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SAY AM AH DAILY HERALD. YOL. 1-Na 90. The Savannah Daily Herald (MORNING AND EVENING} a vcBUSHxn by 8, W. MASON «fc CO.) ' • At 111 Bat Stbxr, Savannah, Gboboia. TBBMS: Per C0py..... Five Cents. Per Hundred.., .....$3 60. Per Year $lO 00, - v ADVEBTISINO: Two Dollars per Square of Ten Lines for first UP sertion; One Dollar for each subsequent one. Ad vertisements Inserted in the morning, will, if desired, appear in the evening without extra charge. JOB PRINTING every style, neatly and promptly done. FLUCTUATION IN THE VALUE OF GOLD. No. 8. In reasoning on this subject the considera tion has been nearly entirely overlooked, that the increase of population and the ex tension of commerce t would require a con stantly increasing supply of gold and silver, as well for purposes of coinage as for other purposes, to maintain the level of prices, abrasion &c. The large quantity of the precious metals inexistence is absolutely nec essary, to maintain the equilibrium between the average annual supply and the average annual demand, Adam Smith and Arthur Young arrived at the conclusion, that prices fell between the years 1300 and- 1500 about too percent-; but between the discovery of the American mines in the beginning of the 16th century and the gold discoveries in Cal ifornia and Australia* there was an interval of between three and four centuries, and one signal revolution in their valdeoccurred,and in relation only to silver. There appears to have been no difference of opinion among the majority of economists, as to the fact or its cause, of the disproportionate increase of sil ver, then the most abnndant of the the met als, about the .middle of the 16th century. Compared with wheat its value fell considers* bly ; bdt although gold is now one of the most abundant of the two metals, varied in particular countries from local causes, and under particular circmnstanses, ft preserved its general value throughout the commercial world with remarkable uniformity. It has been too rfeadily assumed, or taken for granted, in discussions of this character, that there can be no rise of prices unless by a previous increase of currency, omitting, as before remarked, the influence of Credit in raising prices, independently oi those com mercial circumstances that change the rela tion between the demand and supply. If the " ffiarßSTir fita&mocked with 'it particular commodity, the demand continuing the same, the price necessarily rises, without reference to the greater or less quantity of currency; but it does not follow that prices will not rise also from additions to the circulating me dium, for this also changes the relation be tween the demand and supply by an increas ed competition between those who have ob tained additional purchasing power. Much of the disputation, it appears to us, qn the subject of prices has arisen from making a distinction where there is no differ ence. An increase of money or extension of credit is identical with increase of demand. Mr. Thomas Tooke, a London merchant, nearly forty years since, published an elabo rate work entitled, “A History of Prices,” in which lie disproved what was then deem ed one of the established principles of cur rency, to wit: that every rise of prices was preceded or accompanied by au augmenta tion of money. He showed that at periods when th e Bank of England had increased its circulation prices had fallen, and vice versa, when it had contracted its circulation, prices had risen. But although Mr. Tooke was right in this conclusion, he appears to have overlooked the agency of credit generally, in advancing prices, in the various forms of book credits.* Deposits in the hands of Dondon bankers and bill brokers, employed in the discount of bills of exchange, &c. It is impossible to separate, even in theory, increase of currency or of credit from in crease of demand. When, therefore, it is at tempted to separate the increase of money as a distinct cause, from those commercial ch curastances that are supposed to influence the relation between demand and supply, we involve ourselves in error. A merchant obtaining an advance from a bank, enters the .market as purchaser of a particular commodity, the demand must be increased as he has obtained additional pur chasing power. The relation between de mand and supply is Immediately changed, yet this is called an advance of price from some alteration in the market, and not con nected with any change in the currency, when it may be owing exclusively to such change. The conclusion, therefore, is that additional demand, whether arising from increase of money or extension of credit, being additional purchasing power, must ne cessarily, advance prices, whilst the only other source of advance of price is deficiency of supply. Another of those cfttrTehcy dogmas that has obtained general acceptance is, that prices rise simultaneously as money augments. ■ It will be found, however, that the rise is by successive steps, The advance of one kind of commodity or description of labor, takes place as the purchasing power is applied to that particular commodity or description of labor. It extends gradually from one class of sellers and producers to another, as we plainly perceive when one description of commodities advances in price, while another description remains stationary or recedes in price, depending on the demand as compared with the supply in each case. The principles that apply to a currency of gold and silver apply to a currency of paper, with