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SAVANNAS DAILY HERALD. VOL. I—NO. 123. The Savannah Daily Herald (MORNING AND EVENING) 18 PCULIBHKD BY i*. W. MASON CO., At 111 Bay Street, Savannah, Georgia. TI rub: Per Copy Five Cents. Per Hundred $3 60. Per Year— $lO 00. advertising: Two Dollars per Square of Ten Lines for first In sertion ; One Dollar lor each subsequent one. Ad vertisements inserted in the morning, will, if desired, appear in the evening without extra charge. JOB PRINTING, In every style, neatly and promptly done. j|ustn*ss P M. BRUCE. ’dealer EXCLUSIVELY IN COTTON. —AND— FOREIGN AND DOMESTIC EXCHANGE, AUGUSTA, GA. The undersigned has made every arrangement to resume his commercial pursuits so soon as trade res trictions are removed. I will be prepared to receive, store, insure, compress, ship, sell ot 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 fullest information. E. M. BRUCE. I refer to Merchants generally throughout the U. S. and to Members of Congress. Ju3-I2t Q.ADEN & UNCKLES. GENERAL PRODUCE AND COMMISSION MER CHANTS, AND WHOLESALE DEALERS —IN GROCERIES, PROVISIONS. Ao . , CORNER OP BAY AND BARNARD STREETS, SAVANNAH, GA. Highest market rates paid for Cotton, Wool, Hides Ac., and liberal cash advances inade on shipments to our New York house, jo3-lm RIDDELL & MURDOCK, AGENTS FOB ISRAEL R. BEALY, Wholesale Dealers In ALES, WINES and IMPORTED LIQUORS, Os all Kinds and Qualities. No. 5, MERCHANTS’ ROW, Hii.ton Head, S. C jnnel Into JM PORTED AND DOMESTIC M INES AND LIQUORS, at wholesale, for family use, AT i!O7 BAY STREET. ISRAEL R. SEALY & CO mayV4-tf gAVILLE & LEACH, BOOKSELLERS AND STATIONERS. MERCHANTS’ ROW, HILTON HEAD, S. C., —AND— CORNER BRYAN STREET AND MARKET SqI'AKE, SAVANNAH, GA. mavßO ts rwixT* hardee; FACTORS AND COMMISSION MERCHANTS, BAY STREET, SAVANNAH, GEORGIA. Robert Erwin, Cuas. S. Hardee, inay3l-eod2m jlemts lTjones; SHIPPING AND COMMISSION MERCHANT, A T o 17 Broadway, New York. Liberal advances otT Shipments to above Consign ment, made by HUNTER & GAMMELL, Agents Pioneer Line Steamships, 84 Bay Street, Savannah. Reference in New Y’ork— Messrs. Spofford, Tilkston & Cos. maytti QUARLES L. COLBY & CO~ ~~~ SHIPPING, COMMISSION AND FORWARDING MERCHANTS. JONES BLOCK, CORNER BAY AND ABEROORN STREET'S, SAVANNAH, GA. LIBERAL CASH ADVANCES Made on Consignments to the firm of Cuas. L. Colby, of New York, or to our friends in Boston. , A. H. HOLWAY, Resident Partner. REFE RENCES; Messrs. Dabney, Morgan & Cos., New York, derive Slade, Ksq., New York. Hou. J Wiley Edmunds, Boston. Gardner Colby, Esq., Boston. mnylß—tf OTEELE <fc BURBANK, O it Merchants’Row, Hilton Head, 8. C. Call the attention of Wholesale and Retail purchasers to their superior stock of MILITARY AND NAVAL CLOTHING AND FURNISHING GOODS, M’atches, Clocks, Fancy Goods, Jewelry, and Plated IVare,Swords, Sashes, Belts, Embroideries,Boots, Caps Fi Glasses, Gauntlets Gloves, Ac., Ac., Ac. Q O-PARTNERSHIP, The undersigned have this day formed a co-partner ship under the Arm name of Charles L. Coloy <te Cos, tor the transaction of business as Shipping, Conmris sion and Forwarding Merchants. CHARLES L. COLBY, ALEXANDER 11. HOLWAY, „ S LACK EDMANDS. _ Savannah. Ga„ May lCth, 1805. tf_ maylT BAKER! & CONFECTIONER! ESTABLISH . MENT AT BEAUFORT. W e respectfully call the attention of the public to our Bakery & Confectionery Establishment in Sana. A- Cooley’s Building at Beuufort, at which we are prepared promptly to till any orders which may be for warded to us. Special attention is paid to the man uiucture ot Ornamental Pieces, Fancy Contectiouery, ana Elegunt Pastry, for holiday urf estival tables, Feb, a-ts McManus & Murray. YORK HERALD CORRESPONDENT, is at** °® ce of the Ncw York Herald Coirespondent 111 BAY STREET, „ ur BTAIBS. mar 22 w Restaurants, J-t, W* STILL L,VE ' ~ AT THE “OFFICE,’’ No. IX Merchant’s Row, PORT ROYAL, S. C. I do not advertise my Bill of Fare because it