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SAVANNAH DAILY HKD AID VOL. 1-NO. 82. The Savannah Daily Herald (MORNING AND EVENING) 18 PUBLISHED BY a W. MASON «Sc CO., At 111 Bay Street, Savannah, Georgia. TERMS! Per Copy Five Cents. Per Hundred $3 60. Per Year $lO 00, ' ADVERTISING: Two Dollars per Sqnare of Ten Lines for first in sertion : One Dollar for each subsequent one. Ad vertisements inserted in the morning, will, if desired, appear in the evening without extra charge. .7 011 PRINTING every style, neatly and promptly done. " RISE IN THE RATE OF7INTEREST. NO. 4. It appears to be the policy of modern financiers to procure money for the public service by placing their loans within the reach of a large portion ot the community. The price of shares in the public stocks is put at so low a figure that there are few who are unable to become proprietors in the funds. By this means, although the amounts are separately small, the aggregate becomes considerable. The State becomes debtor to nearly the whole community who have any surplus funds to invest, and all the interest in maintaining the credit of the government. To adopt the phraseology of the newspapers, this is called popularizing public loans. When Louis Napoleon wished to obtain a loan in 1854, to carry on the war with Rus-. sia, he issued proposals for a loan in which this principle was incorporated. He shrewd ly concluded that a rate of interest somewhat higher than the market rate, combined with the facility of obta-ning shares, from the low subscription price, would bring out the scat tered hoards, many of which in France, from the habits of the people, had remained un productive. This calculation was a correct ojie. He raised a loan in a few months of sixty millions sterling. The principle, although novel in its appli cation, was familiar to many of the shrewd financiers of France. It was the basis of the Credit Mobilier and other credit institu tions, which, having taken root in Paris, shot forth in a most prolific manner all over the continent of Europe. Vienna and all the lesser cities of Germany and Italy have had their Credits Mobilier. As the name imports the effect is tq form large aggregates of capitah itaMr the small and scattered separate sums,; in hands wherein they were unproductive, - ing to them actively, with the psMpect of large dividends. By skilful finsft£i»l ar rangements the promises of the protectors were realized, and some of the most eminent of the continental financiers, including Princes and other high Dignitaries, much as the Rotkchilds, Persiers, Foulds, became as sociated in those stupendous joint stock un dertakings. ' la England where associations founded als such hazardous principles had never becona popular, joint stock banks and a variety of similar enterprises have received, within A. short period, prodigious expansion. Many of them have been highly successful, having made large dividends. The attraction has not been so much high profits as diminished risks. So* -viification of the principle of unlimited m.. SS ty, of which we are un acquainted, has given a prodigious impulse to the spirit of the speculation, in this at tracting capital. The number of joint stock banks, in London has been greatly extend ed. The effect is the same as in other fiscal arrangements by which limited sums that are separately unfruitful of results, became ag gregately prodbctive of large gains. • While the liability is diffused and the hazards di minished, the prospect is held out of inordi nate gains. It has singularly appeared that this new organization of credit, as it is called by the Edinburg Review, should have been coinci dent with the great demand in England, for loanable capital,, leading to an elevation in the rate of interest beyond all parallel. We have seen in what manner this demand is a natural sequence to the impulse given to in dustry and trade by several co-operating causes, and particularly by the agency of the gold discoveries within the last decade and a half. There would be a tendency to a fall in the rate from increased supply, but the demand was constantly ahead of the supply, and the rate advanced notwithstanding the additional supply. We thus perceive in what manner this de mand is supplied in holding out inducements to subscribe to joint stock companies and re mit at undertakings, by the hope of large profit and the certainty of diminished risk. The inquiry naturally suggests itself, Why should loanable capita], to be employed in foreign enterprise, be almost exclusively sought in England, and* not as Well in the continental money market ? The reply ap pears to us to lie on the surface. England above every othsr country in Europe, is the great reservoir of capital. Her powers of accumulation exceed those of any other country, and this, U appears to us, from two "ausej. Ist. Her insular situation, protect ing her from the march of devastating armies, combined with her long period of internal tranquility. 