this difference, that the former is of a genet al and permanent influence, while the effects of the latter are local and temporary. We have endeavored to show in what man ner gold and silver from new mines are gra dually distributed among those nations which hare commercial equivalents to give for them. The gold received from California and Australia did not, as we have shown, re mainin England, in payment for her manu factures, but was distributed throughout the commercial world in conformity with the laws of trade. ; So it is with every issue of paper money, when exceeding the wants of the com munity, whether by the government or the banks, the different classes of the communi ty, like the different nations of .the commer cial world, would receive their distributive share of the new currency in the ratio of their ability to exchange for it labor or commod ities. The prices will advance of those com modities first to which the new purchasing power is applied, and then Successively to all who have labour or commodities to part with. The government, let ns suppose, is sues one million of dollars for the use of its Commissiarat or Quarter Masters departments Its agents purchase quantities of provisions and clothing for the use of the army. This of course advances the the prices of the com modities, and stimulates productions in these branches of industry, to which they relate. In this way the demand extends gradually throughout many departments of labour ' leading to a successive rise of prices, unless the tendency to a rise is counteracted by an opposite tendency to a fall from over-supply. If this explanation is correct it shows the fellacy of inquiries into 'the prices of com modities on the supposition that they ad vance or recede together on every expansion or contraction of the currency. Mr. Tooke in his “History of Prices” for a period JJjj close of 1792 to the termination of 1857 shows con- clusively that there was little or no change of prices in that long period, so few are the fluctuations in the value of the precious me tals, even in ordinary periods of commercial excitement, but are connected with social disorders, war and revolution, that derange values and disturb all pecuniary relations. We close with a summary of the conclu sions at which we have arrived. 1. The fluctuations in the value of the precious metels become exsessive when specie payments are suspended, and a depreciated currency, takes it place, whether issued by the government or the banks, af fording a wide field for speculation. 2. The extent of the fluctuation will be In propor tion as the speculator can operate on the hopes and fears of those who venture on the hazards inseperable from this species of gambling. 3. The fluctuations have a narrow limit when[specie payments are not suspended,and are unfrequent when the demand is commen surate with the supply of the metals, as the quantity then produced bears a proper ratio to the general increase of wealth and popula tion. 4. Asa coincident effect, money’prices rise as the quantity of money increases, bnt not so necessarily, as the various forms of credit hare a powerful agency in the increase of prices and in extending speculation, and 5. There can be no reasonable apprehen sion of a fall in the value of the precious metals in a progressive state es society, as the additional quantity will be requirea and absorbed as soon as produced, either for em ployment as money or for other uses. %* ♦This has been exemplified within our per sonal experience. During the year 1825, the year of great cotton speculation, cotton ad vanced with snch rapidity in Charleston, that the same parcel or lot changed hands several times within the course of a few hours, by being merely transferred on the books of the factor without the iutervention of one dollar in money or through the medium even of a cheque. Mr. Tooke mentions in his third volume a speculative excitement, in London, in tea. in 1796 that must be placed in the same category, when large lots changed hands several times, within a few hours and the price advance 150 per cent. There can be little doubt from the rapidity of the opera tions that they were effected by a ledger transfer and not through the medium of bnk cheques. At a recent matinee at the New York Academy of Music two richly dressed ladies quarrelled about a seat, and indulged in a fierce scrimmage, in which one of the ter magants had her skirt wholly tom off. A gentleman therein interposed and stopped le disgraceful exhibition by placing one of the women in his own seat. » SAVANNAH, GA., MONDAY, MAY 1, 1865.' IMPORTANT LETTES FROM J. W. BOOTH—His Original Purpose was to j malts Mir. Lincoln a Prisoner—His | Reasons for His Aqtion. (From the Philadelphia Pres*, April 19.] _ We have just received the following letter, written by John Willed Booth, and placed by him in the hands of his brother-in-law, J. S. Clarke, in a sealed envelope, and ad dressed to himself in his own handwriting. In the same envelope vsje some United States bonds and oil stocks. This letter was B’. by Mr. Clarke for the first time on V last, and immediately handed by him to Marshal Mill Ward, who has kindly placed it in our hands. Most unmistakably it proves that he must for many months have contemplated seizing the person of the late President. It is, however, doubtful whether he imagined the black-deed which has plung ed the nation into the deepest gloom, aud at the same time awakened it to a just and righteous indignation: V , , 1864. Mr Dear Sir You may use this