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SAVANNAH DAILY HERALD.
. Kk - ‘H- h* c ..A* * Ok--
VOL. 1-NO. m fit
The Savannah Daily Herald
(iIORNING AND EVENING}
n rcßuaaxD n
O. W. MASON «fc CO.,
At 111 Bat Street, Savahhar, Grown.
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' * JOB PRINTING
every style, neatly and promptly done.
fluctuation in the value of
v * GOLD.
No. ?.
It is not difficult to show in what maimer
the price of gold is influenced during war
and a suspension of specie payments by other
than commercial circumstances—by demand
and supply. The peculiar character of the
precious metals, as the universal equiva
lent, afford the widest field for speculation,
irrespective of the laws of trade. As regards
every other commodity, the ground of specu
lation is the expectation or anticipation of
scarcity, more especially if it is a necessary of
life. The apprehended failure of the supply
of bread stuffs will induce extensive specula
tions, and so measurably with regard to other
commodities; but in relation to gold and
silver, the law of demand and supply seems
to be inoperative. No matter how deficient
the quantity brought to market, the simple
fact that these metals are universally desired
for their ownsakes, afford the most unbound
ed scope to speculation. The fluctuations
during the period that specie payments are
suspended aTe governed by no supposed pro
portion between the quantity of money and
the quantity of commodities, but by mental
impressions—by the hopes and tears of buy
ers and sellers. The precious metals are
thus withdrawn from the sphere of those
commercial circumstances that ordinarily in
ti uence prices.
Bach a condition of things can be but tem
porary, as it is a departure trom a natural
and normal state of things.
We have said that these fluctuations are
temporary in their character. They are the
result of social irregularities, of war, of the
over-issue with the depreciation of paper
money by banks and governments. The
rectification soon follows the abuse. Bnt in
these general changes in the value of the
precious metals, arising from their increased
quantity without a correspondent increase of
the quantity of commodities, they are of very
unfrequent occurrence, and are invariably
followed by eras of marked improvement, by
the extension of trade with the increase of
wealth and population. There was but one
revolution in three centuries in the value of
silver, notwithstanding its prodigious in
crease in the sixteenth century, and there
has been no fluctuation in the value of gold,
in spite of the magnitude of the amounts re
ceived from California and Australia. Gene
ral wealth, trade and population have kept
pace with this very large increase of golden
treasure, and the general range of prices has
undergone little or no alteration.
Very extensive inquiries have been made
in this branch of statistics by Adam Smith,
Gamier, Gilbert Stuart and Mr. Tooke, in
hi* “History of Prices,” and others. Almost
the only exception to this remark is Michel
Chavelier.3 whose authority is deservedly
high, and who anticipates a great fall in the
value of gold or rise in the priee of commo
dities within 4he next ten years, thus ignor
ing that extension of commerce and industry
Which has marked the first ten years of the
gold discoveries, preventing any decline in
their value. A9 evidence that the uses otgold
and silver are enlarged with the supply, we
quote from ColvMles’ “Ways and Means of
•Payment,”' an'admirable summary of the
conclusions at which Arthur Ibung had ar
rived on this interesting subjem.
“We have seen in the table deduced from
Arthur Young’s “Progressive value of Mo
ney” that the average prices of the 18th cen
tury were only an advance of 24 per cent,
over those of the Isth century, whilst an an
addition of 880 per. cent, had been made to
the stock of the precious metals; that the
average prices of the 17th century were ad
vanced 80 per cent, over those of the 16th
century, aud the addition to the stock of the
precious metals 875 per cent; that the aver
age prices of the 18th century over thoae of
the 17th, were an advance of 11 per cent, and
the addition to the stock of the precious me
tals 1120 per cent, and to make the case
more striking that the prices of the 18th cen
tury over those of the 15th, were in advance
of 108 per cent, whilst the addition to the
stock of the precious metals, in the three
centuries, had been 1120 per cent. It is
Worthy of remark that the average prices of
the 17th century over those of the 15th, covr
ering a period before the use of paper mo
°ey, exhibit an advance of 111 percent;
'Whilst the average prices of the 18th cen
tmY. tn which there was a great use of paper
cur mey, besides the immense increase of
tlk precious metals just noticed, present an
SAVANNAH, GA., SATURDAY, APRIL 29, 1865.
advance over those of the 17th of only 11 per
cent."