is alter ed ever)' day and i rrinted Bill of Fare is put on each table every morning. THERE IS WHERE THE LAUGH COMES IN. My lee Houses are uow filled with Turkeys, Chick ens, Beef Pork, Fish, Mutton, Pork Sausages, Vege tables, and Salads of all descriptions. THERE IS WHERE THE LAUGH COMES IN, I have nowon hand about'twelve hundred p ounds of Ice, so that I can make Ice Cream EVERY DAY and keep my Soda Water and Beer cool. ICE WATER FOR EVERYBODY. IS WHERE THE LAUGH COMES IN. 1 1 have thrge Punkahs and several girls with fans to keep the flies from the ladies and gentlemen while eating their cleanly served up meals. THERE IS WHERE THE LAUGH COMES IN. My Cooks, Waiters, &c., are all clean. My Saloon has been newly papered, painted, whitewashed, &c. THERE IS WHERE THE L lUGH COMES IN. There is no man in Port Royal that can serve up Clams in every style better than Mr. Fitzgerald, at the Eagle Saloon, in the rear of the Post Office, THERE IS WHERE THE LAUGH COMES IN. There are many men in New York who go to Water street, where they cun get their whiskey for three cents per glass. But you will find that GENTLLEMEN will go where thoy get the best articles regardless of ex pense. AND THAT IS WHERE THE LAUGH COMES IN. HONEY IS UP AND SUGAR IS DOWN. BENJAMIN HONEY, Proprietor QLAMS! CLAMS! CLAMS! ‘ * IN THE SHELL OR SHELLED OUT, With other Refreshments, at the oldest and best stand ON HILTON HEAD ISLAND, For a va.iety of something Good to Eat at all times, at THE EAGLE SALOON, In rear ot the Post Office, Port R'lyal, S. C. PETER FITZGERALD respectfully informs his old friends, and the public in general, that since Oysters are out of season for a time., his Daily Patrons canfiud a good substitute iu CLAMS, cooked to order, in every style, at the shortest notice. He has also a constant supply of FRESH MEATS, POULTRY’, FISH & VEGETABLES, From the North and other places in this vicinity. Meals cooked to order at any hour during the’day. Our motto is to “Live well." PETER FITZGERALD, Proprietor. raay23 ts M, SCARBROUGH & CO., GROCERY AND COMMISSION MERCHANTS, 140 Congress and 57 St. Juliann Streets, SAVANIIAH, GEORGIA., Offer for sale, AT WHOLESALE AND RETAIL, A LARGE STOCK of GROCERIES and PROVISIONS, Consisting of TEAS and SUGARS, best brands; COFFEE; CAN DLES, SOAP, FLOUR, HAMS, BACON, (Shoulder and Clear Sides}; LEAF LARD, CORN MEAL, CAN PEACHES, PIE FRUITS and PRE SERVES, PEPPER, SPICE, GINGER, <fee., &c., &e., All o( which they are seliiug at reduced prices. Give them a call before purchasing elsewhere. jeO lmo JJILTON & RANDELL, WHOLESALE GROCERS, 193 BAY STREET, NEAR BARNARD, SAVANNAH, GEORGIA. , Will be in constant receipt, per Steamers from New York, of an extensive and complete assortment of Goods consisting, in part, of SUGARS, SYRUP, MOLASSES, FLOUR, TEAS, COFFEE, BUTTER, CHEESE, ' LARD, SOAPS, STARCH,-. CANDLES. WINES, ALE' ' CIDER, ETC., ETC., ETC. To which they call the attention of the Trade. may‘23-4w justreceived; PER STEAMER CATHARINE WIUTINO, 600 BBLS. EXTRA FAMILY FLOUR, R. H. For sale at low rates, by GADEN & UNCKLES, Ju3-lw Corner Bay and Barnard streets. FOUR IIHDB. BALTIMORE BACON, For sale by BRIGHAM, BALDWIN & CO. mays ts . hotels. JP Olt T ROYAL HOUSE, HILTON HEAD, S. C. RIDDELL & RUOG, Proprietors. E. S. EIDI>KLI„ s*. F. HUGO. ju3-tf p U L A SK 1 HOUSE, SAVANNAH, GA. BARTELS & RIDDELL, r»or*moi». *. O. JiABTEI.S. *• * ,DMXI “ fu3-.f SAVANNAH, GA., FRIDAY, JUNE 9, 1865. A LEtTI’RF, ON THE UEGVLATIOV OF THE CURRENCY. By T. F. McGrevv, of Springfield, Ohio. [Published iu the May number of the Bank ers’ Magazine] NUMBER HI. * The due regulation of the currency is of the highest importance at this time, when we are about revising the monetary system. Congress, at its next session, will be compell ed to adopt some stable plan to avoid the evils with which We have been visited since the destruction of the United States bank. The discussion ol principles is absolutely ne