as you think best. But as some may wish to know when, who and why, and as I know not how to direct, I give it (in thelwords of your master.) “To whom it may concern” : Right or wrong, God judge me, not man. For be my motive good oc bad, of one thing I am sure, the lasting condemnation of the North. I love peace more than life. Have loved the Union beyond expression. For four years have I waited, hoped ami prayed for the dark clouds to break, and for a restoration of our former sunshine. ! To wait longer would be a crime. Aq hope for peace is dead. My prayers have mi 9ved as idle as my hopes. God’s will be den !. Igo to see and share the bitter end. ± I have ever held the £*>« ;h were right. The very nomination of Abra am Lincoln, four years ago, spoke plaiql; war—war upon Southern rights and inafr utions. His elec tion proved it. “Awaifes i overt act.” Yes; till you are bound ana plundered. What folly ! The South were t* se. Who thinks of argument or patience wh4n the finger oi his enemy presses on the trigger ? In a foreign war, I too, could say, “Country, right or wrong.” But in a straggle such as ours (where the brother tries Jo pierce the broth er’s heart), for God’s -sake choose the right. When a country like this spuras justice from her side she forfeits the allegiance of every honest freeman, and should leave him, un trammelled by any fealty soever, to act as his conscience may approve. People of the North, to bate tyranny, to love liberty and justice; to strike at wrong and oppression, was the teaching of our fathers. Jhe study of our early history will not letjneitfget it, andrmay it never. formed for the white, not for tfledHack man. .And, looking upon African slavery from tie same standpoint held by the noble frames of our constitu tion, I, for one. have ever considered it one of the greatest blessings (both for themselves and us) that God ever bestowed upon a fa vored nation. Witness heretofore our wealth and power, witness theif elevation and en lightenment above thein race elsewhere. I have lived among it nnbt of my life, and have seen less harsh {raiment from master to man than I have beheld in the North from father to son. Yes, heaven knows, no one would be willing to do more for the negro race than L could I but see a way to still bet-- ter their condition. But Lincoln’s policy is only preparing the way for their total annihilation. The South are not, nor have they been fighting for the continuation of slavery. The first battle of Bull Run did away with that idea. ■ Their causes since for war have been as noble and greater far than those that urged our fathers on. Even should we allow they were wrong at the beginning of this contest, cruelty and in justice have made the wrong become the right, and they stand now (before the won der and admiration of the world) as a noble band of patriotic heroes. Hereafier, reading of their deeds, Thermopylee will be for gotten. When I.aided in the capture and execution of John Brown (who was a murderer on our western border, aud who was fairly tried and convicted, before an impartial judge andjury, of treason, and who, by the way, has since been made a god,) I was proud of my little share in the transaction, for I deemed it my duty, and that I was helping our common country to perform an act of justice. But what was a crime in poor John Brown is now considered (by themselves) as the‘greatest and only virtue of the whole republican party. Strange transmigration! Vice to be come a virtue simply because more indulge init! ••• I thought then, as now, that the aboli tionists were the only traitors in the land, and that the entire party deserved the same fate as poor old Brown; not because they wish to abolish slavery, but on account of the means they have ever endeavored to use to affect that abolition. If Brown were liv ing I doubt whether he himself would set slavery against the Union. Most, or many in the North do, and openly, curse thftUui«n if the South are to return and retain 1 single right guaranteed to them by every tie which we once revered as sacred. The South can make no choice. It is either extermination or slavery for themselves (worse than death) to draw from. I know my choice. I have also studied hard to discover upon what grounds the right of a State to becede has been denied, when our very name, United States, and the Declaration of Independence, both provide for secession. But there is no time for words. I write in haste. I know how foolish I shall be deemed for undertak ing such a step as this, where, on the one side, I have many friends Ad everything to make me happy, where my profession alone has gained me an income of more than twen ty thousand dollars a year, and where my great personal ambition in my profession has such a great field tor labor. On the other hand, the South have never bestowed upon me one kind word; a place now where I have no friends except beneath the sod; a place where I must either become a private soldier or a beggar. To give up all the former for the latter, besides my mother .and sisters whom I love so dearly (although they so widely differ with me in opinion), seems in - sane ; but God is my judge. I love justice more than I do a country that disowns it; more than fame and wealth; more (Heaven pardon me if wrong,) more than a happy nome. I have never been upon a battle field but oh! my countrymen, could you but see the reality or effects of this horrid war as I have seen them (in every State, save Virginia), I know you would think like me, and" would pray the