These facts throw great light on the ques
tion of the relation of the precious metals to
the commerce and industry of the world, ia
their effect on prices. That the average
prices of the 18th over the 15th century, be
fore there .was use of paper money, was 111
per cent., while the average prices of the
18th, in which there was great use of paper
money, besides an immense increase of the
precious metals, presenting an advance over
those of the 17th of only 11 percent., demon
strates in the most conclusive manner that
commerce and industry, wealth and popula
tion have kept pace with the increase of the
precious metals, and that apprehensions need
not be entertained of any material fall in
their value or rise of prices. They further
demonstrate, that it is not essential that there
should be an augmentation of the precious
metals to produce an advance of prices,
but that prices advance by the agency of
credit fuily as much, if not more, than by
that of metallic money. It does not follow
that an addition to the circulating medium,
whether consisting of the precious metals or
of paper, will not enhance prices, for the
eff&t of such addition being to increase the
purchasing power of its possessors, through
increased competition, by augmenting de
mand, will advance prices.
Nor is it meant to be affirmed, that an
increase of the precious metals will not ad
vance prices considrrsbly for a short period,
until the equilibrium is restored between
the quantityof money and the quantity
of commodities, for the sudden dis
covery of new and productive mines
may augment the stock of the prec
ious materials more rapidly than the
wealth and productive power of the world
can absorb the increased quantity, as was
manifessed in the fall of silver and the rise of
commodities in the 16th century. All that
is meant to be affirmed is that prices are not
dependent exclusively on the quantity of
money, whether paper or metallic, but partly
on those substitutes for money, to be found
in bills of exchange, checks, book debts,
and those other devices in use for economi
sing the use of money. Prices may go on
advancing by the agency of credit, without
the intervention of money of any kind. It
is also easy to conceive, that prices may
advance by the combined agency of money
and credit, as it is to imagine that prices
may recede while money augments, or ad
vance when money diminishes. We have
some further remarks to make on this sub
ject, which wo must reserve for another
opportunity. V
IMPORTANT FROM WASHINGTON.
Revocation of the Order* Anignl*| Gen.
Ord to the Command of th# Department
of the South.
Washington, April 22, 1865.
By direction of the President the Depart
ment of Virginia, and such parts of North
Carolina as may not be occupied by the
commands of Major-General Sherman, and
including the Army of the Potomac.. will
constitute the Military Division of the James.
Major-General H. W. Halleck, United States
Army, is assigned to the Military Division of
the James. General Orders No. 65, current
series, assigning Major-General Ord to the
command of the Department of the South, is
revoked.
General Ord will retain command of his
present army, and report to Gen. Halleck.
SAN FRANCISCO.
DESTRUCTION OF NEWSPAPER OFFICES.
The arrival of the news of the assassination
of President Lincoln at San Francisco, caus
ed intense excitement, and gave rise to the
most emphatic indignation. The Democratic
papers of San Francisco and two papers of
the same political complexion in Marysville
and Grass Talley, were mobbed.
Ben Francisco, April 16.— Arrived Pacific
mail steamer Golden City from Panama, with
New York mails and passengers to the 23d
ult.
The destruction of the Democratic papers
last evening was the sudden outburst of long
pent up indignation at their opposition to the
government all through the war. It was ex
cuted with such rapidity that the authorities
were unable to prevent it. At night-fall the
military were in possession of the street and
all approaches to ft. which prevented farther
violence in that quarter of the city.
The French Organ was threatened and is
now under guard. The Union and American
was destroyed. Intense edteitement prevail
ed all night.
San Francisco, April 17.—Atallrge meet
ff the citizens, held Sunday, the Mayor
presiding, resolutions were passed, among
which were the following, which amply ex-
P r ®jjae 9 the general feeling on this coast:
“ The great, capacious manly heart of Abra
ham Lincoln was generous enough to em
brace all within the forgiveness of its loving
nature, and in their madness they have killed
him. Before his death, Peace was possible*"*
all the atmosphere was filled with geneious
emotions and kind sympathy. Now Peace
means subjugation. God have mercy on the
souls of the rebel chiefs.”
•When this was read there was great ex
citement, and the people cheered over and
over again.
A committee of fifty citizens was appointed
to make preparations for the obsequies of the
President. All loyal citizens are requested
to wear crape for thirty days.
No disturbance of the public peace has oc
curred since my last despatch. The military
are still under arms and patrol the streets at
intervals but there is no probability of further
disturbance.
Despatches from Nevada and Orcfon Are
moved equally with California. .
THE POLICY OF THE PRESENT
ADMINISTRATION.
IMPORTANT SPEECH FftOl PRESIDENT
. JOHNSON.
iNc — :
Address to the Indiana Delegation*
HIS VIEWS OF TREASON AND RE
CONSTRUCTION.