cessary to fix the land marks on this subject. Iu such an investigation what is best omitted to be doivs is of more importance, perhaps, that what is accomplished. Excessive regu lation is worse than the absence of all regu tion. Following the course of Mr. MtGrew’s lec ture, we have discussed the two opposite the ories which have found advocates in England, and some of wiiose view’s have beeu embo died in acts of Parliament. Sir Robert Peel thought he had found Uie true remedy for excessive issues by the Bauk of England, and a complete protection to the convertibility of its notes, yet in three years after the act of 1844, the government was compelled to sus pend its operations, to save the mercantile classes from bankruptcy, and the hank itself from the evil consequences of suspension. In the financial crisis of 1857, the act was again suspended, we believe, by an order of council. The theory of the act of 1844 is founded on an assumption. It takes for granted that the principal source ot the abuse of credit is found in the over-issues of bauk notes, while ■they play only a subordinate part iu the ma chinery of credit. It is to the agency of hills of exchange and hook credits we are to look principally for those disturbances by w’hich prices are unsettled. Now, assuming that the abuse of the privi lege of issue is the origin mainly .of these derangements, it led to the practical inference that to limit the issues of the Bank of Eng land was to prevent their recurrence. For this purpose an arbitrary sum was fixed be yond which the bauk was not permitted to extend accommodation, by an issue of its notes under any degree of pressure for money. That sum w T as fourteen millions sterling, the amount due the hank by the government which has been long since expended. This restriction amounted to excessive regulation. An opposite theory prevails among an in fluential class in England. They are opposed to all regulation whatever. They contend that unless there is an increased demand for bauk issues they cannot be made—that in the words of Mr. McGrew, “the amount of their notes ia exclusively regulated by the extent of local dealings aud expenditures iu their respective districts, fluctuating with the fluc tuations of the productions and prices, and that they neither can increase their issues beyond the limit which the range of such dealings and expenditures prescribes, without the certainty of having their notes immedi ately returned to them, hut an almost equal certainty of the vacancy being filled up from some other source.” The practical conclusion from this view is that tlio regulation of the currency is no part of the duty of government, aud that the regulating power is the action of the pub lic. Now, it is true that it convertible paper currency is regulated in the manner here des cribed—that banks are passive instruments in the hands ot the public; yet it is also true that banks, during a period of speculative ex citement, do abuse their power of issue.— During such a period commercial transac tions are much extended, credit is expanded, and engagements are greatly multiplied.— Banks sympathizing with the public at such periods readily answer the demand on them for accommodation, and their issues exceed a safe limit, so as to endanger the convertibility of their notes. The true policy of banks, in such a condition of things, is that of passive ness, so 99 not to nurse speculation, hut when the recoil comes, as come it sofni must, they should act as a support to public credit by a moderate issue of their notes, to arrest the fall of prices, the sacrifice of property, and commercial bankruptcy. Whether the power of issuing notes ad libitum may be left in the discretion of a board of directors, may admit of question, but sure we are that the imposition of a maximum, un der all circumstances, is attended with much more risk to commercial credit than the ex ercise of a sound discretion