2d. Her skill in those arts that minister to wealth. Her progress in physical science and in mechanical ingenuity enable her to afford exportable products at prices by which she is able to undersell all other coun tries, having cheaper labor, but a less skill ful division of it and a more limited power of machinery. Her textile fabrics have driven out of their own markets the East India manufactures, where a day’s labor can be procured for a pint of rice. Within the memory of mau the price of cotton goods has fallen 95 per cent, in Eng land, showing the great efficiency of her la bor. The cheapening of her production from the combined effect of her physical ad - vantages, as seen in her coal and iron, her inventive powers, as exhibited in her im proved machinery; her scientific progress as shown in her manifold application of steam, enables her to lay the whole world under contribution. The balance of trade is nearly always in her favor with all parts of the world. There is a stream of treasure that, except under very adverse circum stances, such as warlike expenditure and de- ficient harvests, seeks London as the great bullion market of the world. It is on this great mart and centre of trade that bills in the most remote parts of the world are drawn and balances adjnsted. Capital here accumulates with marvellous rapidity, find ing its way in loans to the bonks of the Ganges or the Sacremento, with a difference in the rate of interest of only two per cent.— Hence it is that the money market of London is the resort of borrowers from every division of the globe, and explains why the demand for loanable capital centres above all other places in the British metropolis. , Whether the rise will be permanent or tem porary, is natural and not abnormal—wheth er the rate may not advance to tin per cent. would depend, it appears to us, on the con tinuance of the circumstance^which produc ed the rise or stimulated the demand beyond the supply, such as tfte general spirit of im provement arising from the discovery of new fields of gold, the still greater enlargement of the boundaries of free trade &c. There is no more reason on theoretical gmpnda that the future rate of interest tfmpld not be ten per cent, per annum, than that it should have re five per cent. The rat# of interest has been i as low as one sted-a-hatf, and two percent.’ per annum in Ragland, from the supply of j capital exceeding the dtrrcenl There can be no invariable rate or price for money. The question, therefore, whether any higher or lower rate of interest will take place, resolves itself into the. .change or continuance of the 1 i .-gKqr 1 wm* r owiKwiig£_ ,, ..fww” ' wmm ■ lie rejoicings ov*r ti»* surrender of Lee’s sirmv, with the pronrissnoftiicrapftedy ending of the war, received a sudden and cruel check in the foul murder of the President. Nevertheless, the jubilation while it lasted was of the wildest and most enthusiastic character. The papers of the lOlh and 11th teem with accounts of the impromtu cele brations and demonstrations in which the people of the great cities, as well as in every town and village throughout the North, sought to give vent to their overflowing joy. The streets were lined with flags, bells were rung, cannon fired, work was entirely sus pended, and the people thronged the thor oughfares with smiling faces, or held meet ings of rejoicing. The leadidg associations of New York held meetings and passed resolutions of thanks to Grant, Sherman and Sheridan. A meet ing of the City Council was held and arrange ments were set on foot for a grand celebra tion of the national triumphs on the 20th. The 20th, alas, will dawn upon a people broken in spirit, and bowed down in sack cloth and ashes. The Te Iteum of triumph that was to have been chaunted by the throng at Trinity Church, will be exchanged for a Requiem over the Nation’s highest and best loved. The Inman steamship, City of Dublin, wa* despatched for Europe on the evening of the 10th, on the special mission of conveying the news of the rebel General Lee’s surren der. President Lincoln issued on the lith a proclamation formally closing the ports of Richmond, Petersburg, Newbera, Wilming ton, Charleston, Savannnah, Vicksburg and a large number of other places, including Brunswick, St. Mary’s and Darien, in Geor gia. A proclamation supplementary to that issued on the 11th, issued by President Lin coln, appeared on the next day, declaring that Key West Fla.,which had been inadver tently included among those ports closed by that proclamation, still an open port, as here toforeJ i V ] Another