Below is the OCR text representation for this newspapers page.

SAY AMAH DAILY. HERALD. VOL. 1-NO. 151. The Savannah Daily Herald (MORNING AND EVENING) 18 PUBLISHED BY 8. W. MASON & CO., At 111 Bay Steeet, Savannah, Georgia. tebms: Per Copy ® l,ve Per Hundred 50. Per Year & 10 advertising: 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. JOIB PRINTING, In every style, neatly and promptly done. ||nstfrsnct. JS YOUR SFIS INSURED ? This is an important question for every man and important also ibr every wife-and mother as it affects, their future welfare. SEE TO IT AT ONCE. DO NOT DELAY. The “Knickerbocker Life Insurance” of New York will insure you at the usual rates in any suns from SIOO $lO 000. They hlpo issue the favorite TEN YEAR NON-FORFEITURE Policies, and will after two years payment give a full paid up Policy for Two Tenths the whole sum, and Three Years Three Tenths, and so on. Thus a Policy of SIO,OOO. Two Premiums paid upon it will be entitled to a paid up Policy of $'2,000. aud five years five-tenths for every additional year. For further information apply to A! WILBUR, Agent, At'ttae office of the Home Insurance Cos., j U 2T 82 Bay st„ Savaunah, Ga. THE NEW ENGLAND MUTUAL LIFE INSU RANCE COMPANY, OF BOSTON. PURELY MUTUAL. This is one of the oldest and best Companies in America. Policies on lives for any amount up to $15,000 are taken by them. . „ . The Policies of these Companies were not cancelled during the war until heard from—a fact which shews their dealing and determination to be just and honor able in all cases. Apply to j U 2T A. WILBUR, Ageut._ YORK FIRE AND MARINE INSURANCE AGENCY, REPRESENTING THE SECURITY' INSURANCE COMPANY; MANHATTAN INSURANCE COMPANY ; PHGJNIX FIRE INSURANCE COMPANY ; Averaging a CASH CAPITAL of over FOUR MILLIONS. Risks taken an all descriptions of Property on rea sonable terms by A. A. LANK, Agt. jggr- office in Stoddard's Range, Bay street, oppo site Herald office. / ' julo Into QOLUMBIAN (MARINE) INSURANCE COMPANY OF NEW YORK CASH CAPITALi The undersigned are prepared to Insure nnder Open Policy from the above Company to the extent of SIOO,- 000 in property in any first class Steamer, and from $50,000 to $76,000 on any first class sailing vessel, on the most favorable New York terms. For further particulars apply to , CHARLES L. COLBY & CO Jones Block, corner Bay and Abercorn streets, jelS ts Savannah, Ga. Q.LASS 1 GLASS 1! D. S. SCIIANCK & SON, ■.. >vv ■ y (Formerly Soiiank 4 Downing,) EsUillished 1857. Importers and Dealers FRENCH WINDOW COACH, CAh, and PICTURE GLASS. —ALSO,— COLORED AND ORNAMENTAL GLASS, ROUGH PLATE GLASS FOR FLOORS *nd SKYLIGHTS, From * to lx inches thick. OI.D DErOT, 45 AND 47 CHAMBJRS STREET, NEW YORK. ,iul3-lmo -jyjITCHEL & SMITHS. GENERAL COMMISSION MERCHANTS. Dealers in Sheeting, ShirtiJg, Osnabnrgs, Yarns, Rope, Bagging, Manufactured ind Smoking Tobacco, &c., & c. Particular attention given to the Purchase, Sale and Shipment of COTTON. Ralston’s Granite Range;—Third Range, MACON. GA. References.— Erwin & Hhrdee, Claghorn A Cun ningham, Savannah; L. G [lowers, 8. M. Farrar, Cos lurnbus; E. B. Long* Cos., I. B. Davis, Augusta; P P. Pease. V. A. Gaskill, Atlanta. ju2B.lin fcfc r pilE HOSPITAL TRANSCRIPT." The paper above named il published at Hilton Head S. C., by M. J. McKenna, It Is designed by the Punisher to make an Interest ing and Instructive Paper,not only for SICK AND WOUNDED SOLDIERS, but a WELCOME WEEKLY VISITOR to all residents of Hilton Head. It will contain Original LOCAL NEWS, a summary NORTHERN NEWS) and carefully Selected MIB - CELLANEOUS ITEMS, f ’uS-tf SAVANNAH, GA., THURSDAY, JULY 13, 1865. anb (flottong. J c. norvellT~coT (Cor. BuH and Bay Streets,^ ARE CLOSING OUT THE BALANCE OF THEIR IMMENSE SUMMER STOCK, NEW YORK COST. jyll 2w • WHOLESALE AND RETAIL DEALERS IN SUTLERS’ AND NAVAL STORES, DRY GOODS, BOOTS AND SHOES, HATS AND CAPS, Gentlemen’s Furbishing Goods, &0., No. 5 Merchants’ Row, Hilton Head, S. C., W. C. RIDDELL. fjul3-tf] H. J. MURDOCK. JpiRESH “ARRIVAL OF GOODS. SKEH.AN 4 CONYNGHAM. Os 176 Broughton Street, Receive by every steamer fresh consignments of Goods from New York, consisting of BOOTS and SHOES, Ladies’ BALMORALS, 4c., Gentlemen’s Felt and Straw HATS, CLOTHING, GROCERIES, WINES, Dublin and London PORTER, Golden ALE, in Cases and Barrels; Also—A choice selection of GARDEN SEEDS, Which we offer at low prices to the Trade. JeO r JD THE CITIZENS OF GEORGIA The termination of a sanguinary contest, which for the past four years has presented an impassable