by a body of men who as merchants and bankers have a com mon interest with the mercantile classes ? The question is, therefore, narrowed down to a choice of evils. Would there be mure haz ard from reposing a Regulating power over the currency in a central institution, like the Bank of England, than to give that power of regulation to government ? We are of opin ion that a system of restriction is adverse to the public good—that Banking should be left as nearly as possible to the action of tbc pub lic. and not to the action of government, with ; ' * ~ 4i '->'- ; ® ***• this limitation, that the note holder under any sys'em that may he adopted should be fully protected. These remarks are only applicable to a redeemable paper currency. Paper money issued by government aud made legal ten der, stands ou a different footing. The issues of hanks are founded on some actual transac tion in trade or some commercial operation; the paper issues of government have no other basis than its wants of necessities. This is the essential difference between a govern ment paper money, not convertible into spe cie, aud the issues of bank redeemable in coin —the latter represents value of some kiud — the former doe 9 not. The question whether or not pafkcr curren cy raises prices admits of easy solution, keeping in view this difference. There is a near limit to the over- issues of banks, aud the consequent rise of prices. The efflux of the precious metals soon admonishes banks that they haye passed the proper limit. There being no such obligation on the part of gov ernment, the rise of prices is inevitable, and often without limit. There is no principle of limitation to gov ernment paper money unless it is found ia some artificial contrivance/ A government, paper money can be made to circulate at par with gold if its amount is so limited as not .to excee'd the public revenue, and is receivable for taxes. Let us suppose that tho sum re quired for the current expenditure, and the interest of the public debt to be three hun dred millions of dollars. If no more than this sum is issued, there will he no deprecia tion, for the demand for the payment of taxes will absorb the notes and prevent de preciation. The objection to this form of public credit is the temptation to over issue, especially during war, hut it should be a part of the fiscal legislation sos the country for every dollar of paper money issued there should he provided, in addition to the sum required for current expenditure and the payment of interest, an amount of taxes equal to the amount issued. There, then, could be no possibility of over issue and dspreciation. A government paper money thus restricted could become a part of the permanent fiscal arrangements of the country. That W’hich has hitherto beeu a source of evil may he converled into a source of public benefit. Such an issue could he made a permanent debt as are the English Exchequer hills, w’hich constitute a part of the debt of England of great convenience both to the government and the moneyed and mercantile interests. The British Exchequer hills are issued iu anticipation of the payment of the taxes, so as to relieve the money market of any undue pressure from tbs withdrawal from circula tion of large sums paid into the Treasury for revenue. Without, this resource of Exche quer bills there would be a contraction of the currency of much inconvenience. The Bank of England distributes these Exchequer bills to parties who need them for mercantile pur poses, while they afford the means of tem porary investment to those who have capital unemployed. And this brings as to the sys tem of National hanks recently adopted by Congress, the consideration of which we will make the subject of another article. [to be continued.] * SAY’INOS OF JOSH BILLINGS. Pioneer*. God bless the pironeers—the whole ov them —inkluding the man who fust rode a mule. Hiz name waz Sticktasst, he will bo remem