Proclamation of great importance was issued by the President on the Uth, SAVANNAH, GA„ FRIDAY, APRIL 21, 1865. intended to insure to United States vessels-of-war the same hos pitalities as are accorded to foreign men of-war visiting our ports. Auy further in civilities, such as our vessels have of late met with in foreign ports, will be promptly replied to, with like treatment upon foreign cruis ers visiting our waters. Several blockade-running steamers sailed from Havana within the first four days of this month. At least one of them the Owl, was fitted out as a pirate. Lynchburg, Va., which tlre rebels had held from the beginning of the war, and which a short time ago was considered strong enough to stand a siege of the whole army of the Potomac, if Lee hal succeeded in getting his army withiu its woks, surren dered to a Lieutenant in command of a Union scouting party, and i9 now garrisoned by Federal troops. A small force of Union cavalry lift Norfolk on the Ist inst., and penetrated thi country nearly to Weldon, N. C. They tore up a considerable length of the track of tie Roan oke and Seaboard Railroad, capture! several prisoners and k large quantities of cotton, tobacco, defeated the enemy’s cavalry in a severe battle, and returned to Norfolk safely after a week’s abstnc#. A large stampede of negroes in the south ern part of Mississippi has taken place in eonsequence of the attempt to enforce the law putting negroes into the rebel army.— One planter lost abundred'negroes, aad many Others from ten to fifty. Secretary Stanton issued on the I3th one of the most important and most Wilcome or ders of the day. It was an official umounce ment that an immi diate step will be put to aU drafting and re ruiting for the military service; the purcl »se of arms, anknunition and military supp tea will also be irtailed ; the military establishment be rediced, and restrictions on commerce, so far as compati ble with public safcty, be shortly ranoved. A call for a season of the Legislature of Virginia, had been published with) the ap proval of Gen. Weitzel. The call Elicits the attendance of the rebel Governor and Lieut Governor ff the State, mid of certain other promiaeoiaad- influential men in Virginia POiJfiips, Rises; Stuart, McMuibn and others. Sarc conduct will be gives I; is un demhOCKl ■' approved I 'of by 'rztmkzpx call states that the t# ‘otto'-|i®ictfnsißeration will be the to the 'State, the issued on the 41th inst., revohed thatpapTof his apeeud order of the 10th ult, suipeaAiiig trade Gyrations t^pped and supplied, aojd 1 4ay The troop* we© ikesbv-Gitf & marching order, and abuadankty; j for a long march. >ffl E'~m:z JUIT: ■ * The aU-absorbing tqpic of the day is of course the appalling calamity tha. has befal len the country in the assassins! on of the President and the murefer »rl( Secretary of Sta*e. Fvery word of the first despatches in relation to this terrible disastet. has, ere this, sunk into the heart of the canraunlty and need not be reiterated. THE ASSASSINATION OF PRESIDENT LINCOLN ANo SECT’RY SKiVAKD. But yesterday tie nation was atthe height of joyful exultatiojjiverthe deciave victo ries which seemedio promise peace and a re stored Union to a ong-suffering jeople. To-day every lojl heart must Butfer the terrible .shock, andfwell with’ovepmrdening grief at the calamiv which has been permit ted to befall us, ii) the assassin ttion of the Chief Magistrate. The flagsthat flaanted their glittering col ors in the sunshine of yesterday, and bespoke the re-established mpremacy of the govern ment, to-day must hang suspended at halt mast, for its choseg chief lies low in death. The splendor of bur triumph is robbed ‘Ay half its lustre. Iris deeper loss thani#fpM| first soldier had fallen by a hostile ballet, as * the gallant Sedgwick fell; more :****jpl army had perished in the shock of battle, j For it is the Commander-iu-Clnet of OM armies and naries who has fallen; and bo I has fallen not by the natural course vs dis ease, nor in the accepted psßrfti. war, pox the foul stroke of some Our history has iio paralte|*t|JP*- j? u JK grief as ours to-day is new Yljffji***.'tTSS heart. Other Prei lidents ttwOtWh* holding the same 1 igb place—HSßMWi ajaw Taylor ; but both c » n tlie the President s bo. [g >„ betraya n0 madmaSg* sic semper tyrani fo clnded the murdevjff frenzy. The plot j and a n the circttfij Secretary Seward f ‘ c ’same politicalfuryH stances show that t </ the great T «bM hate whichlitthe fl deeds *and hj§gf lion inspired these 1 ict from lhe eplemflfJl much as these detn ittfer Bab j Uga tion, vMjU our triumph in its i j w j tb ft deeper .mdjjpM§ much do they bran< p i otterfl) it ß leadett* it* damning infamyits lthiz ' erß) its charaJlM abettors, its syinp impartial liistory. )Wn and street andjp® Let every city, tc o{ the wbo le NofWM and home and farm e ward g of an infinite !