SAVANNAH DAILY HERALD.
VOL. 1-NO. 121.
The Savannah Daily Herald
(MORNING AND EVENING)
18 PUHLIBHED BY
a w. mason co..
At 111 Bay Stbeet, Savannau, Geobula.
Per Copy Five Cents.
Per Hundred $3 60.
Per Year *lO 00.
Two Dollars per Square 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.
In every style, neatly and promptly done.
P M. BRUCE.
‘dealer EXCLUSIVELY IN COTTON.
FOREIGN AND DOMESTIC EXCHANGE,
The undersigned has made every arrangement"to
resume his commercial pursuits so soon as trade res
Dictions are removed. I will be prepared to receive,
store, insure, compress, ship, sell or purchase Cotton,
and make advances on'shipments to any markets in
the United States or Europe.
I respectfully invite correspondence, samples and
shipments by both Planters and Merchants, assuring
all that they can rely upon prompt responses and the
E. M. BRUCE.
I refer to Merchants generally throughout the U. S.
and to Members of Congress. ju3-I‘2t
Q.ADEN & UNCKLEB.
GENERAL PRODUCE AND COMMISSION MER
CHANTS, AND WHOLESALE DEALERS
GROCERIES, PROVISIONS. &0.,
CORNER or BAY AND BARNARD STREETS,
Highest market rates paid for Cotton, W 001, Hides
&c., and liberal cash advances made on shipments to
our New York house, jo3-lm
AGENTS FOR IbICAKT. R. HEALY,
Wholesale Dealers in
ALES, WINES and IMPORTED L IQUORS,
Os all Kinds and Qualities.
No. 6, MERCHANTS' ROW,
Hii.ton Head, 8. C
JM PORTED AND DOMESTIC
WINES AND LIQUORS,
AX WHOLESALE, FOR FAMILY USE,
, AT 207 BAY STREET.
■ISRAEL R. SEALY & CO
gAVLLLE & LEACH,
BOOKSELLERS AND STATIONERS.
HILTON HEAD, S. C.,
CORNER BRYAN STREET AND MARKET SQUARE,
•pMtWIN & HARDEE,
FACTORS AND COMMISSION MERCHANTS,
11 A ¥ SI B 811,
Robert Erwin, Chau. 8. Hardee,
SHIPPING AND COMMISSION MERCHANT,
No IT Broadway , New York.
Liberal advances on Shipments to above Consign
ment, made by
. *HUNTER & GAMMELL,
Agents Pioneer Line Steamships,
64 Buy Street, Savannah.
Reference in New York—
Messrs. Spokford, Tij.kston A Cos. , *
QHARLES L. COLBY & CO.
SHIPPING, COMMISSION AND FORWARDING
JONKS UI.OCJC, CORNER MAY AND AIIERCORM STREWS,
LIBERAL CASH ADVANCES
Made on Consignments to the firm of Chas. L. Colby,
•of New York, or to our friends in Boston.
A. H; lIOLWAY, Resident Partner.
Messrs. Dabney. Co!, New York.
Jalive Slade, Esq., New York.
Hon. J Wiley Edmunds, Boston.
Gardner Colby, Esq., Boston. may 18—ts
STEELE A BURBANK, ~
Hilton Head, S. C.
Call the attention of Wholesale and Retail purchasers
to their superior stock of
MILITARY AND NAVAL CLOTHING
Watches, Clocks, Fancy Goods, Jewelry, and Plated
Ware,Swords, Sashes, Belts, Embroideries,Boots, Caps
Fi Glasses, Gauntlets Gloves. Ac., Ac., Jfcc.
The undersigned have this day formed a co-partner
ship under the firm name of Charles L. Colby A Cos,
lor the transaction of business as Shipping, Commis
eion and Forwarding Merchants.
CHARLES L. COLBY,
ALEXANDER H. HOLWAY,
S. PAGE EDMANDS.
Savannah. Ga., May ICth, 1605. ts niavlT
Baker y a confectionkk i kstacubti-
MENT AT BEAUFORT.
We respectfully call the attention of the public to
our Bakery A Confectionery Establishment in Sam.