bered az long az black wax will be; hiz poz terity have aul bin good stickers, sum ov the best clothes-pius the wurld ever saw, cum from this familee— I remember Olde Bulfa loo. He waz a sunsett piroueer; he started tew discover, “out west,” 40 years ago, hiz property waz a wife, with the side ake, 2 galls, just busting thru their clothes into wo manhood, 2 boys, who kould kill a skunk at 3 paces, and dodge the smell, a one-hoss wag ging, a rifle, and a brass kittle; he squat at Rock river, in the Illinoise, for G months, and then moved on morewestly, the last that ware seen ov him, was the hind-board ov hiz wagging, just doubling the top ov the rocky mountins And there waz Beltrigging, who fust diskovered the tempranse question, he had bin a suekeess till rumdrinker, and seller, for 3G years, and had retired with a pile; he diskovered kold water, one day, one the back side ov hiz farm, digging out foxes; he lektured nex day, in a 7-day babtiss church, and told his xperiense; he made 13 hundred dollars lek turing, and died 9 years afterwards, in grate agony, having drank 4 drops ov trench braudee, on a lump ov brown .sugar, bi mis take. He begot Springwater, and Spriug water begot Rainwatei, and Rainwater bt fot Dewdrop, and Dewdrop begot Moruing li9t, owl ov them selebrated tempranse lekturers And there waz Solomon Saw-Dust, the author ov bran-bred, and nailrod-soup; he waz a cham pion ov lite weights ; he fit the dispepshee in aul its forms; he lived for 18 months, at one heat, on the smell ova red herring, and gained 9 pounds in wind. He bad menny admirers, and immitaturs, the most grate ov which was Wet Pack and Water Kure And there was Mebitabel Saffron, the virgin hero ov wimmin’s righl9; i herd her fust orashun, in the town ball; she spoke without notes, at arms’ length. She ced, “woman had a destiny that man kouldn t fill for her, and az for her, she could go it alone. PRICE, 5 CENTS she didn’t want no hc-critter around her, she had on a pair of kowhide pegged boots! and closed up hi holding hi in the air, a pair ov corderoy breeches, which she swore bi the good Old Mozes, was awl enny man had to brag over She waz the fust pironeer in the corduroy britches bizzness, she died celibiate, and haz had menny followers amuug her sex, but none that had thejism she had And then tliare waz Old Perpetual ; he got crazee at last, but not till he had invented a pitch-nine dog, with a bass-wood tail, that would hark and chase every wagging that cum along, clean down tew’ the bridge over beau kreek. He got out a patient for a sorrel horse, and auu milch cow, anti lived till he waz 90 years olde, and then died from a kold he had caught, doun seller, trieing tew make soft sope out of hull’s liver. On biz grave stun waz these attektiog paragratf: “State, and county rights for sale, euquire ov —— the widder.” THE ASSASSINS AND THEIR ACCES SORIES The Washington correspondent of the New York World gives the following list of per sons who are under arrest and likely to be convicted for direct participation within the great assassination.; 1. Spaugler, the stage carpenter of Ford’s Theatre, will most probably suffer the ex - treme penalty of the law. 2. “Sam” Arnold, of Baltimore, better known as the author of a letter signed ‘Sam’ who undertook the plot and agreed to it, aud hacked out in the end because of bis failing courage, will also suffer death. lie was a conspirator, but not bold enough to he au assassin. 3. Captain Willie Jett, found at Bowling Green, who took Booth behind him on his horse, thus facilitating hi 9 escape, will run a close chauce for his neck. He eithei did or did not recognize |in Booth the assassin, hut it he did, wotf to him ! 4. Atzereth or Azerodt, but whose name in bis own execrable chirography is copied from the registry at Kirkwood’s Hotel as G. A. Abzerodt, Charles county, Md., 12 B, will bq hung positively. He is a murderer by in stinct and temperament. His face is a stand ing conviction. 