barrier to all social or commercial intercourse between the two great sections of our country, having at length happily cleared away all obstacles to a removal of those relations which formerly bound us together in a fraternal union, I take the earliest opportunity afford ed me by this suspicions event, to greet my Sonthern friends, and to solicit from them a renewal of that ex. tensive business connection which for a quarter of a century has been uninterrupted save by tlie great pub lic calamity to which I have adverted. It is scarcely necessary, on the threshold of a busi ness re-nnion, I should repeat the warning so often given to my friends,—to beware of all those spurious and deleterious compounds which, under the specious and false titles of Imported Wines, Bra ndies, Holland Gin, liquors, 4c., have been equally destructive to thehefrlth of our citizens and prejudicial to the interest ' Many years of my past fire have been expended Iff an open and candid attempt to expose these wholesale frauds; no time nor expense has been spared to ac complish this saintary purpofc, and to place before my friends and the public generally; at the lowest possible market price, and in such quantities as might suit their convenience, a truly genuine imported arti cle. Twenty-five years’ business transactions with the largest and most respectable exporting houses in Fiance and Great Britain have afforded me unsurpass ed facilities for supplying our home market with Wines, Liquors, and Liquersof the best aud most ap proved brands in Europe, in addition to my own dis tillery in Holland for the manufacture of the “Schie dam Schnapps.’ The latter, so long tested and approved by the med ical Faculties of the United States, West Indies and South America as an invaluable Therapentic, a whole some, pleasant, and perfectly safe beverage in all cli mates and during all seasons, quickly excited tbe cu pidity of the home manufacturers and venders of a spurious article uuder the same name. I trust that I have, after much toil and expense, sur rounded all my importations with safeguards and di rections which with ordinary circumspection will in sure their delivery, as I receive them from Europe, to all my customers. I would, however, recommend in all cases where it is possible, that orders be sent direct to my Depot, 22 Beaver street, New York, or that purchases be made of my accredited agents. In addition to a large stock of Wines, Brandies, 4c., in wood, I have a considerable supply of old tried for eign v ines, embracing vintages of many past years, bottled up before the commencement of the war, which I can especially recommend to all connoisseurs of these rare luxuries. In conclusion, I would specially call the early atten tion of my Southern customers to the advantage to be derived by transmitting their orders without loss of time, or calling personally at the Depot, in order to insure the fulfillment of their favors from the present large and well selected assortment UDOLPHO WOLFE, ju23 lm 22 Beaver street New York. J^-OTICE. The Proprietor of the • SAVANNAH CITY FLOUR MILLS, Begs to announce to his numerous patrons that he has made a number of improvements in the machinery at tached to his establishment and is now prepared to furnish his customers with a full of the best GRITS AND MEAL, and everything that can be expected from a FIRST-CLASS MILLING ESTABLISHMENT. He pledges himself to always sell his Goods and do his work 26 PER CENT LESS for the benefit of the citizens, than many of his com petitors. He is prepared to grind Wheat and Com at the customary % toll, and in addition will, as above stated, always be prepared to furnish his friends with everything in the old style. His place of business is at the well-known spot at the FOOT OF BROUGHTON STREET. julD-tf gorier” ~ Tbe Regular Annual Meeting of the Stockholders of the Southern Insurance and Trust Company will oe held at the office of the Company, in Savannah, on Wednesday, 19th July, 1866, lor ttie purpose of elect ing Directors for the ensuing year, and for the tran saction of such other business as may be brought be fore the meeting. H. BRIGHAM, President, Per J. C. McNULTY, ju22 ts Assistant Secretary. gTATIONKR Y^ TO MERCHANTS AND SUTLERS. We offer our large and varied Stock of STATION ERY at the lowest cash prices. Our stock in the above line is the largest in the De partment, and all our goods are of the gjbsr quality, fresh and direct from Manufacturers. L.