A. Cooley's Building ut Beaufort, at which we are
prepared promptly to till any orders which may be for
warded to us. Special attention is paid to the man
ufactUre of Ornamental Pieces, Fancy Confectionery,
and Elegant Pastry, for holiday ors estival tables.
a-ts McManus a Murray.
YORK HERALD CORRESPONDENT.
The office of the New York Herald Correspondent
.111 BAY BTRE KT,
SAVANNAH, GA., WEDNESDAY, JUNE 7, 1865.
TWO HUNDRED and THIRTY MILLION DOLLARS.
By authority of the Secretary of the Treasury, the
undersigned, the General Subscription Agent for the
sale of United States Securities, offers to the public the
third series ol Treasury Notes, hearing seven and
three-tenths per cent, interest per annum, known as
These notes are issued under date of July 15, 1865,
and are payable three years from that date iu curren
cy, or are convertible at the option of the holder into
U. S. FIVE-TWENTY SIX PER CENT.
JThese Bonds are now worth a handsome premium,
and are exempt, as are all the Government Bonds,
from Statx, County, and Municipal taxation, which adds
from one to three per cent, per annum to their indue, ac
cording to the rate levied upon other property. The
interest is payable semi-annually by coupons attached
to each note, which may be cut off and sold to any
bank or banker.
The interest at 7.30 per cent, amounts to
One cent per day on a SSO note.
Two cents per day on a SIOO note.
Ten cents per day on a SSOO note.
Twenty cents per day on a SI,OOO note.
One Dollar per day on a $5,000 note.
Notes of all the denominations named will lie prompt
ly furnished upon receipt of subscriptions.
The Notes of this Third Series are precisely similai
in form and privileges to the Seven-Thirties already
sold, except that the Government reserves to Itself the
option of paying interest in gold coin at 6 per cent., in
stead of 6 3-lOths in currency. Subscribers will deduct
the interest in eurrencynpto July 15th, at the time
when they subscribe.
The delivery of the noteß of this third series of the
Seven-thirties will commence on the Ist of June, and
will be made promptly and continuously after that
The slight change made in the conditions of this
THIRD SERIES affects only the matter of interest,
The payment in gold, if made, will be equivalent to
the currency interest of the higher rate.
The return to specie payments, in the event of which
only will the option to pay the interest in Gold be avail
ed of, wouid so reduce and equalize prices that pur
chases made with six per cent, in gold would be fully
equal to those made with seven and three-tenths per
cent, in cnrrency. This is
THE ONLY LOAN IN MARKET ,
Now offered by the Government, and its superior ad
vantages make it the
GREAT POPULAR LOAN OF THE PEOPLE.
Less than $230,000,000 of the Loan authorized by
Congress are now on the market. This amount; at the
rate at which it is being absorbed, will all be subscrib
ed for within sixty days, when the notes will undoubt
edly command a premiuifl, as has uniformly been the
case on closing the subscriptions to other Loans.
In order that citizens of every town and section of
the country may be offorded facilities for taking the
Loan, the National Banks, State Banks, and Private
Bankers throughout the eountry have generally a; reed
to receive subscriptions at par. Subscribers will select
their own agents, in whom they have confidence, and
who only are to be responsible for the delivery of the
notes for which they receive orders.
JAY COOKE, Subscription Agent,
No. 114 South Third Street, Philadelphia,
HEADQ’KS DEP’T OF THE SOUTH,)
Hii, tom Head, S. C.,May 31, 1865. )
No. 80. /
The following General Orders from the War Depart
ment, are published for the government of the officers
and the information ot the people in this command,
and District Commanders are charged with the execu
tion thereof •
WAR DEPARTMENT, j
Adjutant General’s Office, >
Washingtou, May 11, 1566. I
No. 00 f
Punishment of Guerrillas.
All the forces of the enemy, east of the Mississippi
river, having been duly surrendered by their proper
Commanding Officers to the Armies of the United
States, under agreements of parole and disbandment,
and there being now no authorized troops of the ene
my east of the Mississippi river, it is—
Ordered; That from and after the first day of June,
1865, any and all persons found in arms against the
United States, or who may commit acts of hostility
against it. east of the Mississippi river, will be regarded
as guerrillas, and punished with death.