*%] come to-day but thjp Becure , be villain? son to shut lh and Lot every ratut tH| have done this thin P‘ officer of the law to search them out and bring them to summary and condign justice. The machinery of government has already been set in motion ; but let there be no es cape for them if that should fall. Into what propositions this calamity will yet develope, no human eye can now foresee. Its effect upon the political future of the nation will, at least, not be such as when a dynasty is overthrown. Our laws provide for the succession to such remote degrees that even assassination cannot leave the na tion without a visible leader and head. Andrew Johnson to-day becomes the Pres ident of the United States, and the chief po litical consequences which follow from this tragedy will be mainly such as his personal character and political opinions, especially on the subject of reconstruction, shall deter mine. May God give him wisdom to dis charge worthily the duties of his great office. —New York World. rejoicings over the surrender at Washington. SPEECH OF THE PRESIDENT. Thousands assembled in front of the Ex ecutive mansion. The bands played, and manjr in the crowd sang in unison with the music. Cannons were fired, and repeated calls were made for the President. When he appeared at the window over the entrance door, he was greeted with hurras, clapping of hands and waving of hats. He appeared to be calm amid these wild demonstrations before him. Comparative silence having been restored, he said: “I am very greatly rejoiced that an occasion has occurred so pleasurable that the people cannot restrain themselves. (Cheers.) I suppose that arrangements are being made for some sort of formal demonstration, per haps this evening or to-morrow night. (Voi ces—We can’t wait.) If there should be such a demonstration I, of course, will have to respond to it. (A Voice—Bully for you.) And I will have nothing to say ifyou dribble it out of me. (Laughter and cries of “We want to hear you now.’ ) I see you have a band. (Voices |We have three of them.) I propose now closing up by requesting you to play a certain piece of music or a tune. I thought “Dixie,” one of the best tunes I ever heard. (Laughter.) The band began to play “Dixie,” but soon ceased, and the President had not yet con cluded his Remarks. He continued: I had heard that our adversaries over the way had attempted to appropriate it. I in sisted yesterday that we had fairly captured it. (Cheers and laughter.) I presented the question to the Attorney General, and he gave his opinion that it is our lawful prize. (Laughter and cheers.) I ask the band to give us a good tune upon it." The band accordingly played “Dixie” with extraordinary vigor, when three cheers and a tiger were given, followed by the tune of “Yankee Doodle.” The President proposed three rousing cheers fiext - forces. They . were most enthusiastically given. The President retired amid huzzas, the tune of Hail Columbia, and the firing of can non. The crowd then proceeded to the War De partment, and various tunes were played. The Secretary was lepeatedly called lor, but did dot appear. The immense concourse of persons then The steam fijh engines were out, decorat ed with flage, and screaming their joy along aSlßHfanijrevenue* of five hundred guns at dariiyht, /ud JriogWfc >< bells aud tiring lrom sraacit swop mi president ri,,Ahondrerf peiadMT’gather rd !.<-*l.-I'* .. At naif President,"w}k> company had assembles tIiMT undei some mistake had crept inuL T® standing. He had appeared audience than this one to-jur, i repeat what he then said, namely. posed, owing to the great godfl 1 twi? would be some demonstration i prefer to-morrow evening* wheß « «W§*M|jp be quite willing, and he si mething. lie desired to be pwlgUtf, 1 ca* cause everything fo* |Wri«t. (Laughtei .) Ocoapytagthe portion he did, a mistake w«,u)d piww l wsd there fore he wantaft to he careful not to make a mistake.” (A Vcfoe—“You made au* yet. ’) „ ' Th* PMfiKlilifV'as greeted wftb <neers. ai 1 a after MfcNagthc crowd good cwning : r.m Pri>CUMATIOS | the the President, deciding i pnrtß Ajr,sf-fi which virtually rases tlw rStperly existing, will be res- Powers as a quasi recog | nitidu pt Uw rwfcls as a belligerent power, \ WMntWt diately followed by the re |i]il#W mmii rnrrnitinn of therh as belli- I nta, wlULirill render th** mhrl rovers i-lakSlTwßir a upon the The i n accordance with a law 1 wiShPis 1861 It was then under i p that while foreign Powers I effective blockade of those exercise legal authority US3fci. other ports of the l nited . be respected. It is belief e?S3ESwe ha 9 come ’ however ’, S t S nTn government • can claim t , | t^jpia} o , ra i authority overall its poits T or not-which belongs PfcHtdS'oendent sover«r.e« Power, a— ..