5. Mrs, Surratt will suffer the full penalty attached to her crime. As Booth was the master, so was she the mistress conspirator, She is hold and cruel, aud deserves to die. 6. McLaughlin, a friend and Confederate of Booth, will die for conspiracy without cour age. 7. Dr. Mqdd, residing near Bryantown, may suffer death for his timidity. He set Booth’s leg on Saturday morning, and never mentioned it till Suuday night. He may not have recognized Booth, and may not, as he says, have heard of the murder. But he has been a stern secessionist, and a life in surance policy at present would cost him the revenue of his country. 8. John Lloyd will certainly die. He kept Mrs. Surratt’s hotel at Surrattsville; secreted aud furnished the two assassins with carbines, aud although positively aware of the conspira cy before, and the crime immediately after its execution he held its tougue. 9. Sara. Coxer, or#“Captaip” Sam. Coxe, lives between Scylla and Charybdis. He con cealed and fed Booth, probably knowing his hands to lie 9tained with blood. He has al ready suffered execution in his horrible fore bodings. 10. Young Harold, who stood with Booth in the all-memorable barn, and shured his flight, and was his guide and servant, will die despite a hundred pleas of dementia or mania. 11. John Surratt, if caught at all, will suf fer death. lie shared the horrible secret of meditated crime, and should, with his moth er, meet the reward of murder, 12. Payne or Wood, the desperate assas sin of Mr. Seward, who was taken at Mrs. Surratt 9 house, and who was a hired-cut throat, will die beyond peradventure. 13. Mr and Mrs. Adams, of Newport; these, it is believed, knew Booth, and assist ed hint. i 14. Mr. Wilson, of Newport; he did not assist justice, although cognizant of the crime. The Emckess Eugenie’s Letfer to Mrs. Lincoln. —On inqniiy at the State Depart ment, I learn that there is no truth whatever in the Tribune’s statement that M. de Mon thnlou, the Frencli minister, has had the Empress Eugenie’s letter of condolence to Mi-3. Lincoln “for some time in his posses sion without delivering it.” The letter in question was delivered to the Acting Secre- • tary ofState, Mr. Hunter,more than ten days ago, immediately upon its receipt. Mrs. Lincoln s reply when received will be trans mitted in like manner to the Empress, whose letter, like that of Queen Victoria’s, express es in terms of graceful and womanly sym pathy the unanimous feeling of all civilized people on bearing of the savage act of the 14th of April. — Wash. Cor. A despatch lrom Newbern, N. C., says that the former wealthy citizens of that city, who are now returning home alter an absence of nearly tour years, are received and enter tained in the most hospitable mauuer by their former servants, who Lot only relieve the wants of the needy, but furnish them with money to pay their taxes. The return of Mr. Holden from Washington is looked for with a great deal of interest, and the people are anxious to know what the policy of the government will be toward the State. Says the Louisville Journal: “We under stand that the negro population of Louisville and vicinity propose to celebrate the ap proaching Fourth of July in grand style.— The celebrated colored orator, Fred Douglass, has been invited, and will be present to ad dress the assembled multitude. Lookout for a dark cloud on the Fourth.” Considerable dissatisfaction prevails among the one-year Pennsylvania troops, at the order of the Secretary of War, reducing the bounties of such organizations twenty-five per cent. The State authorities are increas ing their exertions to have this order rescind ed, and secure for the one year’s troops the original amount of money to which they con sider themselves entitled. On the sth of May the ministerial offices, government archives and employees at Turin were all transferred to Florence, the new capital of the kingdom of Ita v.