The strict enforcement and execution of this order
is especially enjoined upon the Commanding Officers
of all United States forces within the territorial limits
to which it applies.
By Command of Lientenant-General Grant.
K. I). TOWNSEND,
Assistant Adjutant General.
By Command of Maj. Gen. Q. A. GILLMORE,
W. L. M. Burofr,
Assistant Adjutant General.
T. D. Ho does, Capt. 35th IT.l T . S. 0.T.,
Act. Asst. Adjt. Gen.
HEADQ’RS DISTRICT OF SAVANNAH,)
Sanannaii, Ga., June 4, 1565. /
General Orders- 1
In consequence of the great increase in his duties as
Assistant Commissary of Musters for the District of Sa
vannah, Capt. M. Bruedict, A. C, M., aud Provost Judge
of the Secoud Provost Court, will relinquish his duties in
the latter office to Capt. T. P. Kundlett. 33th Mass. Vols.,
who w ill from this date assume the same.
By Command of
Brevet Major-General C. GROVER.
Oliver Matthews, A. A. G.
HEAIKfRS DEPT. OF THE SOUTH,
Hilton Head, S. C.. May 24,1866.
No. 611. /
The following Despatch from the War Department
is hereby published for the information of this com
Adjutant General’s Office,
Washington, D. C., May 15, 1865.
The Secretary of War directs that you call attention
of all Regimental and Company Commanders of your
Command, to the importance of having their regimen
tal and company records so completed and arranged
that at any time the mu«ter-out rolls of their respect
ive Commands call be prepared without delay.
Commissaries ot Musters und their Assistants,should
give particular attention to the foregoing.
By order of the Secretary of War,
THOMAS M. VINCENT,
' Assistant Adjutant Gen’l.
By command of
Mr jor General Q. A. GILLMORE.
W L. M. Buboes, A. A. G. j U 3-1
ON NEW YORK.
FOR SALE BY
ap26 If 93 Bay street.
XI F.WS-DEALKKS AND OTHERS DESIRING Tbi
IN Savannah Daily Herald at Whotaale are- re
quested to send In their orders »s early Th advance m
practicable. S. W, MASON A CO.
A LECTPKE ON THE KEUITLATION
OP THE CURRENCY.
Bv T. F. McGrew, of Springfield, Ohio.
[Published iu the May number of the Bank
Various quesUons connected with cnrren
cy and prices are discussed with much abili
ty and terseness of style in this lecture. The
lecturer after enunciating the leading princi
ples of currency, cites from Mr. Chas Mo
ran, a high financial authority at the North,
the following statement: “No influx of the
precious metals and no iisne of hank notes,
convertible into coin, ever produced a rise of
prices ” He quotes from Tooke’s History of
Prices “that while the influx of the precious
metals from Mexico and South America in
creased GOO per cent, the rise of prices
equalled only 200 per cent, the latter occa
sioned by the increase of industry, commerce
The conclusion from this fact i9 not that
there was no rise of prices from the influx of
the precious metals into Europe, in conse
quence of the increased supplies from Ameri
ca ; but that their increase was greater than
the increase of “industry, commerce and
civilization,” or in other words, that the sup
ply being greater than the demand the pre
cious metals fell in value, and that prices
rose proportionally. The fact is too well
known, as part of the history of the times,
that prices advanced greatly throughout
Europe from the large influx of the precious
metals, particularly silver, in consequence of
there not being a correspondent inciease of
There were three marked eras in the
history of the precious metals previous to
the increase of supply from the Oural moun
tains and the Californian and Australian dis
1. In the 70 years between 1570 and IGIO
there was a considerabfe influx of silver into
Europe from the Spanish American mines,
attended by a fall of its value and the rise of
prices; and although the rise was only 200
per cent., jvhile the stock of precious metals
had increased over GOO per cent., still there
was an advance in prices, equal, of course,
to the fall in tl e value of silver.
* 2. It was about the middle of-the seven
teenth century that there was a cessation of
the decline of the precious metals, and then
the supply was not more than adequate to
the demand, from the extension of industry
and commerce, and to replace the wear and
tear, counteracting any tendency to a fall in
their value as compared with commodities.
