The Savannah Daily Herald.
S. W Mason a <'o Pltor*iKT< >ba
Kami ei, W. Mabon, Enm*.
.SAVANNAH. SATURDAY. JULY 15. 1965.
—•-** ’ ' - - - - -"m-
FOII LOCAL TIVITIKS SEE THIRD PAGE.
Onr advertising patrons are reminded that ylver
tisements inserted in the Morning Edition of the
Herald will appear in the Evening without extra
charge. Advertisements should be handed in as early
as possible, but will be received as late *s 12 o’clock
at night. We adhere to our advertised rates except
tor long advertisements, or those inserted for a long
time, on which a reasonable discount will he made.
HOW TO OBTAIN THE HERALD REG
We often have complaiuts from residents of Savan
nah and Hilton Head th»t they are not able always to
obtain the P The demand is sometimes so
great as to ex «austan Edition very soon aPer its issue,
nod those who wish tc have the Herald regularly,
eh old snb«cribe for it. We have faithful carriers in
Satanuah nd at Hilton Head, and through them we
always serve regular subscribers first.
Another Change of Officers.
MAJOR GEY. STEDMAN IN COMMAND OF THE
DEPARTMENT OF GEORGIA.
Brevet Major Gen. J. M. Brannon to Com
mand the District of Savannah.
Arrival Here of General Brannon
In obedience to orders from Major General
Thomas, Major Gen. Stedman has assumed
command of the Department of Georgia, with
headquarters at Augusta.
Brevet Major General J. M. Brannon ar
rived here yesterday afternoon from Augus
ta, in the steamer Standish. He is ordered
to the command of this District, to relieve
Major Gen. H. W. Birge. The latter is di
rected to report by letter to General Sted
Gen. Brannon is a regular army officer,
and has distinguished himself in the Volun
teer service. He was, we think, at the time
of his promotion to a Brigadier Generalship
of Volunteers, a captain of regular artil
Before the James Island operations ot 18G3
he was stationed at Key West. He was or
dered up from there with two regiments, but
when he arrived our forces had evacuated
the Island. When Gen. Hunter went North,
in July, he took command of the Depart
ment, and held the position until General
Mitchell’s arrival. When Gen. Mitchell was
attacked with his fatal illness, Gen. Brannon
again had command of the Department, and
held it until January, when he was ordered
North and assigned to the army of the Cum
berland. During his stay In the Department
of the youth, Gen. Brannon was for a portion
of the time in command of the Post of Beau
fort. He commanded in the fight at Poca
taligo, which, through no fault of his, re
sulted adversely to the Federal force.
In the West he became Chief of Artillery
to Gen. Thomas, which promotion he tilled
with great credit for a year and a half.
He is a thorough soldier, and we believe he
will prove a popular District Commandant.
The orders of Gen. Birge and Gen. Bran
non relative to the change will be issued to
USE FOR THE OBSTRUCTIONS.
We stated a few days since that the au
thorities had giveu permission to several par
ties to remove the brick which formed a
part of the obstructions planted in the river
below the city, early in the war. The brick
being whole and merchantable, bringing st>
per thousand, the enterprise was tound to he
a well-paying one, and up to the time of our
mention of the matter, large quantities of
them had been taken from the cribs in the
This removal of the obstructions bas an
important bearing upon what has always
been a matter of great concern among the
merchants of Savannah, namely, the depth
of water iu river. It is a familiar fact
that the preservation of the depth of water
in the river or harbor depends chiefly upon
the amount of scouring force brought to bear
upon the bottom by the current; also that
the power of the current is in direct ratio to
the amount of water forced to flow in a re
stricted channel. These methods of pre
serving or increasing the depth of water ne
cessary for shipping in front of the wharves
of this city, have been already resorted to
upon an extensive scale, and with consider
able success. Jetties have been thrown out
from Hutchinson’s Island which have effect
ed the object for which they were erected, in
a satisfactory manner.
The obstructions which were thrown across
the Savannah river for war purposes could,
easily be made to subserve the mercantile
interests of the city. The lines which now
stretch across the channel of the river at two
points may, by proper management, answer
the ends for which piers will undoubtedly
have to be erected at great expense, at no
It would seem well that the authorities
keep an eye upon parties engaged in remov
ing an) pait ot the obstructions which could
' u present condition with advan
ce t 0 ttje navigation ot the river. The
■Tatter is an important one, and the mercan
tile community would do well to see that
competent engineers are consulted in the
work of taking up the obstructions.