‘- We solicit the attention of purchaser'll our goods and prices. SAVILLE t LEACH. Corner Bryan street and Market square. Timber Cutter’s Bank, Savannah, Ga., —>ND— MERCHANTS’ ROW, HILTON S. C. Jyi M *' gAVILLE 4 LEACH, BOOKSELLERS AND STATIONERS. MERCHANTS’ ROW HILTON HEAD, S. C. , —AND— CORNER BRYAN STREET AND MAROfr SQUARE, SAVANNAH, GA. / _ma£3o_ mm U m^=ssaa=^ss^a^^^S!Ssmmmm Soltis. 7 " »■ ■ ISLAND HOTEL. A OPEN TO THE %BL IC , TUESDAY, JUNE 20Tl| 1865. This new Hotel, situated on the Jfcost desirable spot on the eastern bank of Hilton Head Island, affords a fine view of the Pier, Bay, Ocean, and surrounding Islands. The scenery is quite as pleasing and inter esting, in every respect, as the famous watering place of Newport, R. 1., and is altogether as comfortable and'healthful a place to spend the summer months.— It has a fine hard smooth Beach, seventeen miles long affording a more charming drive than the celebrated Beach at Nahant, Mass,, and as fine sea bathing as at that place or Cape May. . * The House has over seventy large, airy rooms, and verandahs on three sides of all the stories ; the furni ture Is entirely new, and the tables will be furnished with the best that can be procured here and in the Northern markets. Every effort will be made to ren der the Hotel all thattho most fastidious can desire.— Billiard Rooms And sea Bathing houses will soon be in readiness for guests. ju23 ts JJOTEL FOR SALE, THE SAXTOfI HOUSE, —AT— BEAUFORT, S', C., Formerly the property of Dj. Johnson, is for sale Apply to WW C. W. DENNIS & Op., « No. 4 Merchants’ How, ju29 tt Hilton Read, S. C. . pORT ROYAL HOUSE, v- - * l ; RIDDELL 4 RUGG, Proprietors. X. ft RIDDELL, M. F. RUGG. ju3-tf pULASKI HOUSE, SAVANNAH, GA. BARTELS 4 RIDDELL, Proprictors. jf O. BARTELS. E. S. RIDDELL. jU3-tf WHOLESALE AND RETAIL DEALERS IN ALES, WINES AND LAGER BIER. OUR HOUSE, 165 BAY STREET, ju2l ts , M rtITARI oIoTH,NH FURNISHING GOODS, HATS AUD CAPS, BOOTS AND SHOES. *o„ AT H. A. TOPHAM'S, NO. 13S CONGRESS STREET. This Store is well stocked with a superior quality of goods, which will be sold remarkably cheap, as the P.oprietor wishes to make room for anew assort ment, jyi-tf RIVER AGKiCULTRAL WORKS. GRIPPING, BROTHER 4; CO., Proprietors, 66 AND 60 COUBTLAND STREET. NEW YORK, Manufacturers of Plows, Harrows, Cultivators, Cot ton Sweeps, CornTMills, Cotton Gins, 4c. Every implement wanted by the Planter, Also, dealers in Field and Garden Seeds. Also, Agents for Bruce’s Concentrated Manure, Bone, 4c. Send for circular. ju2o 3m JOHN MoMAHON. COMMISSION AND PRODUCE MERCHANT. Strict attention given to all Consignments. Corner Broughton and Jefferson Stbexbs. ju3o p B. DAVIS. GROCER and COMMISSION MERCHANT, No. 283 Broad Street, AUGUSTA, GA. Consignments solicited. Will give personal atten tion to business entrusted to him. refers 90 Crane & Graybill, Savannah. Claghorn 4 Cunningham, Savanrfah. S. Palmer k Son, “ . , Mr. A. Wilbur, Pres. Home Insurance Company, Savannah- M r , W. Camming, Cashier Bank State of Ga Mitchell 4 Smith, Macon. John B. Habersham 4 Cos. Macon. Wright 4 Alexander, Augusta. E. B. Long 4 Cos., C. V. Walker O Cos., “ jul6-lm j cTfbathkr, M. D. OFFICE, NO. ISX MERCHANTS' HOW, HILTON HEAD, S. C. ju29 2m VHE NATIONAL BANK SYSTEM. The great currency desideratum since the adoption of the coustitution, has been uni formity of value, like that of the Bank of England, as well from place to place as from time to time. It has never been attained. The want of uniformity was not the evil to be corrected, in the view of its framers when they prohibited the States from making any thing but gold aud silver the constitutional currency. The discredit into which the is sues of the States had tallen—the legislation that made pine-barren acts a part of their system of finance and currency—together with the excessive quantity of paper money issued by States and Municipalities—made depreciation the prominent and the want of uniformity the lesser evil, from the limited intercourse, social and commercial, between the States. Even the check against excess of paper money was evaded by the States from the unfortunate employment in the constitu tion of a phrase of too restricted import i. e. “Bills of Credit”. A bank note in its general acceptation is a Bill ot Credit, but in the view of tlie framers of the constitution, and in the language of that day, Bills ot Credit, were paper money issued under the authori ty of the State, or those who had assumed the sovereign authority, to defiay its expen ses, ot which there was a profusion issued during the revolutionary war. Technically