Prices in that period were stationery N
3. The period embrace and within the com
mencement and conclusion of the eighteenth
century was marked by those improvements
that economise the use of the precious met
als for money.
4. Throughout that period when the Span
ish American mines had failed, from intes
tine troubles, to yield their usual quantity,
aud before the Russian supply had appeared,
the supply was not equal to the demand for
purposes of commerce, and to replace the
wear and tear. The value ot the metals in
this period rose aud prices fell. The demand
heiug much greater than the supply, prices
would have risen inordinately high but
for the ingenuity that supplies every hu
man want. The invention of the various
substitutes for money—the increase of banks
of circulation —the use of hills of exchange,
checks, book credits, &c, were all devices to
economise the use of gold aud silver coin,aud
to supply the void occasioned by the higher
proportionate increase of wealth and popu
lation. This disproportion continues, and
should allay the fears of those who, like M.
Chevalier, imagine that the value of the pre
cious metals will fall within the next ten
years, and prices coriespondently advance.
“Credit,” says Mr. McGrew, “has a simi
lar, it not the same, influence on prices that
money has. It is a purchasing power, and
commands the possession of commodities. It
exhibits itself in the form of accounts, bank
notes, bills of exchange, and promissory
notes.” There is scarcely a distinction be
tween “bank notes” and “promissory notes”
as a form of credit. The only difference is,
that the former i9 issued by corporations and,
the latter by individuals or partnerships.
- The influence of credit on prices is, at times,
greater than that of money, meaning by mo
ney that alone which possesses intrinsic value.
This influence is shown iu the larger or whole
sale operations of commerce. The influ
ence of money, cold aud silver coin, on pri
ces is exhibited in the retail transactions of
society, which absorb a large proportional
amount of the precious metals, in the form
The lecturer goes on to say, “ the issue of
inconvertible paper money by government
aannot be too much condemned. Its influ
ence on prices is ot the most pernicious char
acter. Money is the representative of wealth,
which government issues are not, and they
are therefore based upon a false and decep
It represents no property only the power
iu government to levy taxes which are paid
contentedly, when not considered burden-
some ; hut in the form of inconvertible paper
issues, a tax is actually levied upon the mass
es to enrich the few fortunate ones; its
very appearance is a proof of embarrassed
finances. And there seems to be in the re
mark of an eminent economist, that gov
ernment has a direct interest in the de
preciation of its own issues of currency,
because it is the medium of its own debts.
But when made a legal tender, it becomes
the most odious form of our loan—a fraud
upon the citizen compelling him to receive
less for his debt than he agreed at the time
he entered into the contract. And c it is as
serted that there is not a single example on
record of the power of creating money out
of cheap materials having been exercised by
a sovereign state for any length of time, or
through any reason of public difficulty, with
out having been abused.
And the abuse of the power ends in finan
cial disaster aud repudiation. So well sat
isfied of this fact was the late Secretary of
the Treasury Chase, that he cautions Con
gress in the lollowing words :
The limit prescribed by law to the issues of
the United States has been reached. Con
gress believes that four hundred million
would suffice. The Secretary proposes no
change o( limitation, and places no reliance,
theretore, on any increase of resources from
increase of circulation. Additional loans in
this mode would indeed almost certainly
prove illusory, for diminished value could
hardly fail to neutralize increased amount/
But his own practice proves the charge,
that government having resorted to the use
of a cheap material tor currency will cou
'tinue the use of it until disaster destroys its
There is sound doctrine in the above par
agraphs, aud if it was the design of the lec
turer lo prove that the theory of states
men is widely nt variance with their prac
tice, his argument wouid be
But there is a law of necessity paramount to
all theories. The late as well as the present
Secretary of the Treasury has been charged
with consistency between his theory aud
practice,(sec Merchant’s Magazine for March,
Commercial aud Review.)