Almighty to create in the Northern mind a sense or right and jus tice (even should it possess no seasoning of mercy), and that he would dry up this sea of blood between us, which is daily growing wider. Alas! poor conntry, is she to meet her threatened doom ? Four years ago I would have given a thou sand lives to see her remain (ae I had al ways known her) powerful aud unbroken. And even now I would hold my life as naught to see her what she was. Oh 1 my friends, if the fearful scenes of the past four years had never been enacted, or if what has been had been but a frightened dream, from which we could now awake, with what over flowing hearts could we bless God and pray for his continued favor ! How I liave loved the old flag can never now be known. A few years since and the entire world could boast of none so pure and spotless. But I have of late been seeing and bearing of the bloody deeds of which she has been made the emblem, and would shudder to think how changed- she had grown. Oh I how I have longed to see her break from the midst of blood and death that circles round her folds, spoiling her beauty and tarnishiag her honor. But no, day by day has ehe been dragged deeper aud deeper* into cruelty and oppression, till now (in my eyes) her once bright red stripes look like bloody gashes on the face of heaven. "I look now upon my early admiration of her glories as a dream. My love (as things stand to-day) is for the South alone. Nor do I deem it a dishonor in attempting to make for her a prisoner of this man, to whom she owes so much of misery. If success attend me Igo penniless to her side. They say she has found that “last ditch” which the North have so long derided and been endeavoring to force her in, forgetting they are*our bro thers, and that it is impolitic to goad an ene my to madness. Should I reach her In safety and if true, I will proudly beg permission to triumph or die iu that same “ditch” by her side. * A Confederate doing duty upon his own responsibility. J. Wilkes Booth. THE CIRCUMSTANCES UNDER WHICH THE LETTER WAS RECEIVED BY MR. CLARKE. From the Philadelphia Ledger, April 19. J. Wilkes Booth, the wretched assassin of President Lincoln, in January last left a. let ter, in a sealed envelope, directed to himself, at the house of Mr. J. S. Clarke, his brother in-law in this city, with the statement that they contained oil stocks and bonds. They remained at the house unopened until after the crime of Friday night, when Mr. Clarke opened them and handed ' them over to the Uuited States Marshal. This letter is undated, but it could not have been written later than January, and was probably written in November. It shows that if John Wi kes Booth did not then con template killing the President, he had at least resolved to aid the rebellion in some striking jtnd startling way. It is probable that he was ffit-n bound by an oath tp obey some secret band of conspirators, and liis object' in addressing the letter to himself was to in sure secrecy till he had taken some step which would give the family reason for open ing it. So strong were his sympathies for tiie rebel cause that he would undoubtedly have joined the rebel army at the beginning of the war, it it had not been for the firm opposition of his family, and the grief of his mother. His Edwin and Junius, considered his declarations that the rebellion was right, as merely the wild talk of a reck less young man. His opinions and feelings were so different from those of his family that a virtual separation became unavoidable, and be has visited neither his brother nor brother-m-law since January last. Houses of the English in Isdia.— A let ter from Bombay has the following concern ing the houses of the Euglish there: We have no bells, n& door-locks, no carpets, curtains, chimney-piecee, fireplaces, no passages or stairs, no house-door, no servants’ hall (though about tweuty servants,) no garrets, no gas, no housemaids, laUndrymaids, dairy maids, etc., etc. I could give you a still longer list of etceteras ; but, lest' you should think your ‘correspondent has iapsed into savage life, I must proceed to explain how all these are made up for. Instead of bells, we use our own good voices; and there are so many servants that one is sure to turn up as sm>n as we ca l out ‘‘Boy'.”a well known sound in Indian houses. “Boy” corresponds to the French garcon, and is very probably answered by a “boy” of threescore and ten. Instead of door-locks, there are bolts, and sometimes only*hooks and eyes. As the doors do not suut very close with these, it is convenient for letting out the musk-rats, ass found last night in my room. Onr feet are too hot already, without carpels; mats do much better. Everything httag ftn the walls is a refuge for mosquitoes, so curtains are superfluous, ex cept, of course, mosquito curtains, without which we should be eaten up bodily. It would he dreadful to think of a blazing hearth or a warm fireside here; so grates, chimneys, chimney-pieces, and fire-screens arc unknown in Bombay. * Just look at the plan of the house, and you can see how well one can do without a house-door, remembering that a veranda runs before the house, aud there is always a man sitting in it doing nothing, whose duty it is to announce visitors. Instead of pas sages, the rooms all open iDto each other and into the veranda. This, like many other good bouses here, has no second floor, so there are no stairs. As for housemaids, and all sorts of tnaid9, their work is done by vaii ous sorts of men; it is very well done, too, and not like John, who succeeded so ill in miming Tiny, in the old song. A servant’s hall lor servants’. meals there cannot be, where no no two of the servants will mes 9 together; they are of all casts, and live apaiti some having their wives on the premises. Garibaldi’s daughter Tere-ita b&3 just given birth, at Caprera,lo a boy, who, by his grandfather's desire, has been christened Lincoln, In honor of the “American Presi dent who has abolished slavery.” PRICE. 