When the-ligliana Delegation called to pay
their respects to the new President, after re
turning his thanks, he addressed them as
follows: :
la reference to what my administration
Will be while | occupy ifly present position
I must refer you to the past. You may look
back to it aa jfridence ot what my course will
be. And infßereuce to this diabolical and
fiendish rebellion, sprung upon the country,
all I have to dh is to ask you also to go back
and take mv course in the past, and from
that determine what my future will be. As
to making a declaration, or manifesto, or mes
sage, or what you may please to call it, my
past is a better foreshadowing of my future
course than any statement on paper that
might be made. Who, four years ago, look
ing down the stream of time, could have
delineated that which has transpired since
then?
If we knew so little four years ago «rs what
has passed; since then, we know as little
what events will arise in the next four years.
But as these events arise I shall be controlled
in the disposition of them by those rules and
principles by which I have been guided
heretofore. - Had it j*ot been for extraordi
nary efforttein part owing to the machinery
of the Staijf you would have had rebellion
as rampanf>'ih Indiana as we had it in Ten
nessee. Treason is none the less treason
whether it be in a free Stale or in a slave
State; but if Vhere could be any difference in
such a crime, he who commits treason in a
free State is a greater traitor than he Who
commits it in a slave State. There might be
some little excuse for a man who based his
treason on his possession of slave property;
but the traitor in a free State has no excuse,
but simply to be a traitor. (Applause.) Do
not, however, understand me to mean, by
this that any man should be exonerated from
the penalties and punishments of the crime
of treason.
The time has arrived when the American
people should understand what crime is, and
that it should be punished, and its penalties
enforced and indicted. We say, in our sta
tutes and courts, that burglary is a crime,
that murder is a crime, that arson is a crime,
and that treason is a crime; and the constitu
tion of thq United States and the laws of the
United States say that treason shall consist
in levying' war against them, and giving
their enedea aid and comfort I have just
remarked that burglary is a crime and has
Rs penalties, that murder is a crime and has
its penalties, and so on through the long
catalogue of crime. To illustrate by a sad
event, which is before the minds of all, and
which has draped this land iu mourning,
who is there hem who would say if the assas
sin who has stricken from our midst one be
loved and revered by all, and passed him
from time to eternity—to that bourn whence
no traveller returns—who, I repeat, who
here would say that the assassin, if taken,
should not suffer the penalties of bis crime?
Then, if you take the life of one individual
for the murder of another,, and believe that
his property should be confiscated, what
should be done with one who is trying to
assassinate this nation ? What should be
done with him or them who have attempted
the life of a nation composed of thirty mil
lions of people ?
We were living at a time when the public
mind had almost become oblivious of what
treason is. The time has arrived, my coun
trymen, when the American people should
be educated and taught what is crime, and
that treason is a crime, and the highest crime
known to the law and the constitution. Yes,
treason against a State, treason against all
the States—treason against the government
of the United States—is the highest crime
that can be committed, and those engaged in
it should suffer all its penalties. I know it
is very easy to get up sympathy and aerrti*
meat while’ human blood is about to be shed
—easy to acquire a reputation for leniency
and kindness; but Sometimes its effect and
practical operation produce misery and woe
to the mass of mankind. Sometimes an in
dividual whom the law has overtaken, and
on whom its penalties are about to be im
posed, will appeal and plfad with the Exec
utive for the exercise of clemency ; but be
fore its exercise be ought to ascertain what
is mercy and what is not mercy. It is a
very important question, and one which de
serves the consideration of those who moral
ize upon crime and the morals of a nation—
whether, in some cases, action sbpuld not be
suspended here and transferred to Him who
controls all. There, if innocence has. been
invaded, if wrong has been done, the Con
troller and Giver of All Qood—one of whose
attributes is Mercy—will set it right.
It is not promulging anything that I have
not heretofore said, to say that treason must
be made odious, that traitors must be pun
ished and impoverished. (Applause.) They
must not only be puuished, but their social ‘
power must be destroyed., If not, they will
still retain an ascendency, and may again
become numerous and powerfnl; for, In
the words of a former Senator of the United
States, “When traitors became numerotfe
enough, treason becomes respectable.’ 1 And
I say that, after making treason odious,
every Union man and the government should
be remunerated dut of the pockets of those
who have inflicted this great suffering upon
the country. (Applause.) But do not un
derstand me as saying this in a spirit of an
ger ; for, if lunderStand my own heart, the
reverse is the case. And while I say that
the penalties of the law, in a stern and in
flexible manner, should be executed upon
conscious, intelligent and influential frai-»
tors—the leaders, who have deceived than--
sands upon thousands of laboring men who
have been drawn into this rebellion;
and while I say as to the leaders pun
ishment, I also say leniency, conciliaiton and
amnesty to the thousands whom they [nave
misled and deoelved. And in reference to
Sthis, as I remarked, I might have adopted
ur speech as my own,'* As my honorable
end knows, I long since took the ground
that this government was sent upon a great
mission among the nations df the earth—that
ft ted A great work to perform and that in
starting it, ft was started in perpetuity.