Now it is not to be supposed that either
Mr. Chase or Mr. McCulloch, is so ignorant
of the first principles of currency, as not to
know that the issue by government of an ir
redeemable paper currency, is not attended
with all the evils, public and private, that is
known to accompany a resort to this financial
expedient. But the intelligent reader need not
be informed that the general maxims of the
philosopher have to be frequently modified in
practice, and that public necessities often de
mand such modification. A war requiring
resources to a larger extent and more expe
ditiously, than can he raised by loan or taxa
tion often compels a resort to that cheap aud
convenient device, paper money, uot from
choice, hut absolute necessity, conscious that
it is a system of supplying the treasury
fraught with evil, but the public exigencies
leaving no other alternative. Both Mr.
Chase and Mr. McCulloch, must have plainly
perceived that to carry on a war of such
great magnitude, all the resources were re
quired, that could he supplied from taxation,
from loans, aud iu addition, from paper mon
ey. f * * *
[TO HE CONTINUED.]''
"To save the necessity of frequent reference, we
would state once for ull that the facts stated iu the
text ire derived from Tooke’s History of Prices.
THE TRIAL OF THE ASSASSINS BE
FORE A MILITARY TRIBUNAL.
The Washington Chronicle has up impor
tant article upon this deeply interesting mat
ter. In a “statement of the reasons for the
Government action in reference to the trial
of assassins” two prominent fact sure brought
up for consideration:
Ist. The crimes of the night of the 14th
of April were not for private ends; they
were not the expression of personal malice,
or for revenge, or the hope of gain. They
were aimed at the Government, and Mr.
Lincoln was murdered to aid the rebellion.
Payne confesses that he never saw Mr. Sew
ard until attempting to murder him, and that
he did so because he was bound by an oath
to do it.
2d. These crimes were hatched- in secret
organizations ; and it appears that the very
night of their execution was known and
boasted of by enemies of the Government in
Canada, New Hampshire, Maryland, Dela
ware, and Wisconsin, showing wide-spread
organizations, sympathizing, if uot directly
aiding the attrocious crime.
These two facts, aside from other informa
tion acquired in the progress ot the investi
gation, proved that the war hail assumed a
new phase ; that whereas it had hitherto
been conducted with large armies and some
regard to the forms of civilized warfare, it
was now to be carried on by small organ
ized gangs of assassins within loyal States,
affiliated with others across the Canada bor
der, for robbing towns, burning cities, arid
murdering officers of Government.
The acts of Booth, Payne, and their fel
lows iu crime, being acts of war, and in
aid of the rebellion, why are they not pro
perly cognizable in a military tribunal ? The
only reason assigned by those who are plead
ing for the assassins is that all the rebel |
armies east of the Mississippi have aurreu- j
dered. What if they have ? Were the
murderers in Washington ou ili§ night of the
14th ot April, acts of peace ? Was the plun-
PRICE. 5 CENTS
der ot St. Albans a peace fill act? Are
gangs ot assassins peaceful organizations?
Are guerrillas to be indii’ted by grand juries
and tried by civil courts? Is the murder ot
the President and the attempted assassination
of the Y T ice President, Secretary of State, and"
commander of the armies, of so small account
that the sacred right of trial by jury must be
secured.to the assassins? It is not the war of
armies and generals, matching in baltlearray
that threatens us now. Armies are but one
species ot hostile organizations. It is the war
of the bowie knife and pistol, the murderer’s
stealthy step, carrying the rebel war into the
sick man’s bed chamber, into private houses
aud public places—murdering in the iamily
circle and iu hours of relaxation—this is the
war now upon as. What If the rebel armies
are broken to the Mississippi—are rebel as
sassins to have safe harbor in Washington
and New York, and lie guaranteed habeas
corpus and trial by jury, to encourage their
bloody work ? The secret organization and
the hired assassin liave undertaken to do, by
the knife and pistol, what the general and
the army failed to do. In this new phase of
wa/, it was thought the government might
as well halt Sheridan in fall charge and com
pel him to call a grand jury on the field of
battle liefore he dared to hurt a rebel, as to
expect to put down by such means this new
and most dangerous of all savage, warfare,
that has, in the very capital, murdered the
President, made slmmbles in the bed-cham
ber of the Secretary of State, and marked
down other victims.
[From the New York Herald.]