«• southern pons are left trade, and those now ■BLI in&ed will, it i» presumed, be ’ ' a time. Meanwhile blockade : r *’' to be effectively ended*— rll 0 f t b is proclamation is under take been the business upon which laKKiSSSLward was about to visit City with the President last week —AetfW*®* Herahk ] (lad.; young lady has oil lands Hi JpKhe has refused SBO,OOO, but will Wmmm™ ot tbe male persuasion. PRICE. 5 CENTS MILITARY DIPLOMACT-THE COR RESPONDENCE BETWEEN GRANT AND LEE. The brief, concise and decisive correspon dence between Lieutenant General Grant and General Lee is not less admirable in its tone and style than it is glorious in the news which it conveys. No unkind or insulting word can be found in the despatches of either General. The letters are completely charac teristic'of the men. On the one side Grant i9 simple, frank and soldierly ; on the other side Lee is not less soldierly, although he ap pears to be rather less straightforward. The two Generals understood each other perfect- Grant knew Lee’s character and his pre dc ment. Lee knew that Grant meant just what he said, and that, unless his terms were 1 accepted, he would at once “move upon the enemy’s works.” This mutual understanding quickly resulted in the surrender of Lee 9 army. Grant began the correspondence on the 7th inst. with a noble letter, clearing himself of the responsibility of any fi r her effusion of blood by summoning Lee to surrender. Lee replied on the same day, stating that he was “not entirely” of Grant’s opinion as to the hopelessness of farther resistance, but that he was quite as anxious to avoid useless slaughter, and therefore asked what terms Grant had to bffer. The same day our pur suit of the rebels was continued, and Lee’s army received another whipping. On the Bth Grant replied to Lee, insisting upon but one condition of Peace—viz : “tnat the men surrendered shall be disqualified for taking up arms against the government of the United States until properly exchanged.” To this Lee anqjvered that he had not yet proposed to surrender his army ; that he did “not think the emergency had arisen to call for the surrenderbut that he wanted Peace, and was ready to meet Grant and talk upon the subject of Peace in a general way as far as it affected the forces under his command. This was a neat bit of diplo macy on the part of Lee. But still the un relenting pursuit was kept up, and stiU our soldiers continued to whip the rebels. Writing and fighting at the same time. General Grant showed that he was more than a match tor Lee either at fighting or writing. Just as he would have stopped any attempt on Lee’s part to escape through his military lines, so he stopped this attempt to escape from the point of the correspon dence through a diplomatic flank moveiHM|M| On the 9th, he wrote to Lee that as he hami' authority to treat upon the subject of Petce, “the meeting proposed could lead to no goodbut that the way to hasten the Pjnoe which the North (•sired was for the Soutih to lay down her arms. Thus brought bacCt® the main question, Lee again asked for terms. Grant immediately arranged for an Internal with the reßel General. The interview to#* place. Grant offered to parole ail lie’s army, and give the officers their side-ajpta ! and private property. Lee at once accetMßf j thig proposition, the two and by means of nimstwlr letters, the dreadful contest which lasdia* turbed this countiy for four yeas «U brought to a close. The whole rebt* away; with its arms, artillery and public propefift is in our hands. By sending tb**e soldfijn home on parole, Grant has provided fcfttfll immediate demoralization ana disperaipn of „ the rebel forces under Johnston, andMLJMft'* bile and west of the MissisrippkiMM opened a way, broad and pliiiEb, fofcthe re} construction of the Union, (mjaf as if rjpfliw the General, he is equally .matet? ' ’ the Statesman and the * the United b<‘ proud fatist ' We)i:k - lustrious citizen.—AT V. n Vs . rin j that Northern enterprise and capital MtU have STdthwe 1 being so many persons mand for pl ac s®j, deJtM ,tKi exorbitant prices, their, eye to prom^ ces inferior Btore s have re « l n m Whether the amount of trade wlnch expect to do will justify a „Xa heavy outlay time only will show.— Sew York Herald. Trade ox Charleston and Savannah. At Charleston and Savannah authorized traders will hereafter be permitted, under such restrictions as the post commanders may impose, to receive from inhaWtantai re siding within our lines such and agricultural products, except cotton and articles not contraband of war,Jo ®j othil £ tor nesessary supplies Os food aud . p that for a few “ onth9 f be klJd- Hdeuawd AUc, Jrawtoz room, | for her Majeitf.