Look hack for one single moment to the
articles of oonllederation, and then come
down to 178 TANARUS, when the Constitution was
formed. Wfiat do you find 1 4 ‘That we, the
people of the United States, in order to form
a more perfect government," Ac. Provision
is made for the admission of new States to
be added to old ones embraced within the
Union. Now turn to the constitution. We
find that amendments may be made?! by
a recommendation of two-thirds of the mem
bers of Congress, if ratified by three-fourths
of the States. Provision is made for the ad
mission of new States: no provision is made
for the secession of old ones.
The instrument was made to be goodin
perpetuity, and you can take hold orlt, not
to breakup the government, but to goon
perfecting it moft and more as it runs down
the stream of time. We find the government
composed of integral parts. An individual is
an integer, and a number of individuals form
a State, and a State itself is an integer; and
the various States form the Union, which is
itself an integer, they all miking up the gov
ernment of the United States. Now we come
to the point of my argument so far as con
cerns the perpetuity of the government. Wtf
have seen that the government is composed
of parts, each essential to the whole, and the
wholeeasential to each part. Now, if an in
dividual part of a State declare war against
the whole, in violation of the constitution,
he, as a citizen, has violated the law, and is
responsible tor the act as an individual.—
There may be more than one individual. It
may go on till they become parts of States—
the rebellion may go on increasing in num
bers till State machinery is overturned, afid
the country becomes like a man that is par
alyzed on one side. Bat we find la the con
stitution a great panacea provided. It pro
vides that the United States—that is, the
great integer—shall guarantee to each Stats
(the integers composing the whole) in this
Union a republican form of government.
Yes, if rebellion has been rampant, and
set aside the machinery of a State for a time,
there stands the grate law to remove the par
alysis and revitalize it, And put it on Its feet
again. When we com* to Understand our
system of goverment, though it be complex,
f>e see how beautifully one part acta in har
mony with another. Then we see our gov
ernment is to be a perpetuity, there being no
£ revision for puffing ft down, the Union be
lg its vitalizing power, imparting life to the
whole of the States that move abound it like
planets round thq sun, receiving thence light,
and heat, and motion. Upon this idea of
destroying the States my position has been
heretofore well known, and Iste no cause
.tQ. change it now*; and I am glad to hear its
restoration on the present occasion. Some
are satisfied with the idea that stales are to
be lost in territorial and other divisions—are
to lose their character as States. Bnt their
life breath has been only suspended, and it is
a high constitutional obligation we have to
secure each of these States in the possession
and enjoyment of a republican form of gov
ernment.
A State may be in the government with a
peculiar institution, and by the operation of
rebellion lose that feature. But it was a
State when it went into rebellion, and when
it comes out without the institution it is still
a State. (Great Applause.) I hold it as a
solemn obligation in any one of these States
where the rebel armies have been beaten
back or expelled—l care not how small the
number of Union men, if enough to man the
ship of State—l hold it, I say, a high duty to
protect and secure to them a republican form
of government. This is no new opinion. It
is expressed in conformity with my under
standing of the genius and theory of our
government Then, hi adjusting and putting
the government upon its legs again, 1 think
the progress of this work must para into the
hands of its friends. (Applause.) If a
State is to be nursed unui it again gets
strength, it must be nursed by its friends, not
smothered by itsenemies. (Applause.) Now,
permit me to remark that while I have op
posed desolation and disintegration on the
one hand, on the other I am equally opposed
to consolidation—(applause)—or the central
ration of power in the hands of a few.
In conclusion, I will repeat that the vigor
of my youth has been spent in advocating
those great principles as the foundation of
our government and therefore I have been
denounced by many as a demagogue. I was
striving to please the people. lam Dee to
say to you that my highest ambition was to
{lease the people; for J believed that when
pleased them I was pretty nearly right { and
being in the right I didhot care who assailed
me. But I was going to say that I have
always advocated the principle that govern
ment was made for man. not man for govern
ment-even as the Good Book says that the
Sabbath was made for man, not man for the
Sabbatb. So far as in me lies, those prin
ciples shall be carried out.
A Proposition to Assassinate Mr. Lin
coln. — A citizen of Chicago, who was a
member for some time of the K- G- C. Lodge
in this city, writes to the Chicago Tribune:
Chioaoo, April 18, 1865.