THE LOSSES OF THE SLAVE STATES
FROM THE WAR
The actual losses of the South, including
all the Slave States,‘in substantial wealth,
from the late rebellion, will never be known.
They are beyond the reach of the most in
dustrious researches. The aggregate debts
of three thousand millions of dollars in rebel
scrip, incurred by the Jeff. Davis usurpation,
afford no approximation to the extortions
from and losses of his subjects in their ac
counts with his Southern confederacy. We
are, therefore, left mainly to conjecture the
substantial losses of the South from the war.
The slaveholders of all the Slave States, with
the abolition of. slavery, will have lost the
ever available cash capital in slave property,
of about twenty-five millions of dollars; but
the countiy in this item loses only the slaves
actually destroyed or disabled by the War;
and their losses of labor incident to the re
volution from slavery to a free labor system.
The material losses of the Slave States in
the products of labor, from the rebellion,
floubtless largely exceed at the present day
a thousand millions ot dollars in gold, leav
ing out of the calculation the terrible des
truction and reduction entailed by the war
upon, the population of the Slave States,
whites aud blacks, men, women and children.
Take the following items, estimated, of crops
lost and property destroyed.
Three average cotton crops lost, which,
at a peace valuation, would mnonnt to $200,000,000
Lost, In four years, iu the products of
rice, sugar and tobacco, pitch, tar and
Property destroyed in ships, steamboats
canals, navy yards, arsenals, forts, war
magazines, lumber aud other building
materials, railroads and railway
buildings, 'bridges, machine shops, .
rolling stock, Ac 200,000,000
In the destruction of cities,villages,mills,
foundries, factories, farms and plant a
tions, Including dwellings, outhouses,
engines, implements, fences, horses,
mules, cattle, &c 600,000,000
Aud we have a total of. $1,000,000,000
Incredible as these figures may appear, they
fail to convey any idea approaching the ex
tended and appalling scenes of destruction,
desolation and destitution which prevail
throughout the South. That comprehensive
woid, exhaustion, has solved the problem of
the rebellion, and, in their terrible exhaus
tion, the late rebellious Stales and their peo
ple stand before us to-day vanquished, sub
missive, destitute and in a state of social dis
organization anil confusion so broad and gen
eral as to he beyond immediate relief.
WENDRtx Phillips on the North Caro
lina Proclamation. —At the session of
the New England Anti-Slavery Con
vention, held iu Boston . May 31st,
Mr. Wendell Phillips reported a resolution
to the effect that it |s the settled opfmon of
the Convention that the reconstruction of the
rebel States, without negfo suffrage, is a
practical surrender to the confederacy, and
will make the anti-slavery proclamatipn of
the late President, and even the expected
amendment of the constitution, utterly inef
ficient for the freedom and protection of the
negro race. i. ■## pW*
Mr. Phillips supported the resolution in a
vigorous speech. He contended that slavery
was abolished, and that the reconstruction
policy of the administration, as set forth iu
the proclamation for the reconstruction of
North Carolina, was an absolute surrender of
the helm of the Union into the hands of
Alexander H. Stephens and his co-workers,
liecoustmctiou upon that basis was a prac
: tical fraud upon the North. Every life -and
I every dollar they lmd spent had been stolen
| from them. There was but one way in
< which tlie people could still hold the helm of
affairs; knd- that was a declaration
j of repudiation of the entire war debt.—
Such a party would have his
voice aud vote until God called him home.—
He would constantly oppose every step of
reconstruction that did uot place the negro
upon an absolute equality and level with the
ivhite man. There were but two parties in
the countiy—the sycophants of Jeff. Davis,
and the lovers of liberty. Every man who
supported, the North Carolina proclamation
was a Dayis sycophant. Better, far better,
would it have been for Grant to have surren
dered to Lee than for President Johnson to
have sui rendered to North Carolina.
All the Union Prisoners of War Re
covered.—The Union prisoners delivered at
Jacksonville, Fla., complete the recovery of
all Union prisoners, as far as is known, and
it is not believed that .any are now held in
General Sherman’s Headquarters.—
General Sherman is offered the choice of Cin
cinnati, Louisville, Nashville or St. Louis, in
which to establish his future headquarters.