speaking a bank note was not a Bill of Credit, although substantially it was. The State legislatures by this evasion as sumed the privilege of chartering banks, and the attempt to counteract this unconstitu tional exercise of power was more to correct the evil of a want of a Nationai currency than to restrain the banks from flooding the, country with paper money. Two attempts have failed to effect this object. The non renewal of the charters of the Bank of the United States have shown the difficulty of placing the power of creating paper money under restraint. The mischevgps effects on our domestic trade of currencies of varying values between State and State, and even between city and city have prevailed at short inter vals, for between sixty and seventy years Jbefore means of correction could be What could not be effected in more than half a century during peace has been effect ed during four years of war. The suspension, of specie payments by th« banks just after the war broke out, afforded the opportunity t$ organize a system of National banks that promises the desideratum 90 much sought—; a cunrency of uniform through their *genes. •* In the att Organizing these institutions (see Statutes at large of the 37th Congress, 1862- 63) every guard has been devised, apparent ly, against the abuse of baukiDg, with the utmost minuteness of regulation. One of the features has been borrowed of the Free Banking Law of New York, i. e., giving se curity for issues by a pledge ofUnited States stocks. This is one of the few departures from unrestricted banking which experience would appear to justify. In this branch of public policy, freedom should be the rule and restriction the exception. In the use ot the phrase “free banking,” writers have not de fined their meaning with sufficient precision. The business of banking it is absolutely ne cessary to place under some legislative regu lation, as well without as with charters. To instance the giving of security for issues, will any one contend that the note holder, to say nothing of the depositor, should not be pio tected from loss from those who are clothed with the privilege of issuing notes ad libitum? The people at large are involuntary dealers in money. They are compelled from necessity to buy as well as sell, and their ignorance of the solvency of those who issue paper mo ney, exposes them to loss fully as much as from the crime of counterfeiting or debase ment of the coin. Again, if there is no limitation to the priv ilege of issue, the loss by mutilation and other causes from a fractional currency, falls upon the most necessitous -classes, who par ticipate £0 largely in retail transactions, to the gain of those who deal in circulating credit, be it the government or corporations.. Here then, at least two exceptions to those general principles of freedom in bank ing which it would be desirable to adopt under certain modifications. Among the provisions of the act organiz ing the National Banks is one limiting the issue of their notes to three hundred millions of dollars This is a iimitation that palpably violates sound banking principles. It is pre cisely such a limitation as has given rise to much controversy in England from the adop tion of Sir Robert Peel’s act of 1844. That act prohibited the Bank of England from issuing a larger sum in notes than the amount due the bank by the government— £l4,ooo,oo0 —all notes issued beyond this sum, the bank being compelled to have in its coffers au equal amount in coin or bul lion. • . . This, of course, allowed for no increase of currency commensurate, with the increase of trade- It allowed for none of those periods of commercial panic, during which credit is contracted,- and the amount of circulating PRICE. 5 CENTS medium is insufficient, nor for political alarm that produces a run on banks? The Bank of England has, besides, peculiar cauies of disturbance, by which it is occasionally nearly depleted of its gold, such as deficient harvests and subsidies to foreign powers. It appears to be tbe very reverse of the policy that ought to be pursued, that if five or six millions in gold should be withdrawn from the bank, and its stock of specie re duced from ten millions to four or five, that it should still further reduce its circulation four or five millions more. The dictate of prudence would be, unless* the circulation was in excess before, to add four or five mil lions to its amount, and not to diminish it to its full extent. This change of the law was the fruit of a new dogma