Editor* Chicago Tribune :
There is one fact which I think should be
known. Last fall, while a member of the
Sons of liberty, in this city, 1 heard and in
stantly reported to General Sweet, which w
«>rts were forwarded to the War Depart
ed at Washington, a distinct proposition
made to raise #50,000 to send a man to
W-asbingiod to assassinate President Lincoln,
and I have not a particle of doubt thq plan
originated with and waa executed by the
“Son* of Liberty.”
Isis proposed to «Mft if monument in
Washington to commemorate the virtues of
the late President, by contributions of Are
dollars each from a million contributors.
PRICE. 5 CENTS
[Front our Extra of yesterday afternoon.]
IMPORTANT FROM THE 19-
TERIOR*
Exploits of Shu. Wilson’s Column,
THE CAPTURE OF SELVA, MO9TT
- «OVERT, COLUMBUS AND VAROV.
Interesting Details.
(Specially Reported for theSavasnah Dally Rscald.*
• "la our evening edition Wf briefly announc
ed the arrival of Capt. L. M. Hoaea, of Gen,
Wilson’s Staff; from Macon.
He left there five days ago. In the party
was Brig. Gen. Long, commanding the Sec
ond Division in the assault on Selma, and
one of Ids Staff.
Gan. Wilson left Chickasaw, Ala., on the
23d of March.
On the 2d Os. April he captured Selma,
Ala., by assault, taking 82 pieces of artillery
in position and 75 in arsenal; a large arsenal,
the second in importance In the Confederacy;
a naval foundry, very extensive, with valua
ble fixtures; powder works, Ac., &£. All
public property was destroyed.*
A pontoon bridge 85&feet long fat built
across the Ainham* River, by which Mont
gomery was reached. There the retrain
burned 85,000 bale* of cotton, five steam
boats, 68 cars, one locomotive. Montgomery
was entered without opposition, on the nth
of April. m 'V"*, * -
Columbus was captured on the 16th, by
asault on the heavy field works. 9 1200 pris
oners were taken, 68 guns in position, one
gunboat, then-called the Jackson, bub
the name of which hid been recently chang
ed, mounting six 7-inch rifles, 100,0&0 bales
of cotton,* 13 locomotives, etui *)0 cars.
While there, a portion of the column made a
detour to West Point, and captured the works
by assault. The attack was made by dis
mounted cavalry. They took 4 guns, and
850 prisoners, The Confederate General
Tyler, commanding, was killed; 16 locomo
tives and 300 care were taken. All the
captured property was destroyed, .
Macon surrendered without assault on tbs'
20th. The Confederate Generals Howeil
Cobb, GtwtaViisW. Mercer, Bobert
ton, and McCall, were takenTtoðer -TWitea
a large number of officers, es all ranks, and
1600 prisoners altogether.
Wilson’s forces had traveled 481 ttiHaS.
marching 20 days. They took in ill 189
guns, in position and in the field, and SO
gone in arsenal.
A large number of rolling mills and Irou
foundries were destroyed, naval foundries
powder works, magazine*, supply depots,
Ac., Ac.
Selma itself was 240 miles from the base
of operations.
There is scarcely an officer on the staff
who has not made personal captures of pris
oners during the expedition.
The force is-made up mostly of westsrn
troops. Our losses; in all the engagements,
amount to less than 850.
The enemy’s loss at Selma is estimated by
themselves teffcom four to five hundred.
Capt. Hosea has left?, here, to report via
Hilton Head, .to Gen. Sherman, with des
patches. ' _*'?!,
PRISONER 9HOT WHILE ATTBVPT
ING TO ESCAPE FROM A GUARD
HOUSE. ■ f ' •
This afternoon at 8.40 o’clock, a soldier
was shot, in Bay Lane, in the rear ot the
Herald Press room, while attempting to es
cape from the Guard House on the opposite
side of the lane.
His name wsrJehn King, and he was a
private belonging to Company D, 12th Ms.
Yols. \
He was arrested this morning by the Po
lice for drunkenness, and profane and in
decent language in the street.
He ran into the lane, and attempted to
escape into Drayton street. The sentinel on
the beat halted him twice, and then shot
him through the neck, killing him almost
instantly.
The guard seems to have dona only hla
duty, and the case should be a Warning to
all who are inclined to thp same misconduct
ea the man who was shot. '
The Royal Geographical Society of Eng
land is discussing the practicability of efforts
to discover a passage to the North Pole,
hopes of which discovery are still enter&ia
ed by many of the members. ..
~Sir~Henry Bulwer is on a visit to Egypt to
plan anew line of railroad from Alexandria
to the Red Sea.