5 CENTS (For the Savannah Dally Herald.} OUR NATIONS LOSS. BY a A SAVASB, 00. X, Bth ixd. in?antsy. When oar land with victory and honor was flashed; When the clangor of arma by surrender waa hushed; When the bright beams of Peace seemed to the clouds, That threatened oar country to mantle hi shrouds; When our hearts ware with thanks and with Joy run. ningo'ar, What was that which the lightnings reluctantly borer Oh fearfol the news that now speeds o’er the wires— The Pride of his Country is shot and expjns; The assassin, whose deeds are much darker than death, Hath hardened his heart till of reason bereft; Perhaps bribed by silver oar Baler to slay, As Judas of old did his (Savior betray. Like him may he perish, yet mercy be given, Ae be’e unfit for Earth, leave hi* Judgment with Heaven. t Spill each innocent blood. Oh I God, is ft true, That thine image hath dared such a coarse to pirns, As to slay without reason ®r pretext the man. That hath honored oar country and rescued oar land. Aye, such Is the truth—with our Chief we mast part, We mast ose this most noble and generous heart: One whose judgment by mercy was only exceeded— Who would sacrifice all for bis country if needed: One whose frown upon treason, was a hope for the slave— Hath given his life his dear country to save. Yes, his soul took its flight tli that land of the Blest, To receive Its reward where the weary find rest In numbers kis triends, like the sends on the shore, Must mourn that their President now is no more; Yet Time-can but ripen the example he's given, As be Journeyed through life from the cradle to Heaven. , April 20th, 1866. A Hymn of the Mother* of the Patriot Soldiers. BY H. jr. rowxss. O Thou, who with' Thy latest breath The mother’s sorrow cheered. And, having rent the gates of death. To Woman first appeared. Look on us as, with weary pace, We strive to follow Thee, And may we in Thy blessed thee Some gracious token see. Home ealls'each loved, familiar name With precious mem’ries stored; Deal gently. Lord l ’Twas not for fans Our children took the sword. We never thought when each young face First softly touchul our own, And little hands, with soft embrace, About our necks were thrown, That our own veins were nursing then. The holy cause dUfrght, And that from our own bosoms men Would spring to Freedom’s fight We cannot deem the offering vain, Our dearest though we give; Nor do wo ask release from pain. If but the Nation live. Still, sometimes, as alone we kneel Where once the cradle stood— So much comes back—’tie hard to feel That our great grief is good, The and silken hair * ’' Os those whose touch was sweet. Rise up atikld the glare and din Os battles’ fiery lide. And flit past prison bars, within Which Ipvo is crucified 1 We know we bade them go, when stirred The land from sea to tea, . For ’twas Thy voice, O Christ, they hoard Proclaiming Liberty. JT Cut O, this travail long and sore, Seeing their thorny way, And never able to do more Than serve of home and pray. It seems as If the mother's hand Could soothe the sufifring best And that the mother ought to stand By children laid at rest. Forgive us all our doubts aud fears while Thy great work goes on;. We will rejoice amid our tears, And pray, "Thy will be done." Thy will—good will—its message now Os promised peace grows strong, And, flashing on War’s awful brow, Df Clares the doom of Wrobg. It is enough. Out from the gloom Rises a nation free. Still at the Croee and by the Tonrik We cling, O Lord, to thee. January, 1886. Headquarters Army or the Potomac, April 17.—Quite an interesting event took place at headquarters this morning. The Sixth Corps having taken eighteen nags during the re cent short campaign, it was arranged that the men who captured them, accompanied by their commands, should march to the vi cinity of General Meade’s Headquarter!, and there turn in the colors taken from the Re bels. General Meade addressed these heroes in an appropriate speech, thinking them indi vidually lor their gallantry, anu the entire corps for the important part they had per formed in being the first to break the ete my’s line at Petersburg, as well as their con duct in pursuing and aiding in the utter de feat and eapture of the most important army of the Rebels. In General Meade announced that every man who had taken a flag should have a furlough of thirty days, and tuat each one should, carry his own and present it to the War Deprrtment at Washington The scene was a brilliant one, and was much enjoyed by ail who witnessed it. The announcement of the assassination of President Lincoln and Secretary Seward and his son, was received throughout the army with the utmost sorrw, every man seeming to think it the greatest calamity that coula possibly have happened just at this time. Should the assassins be lound and turnnd over to the army to be dealt with, their pun ishment would be swift and sure, and as to drive terror into the hearts of ' sympathizer with treason in States. And the citizens country here express r .thinking it could possibly happen j the Southern people. ]