iu currency, to wit: "That the t vrreniy of a country should vary in -amount and value exactly as a metallic currency would do were the paper currency withdrawn and coin sub tituted in its Stead." Now this appears to be" a very plausible proposition, but it will not bear examination. The conditions of the problem, when thus stated, bear no analo gy to the actual state of things. Let us sup pose that the paper currency of a country consists of one hundred millions of dollars, ot be withdrawn, as supposed, and coin substi tuted for it, how can it be .imagined that one fourth or one-fifth in coin or bullion could supply its place when the latter is only the basis of the former, where bank notes are employed, and is only one of the forms of paper currency, in common with bills of ex change, checks etc. It forms in fact but a small proportion of the means of effecting exchanges and making payments. There is more property transferred by ledger entries, without the agency of paperjof any kipd, than oy all other kinds put together, in a period of high confidence. If paper money was the only substitute for coined money, a compar ison might be instituted between them as to value and amount, at any specific period. To supply the place of paper with gold, dol lar for dollar or pound for pound would not suffice for the present wants of the circulation in any country which largely employs circu lating credit. The Directors of the Bank of England are bound by a rigid rule of which no relaxation -is permitted. Whether there is diminution or increase—efflux or influx of gold—this arbi trary amount of fourteen millions forms the limit—the maximum as well as minimum ot 'their issues. We have supposed that four or live mil lions In gold, during an unfavorable exchange or any cause, should be withdrawn from the coffers of the Bank of England, outdf a»stock of ten millions, it would be the obvious dic tate of prudence, we repeat, to add and not diminish the circulating notes of the Bank. On the supposition the Bank has lost nearly half its gold, ind lessened its ability propor tionably to assist trade—if those four of five millions had remained in the coffers of the Bank, according to the usual, ratio of paper to specie, three to one, the issues of tbs Bank could reach nearly fifteen millions, but in stead of that they would have fallen to about five millions, if they merely equalled in amount the gold abstracted. The proof that such has been the effect of Sir Robert Peel's act, was furnished on two occasions, when the operation of the act was suspended. We have entered into this detail to show the similarity between the British act of 1844 and the act of our Congress organizing the National Banks, at least in one of its feature?, limiting the amount of issue. Any limita tion of this kind, by which the proportion is fixed of paper currency to the wants of trade, n advance or anticipation of those wants, is contrary to sound principles ftf banking. V “Cabinet Possibilities.” —Under this head ing the New York Tribune of the 7th, in no ticing a rumor that. Secretaries Seward and Stanton will this month retire from the posi tions they have so ably filled, to be succeed ed by Qov. and Hon. Preston King, says*; This report renders proper tbe statement that Gov. Seward, as we understand, long 'Since notified President Johnson of his wish to be relieved of his official cares aqd duties at .the earliest day consistent With the de mands of the public service. So long as his counsels are deemed essential, Gov. S. will continue at the head of the State Department, but no longer. The talk therefore, any pros pective appointment “rendering it impossi ble tor Secretary Seward to remain in the Cabinet,” is as unjust as disparaging. He may remain months for aught we know; but he expects and desires to leave so soon as he can be spared. Jeff. Davis’ Capture. Raleigh, N. C., June 2, 1865. Editor Democrat .—The servant boy who was with Jefferson Davis when he was cap tured has returned to this plffce, and says that Mr. Davis was not disguised in the fe male apparel when he was captured—that he had on the clothing he was in the habit of wearing; and when the alarm was given, and as Mr. Davis started to leave the tent, Mrs. Davis threw her shawl ove? his head or shoulders. The name of the servant boy is,. I am informed, Jim Jones, and accompanied Mr. Davis from Charlotte until he was cap tured and landed at Fortress Monroe. He is known here in Raleigh to be truthful and of sound character.— Charlotte Demhcrat.