achievement without a parallel in the history of the world.  If I speak on this subject with some enthusiasm, it is in no egotistical spirit, for Mr. Chase’s system differs in many respects widely from that adopted by me as Minister of Finance during the Mexican war, and which raised United States five per cents. to a premium.  But my system was based on specie, or its real and convertible equivalent, and would not have answered the present emergency, which, by our enormous expenditure, necessarily forced a partial and temporary suspension of specie payments upon our banks and Government.  Mr. Chase’s system is exclusively his own, and, in many of its aspects, is without a precedent in history.  When first proposed by him it had very few friends, and was forced upon a reluctant Congress by the great emergency, presenting the alternative of its adoption or financial ruin.  Indeed, upon a test vote in Congress in February last, it had failed, when the premium on gold rose immediately over twenty per cent.  This caused a reconsideration, when the bills were passed and the premium on gold was immediately reduced more than the previous rise, exhibiting the extraordinary difference in a few days of twenty-three per cent., in the absence of any intermediate Federal victories in the field.