THE NATIONAL BANKS—BANK OF
We have placed these institutions in con
nection ns the heads of the two fiscal estab
lishments of the two freest nations on the
globe. Our purpose is to show in what de
gree they have departed from those general
principles of freedom, respectively, the ob
servance of which is the source of national
prosperity. Our National Bank system is
yet in embryo. The English system is near
ly two centuries old. It had its origin in
monopoly, and continues to be defaced by
exclusive privileges. Let us in the more
perfect organization of our uew banking sys
tem shun these defects. It will require much
amendment. We have the light of expe
rience to guide us—both our own experience
and that of our British ancestors, whose
banking system we have substantially
Among the more recent changes introduced
is the modification of the charter of the
Bank of England, commonly called Peel’s
Act, adopted in 1844. In this change they
have added restriction to monopoly. What
is remarkable in British history, it presents
an example of innovation to which the Eng
lish people are less prone than any in Eu
Those familiar with the history of the
Bank of England need not be told that that
institution retains the monopoly of the cir
culation, no bank of issue being allowed
within sixty-five miles of London, having
surrendered the other branch of her monop
oly, the prohibition to form associations for
banking purposes with more than six part
ners, which was abolished in 1826. With
one hand the British Legislature removed an
injurious restiiction, by permitting the for
mation ot joint stock banks with any number
of partners, and with the other hand more
closely hedged in a worse monopoly, by con
tinuing the Bank of England as the sole
source of issue within sixty-five miles of her
great commercial metropolis, superadding to
this restriction that imposed by the act of
1844, limiting the issues of the bank to an
arbitrary amount of .£14,000,000, and the
country banks to their average issues for the
previous twelve weeks.
It was an analogous feature in the system
of National Banks to which we recently
called attention, Congress having limited the
aggregate issue of these banks to $300,000,-
000. We have not the most remote concep
tion that this was in any spirit of imitation,
but against the adoption of a similar restric
tion, whose operation has been twice sus
pended, we thought ourselves called upon to
An essential part of the British plan, the
adoption of which has found advocates
among us, is the separation of the Is
suing from the Banking department what
has taken place in the Bank of England.
It has been as clearly demonstrated as any
fact of tlfis kind can be, that but for peculiar
circumstances there would have been since
1844 a suspension of specie payments by that
institution. Among these was the oppor
tune arrival of gold from the shores of the
Pacific, winch replenished the vaults of the
One of the worst effects of the monopoly
of the circulation conferred on the Bank of
England is the great fluctuation in the rate
of interest by that institution. Weie the
privilege of issue enjoyed by all who could
give security for the same the rate of interest
would be nearly uniform, as the effect of
competition. We feel no apprehension as to
the injurious consequences of competition for
the profits of the circulation, under proper
safeguards against the abuse ot the privilege
of issue. A pledge of public stocks would
form a guarantee against the evils ol a de
preciated currency, with other regulations,
unless under very peculiar circumslunces.
It may be said in defence of the Bank of
England’s monopoly that it autedates the al
teration of the charter in 1814, and, there
fore, that the source ot these fluctuations is
not the monopoly. But the effect of its re
moval would be the substitution of the action
of the public for the discretion of a board of
Directors. The demand for circulating credit
by the community at large, is the ultimate
regulator of the currency, and banks can no
more keep in circulation a larger amount of
paper money, than can be absorbed by the
existing scale of prices, than water can be
prevented from finding its level.
The rate of interest has fluctuated in Eng
land, at times, within the extremes of two
and ten per cent, anterior to the change of
the law in 1844. The price of money de
pends on the demand for as compared with
the supply of loanable capital. The varia
tions in the rate of interest will have a narrow
range if left to the natural influence of de
mand and snpply. Mr. Tooke records in his
“History of Prices” that during the three
years from September, 1844, to October,
1847, the rate of discount was altered four
teen times, and the last six of these altera
tions took place within the space of six
weeks. During the nine years from October,
1847, to the end of December, 1850, there
have been tbirty-six alterations. In 1852
there were two alterations in three months—
in 1853 no less than six alterations were
comprised into nine months, and the range
extended from 2 1-2 to 5 per cent. In 1855
there were eight alterations in six months;
and by a zigzag course the rate passed from
3 1-2 to 7 per cent., and during the year 1860
there were in the summer three alterations in
four weeks, and in the autumn five altera
tions in nine weeks.” I
But the alterations have Men more fre
quent and sudden recently. Blackwood's
Magazine for June has the following state
ment of one of its contributors. “In the
twenty-five years previous to the passing of
the Bank act (from 18111 to 1844) the rate of
discount used to be 4 per cent., when the
Bank's stock of specie ranged between 4.11,-
000 and £7,ooo,ooo—risiug to 6 per cent, (as
in 1739-10) when the stock of specie fell
to £3,000,000. After the passing of the act
of 1844 the Bank used to charge 4 per cent,
when its specie stood at 12 3-4 millions —a
great rise on its previous practice. But now
it charges 4 per cent, when it has 15 millions
of gold, and charges 9 to 10 per cent, when
its stock of specie still amounts to 13 mil
lions ! In this way the Bank has been stea
dily working up the rate of interest until it
has reached its present high level —that is to
say double what it used to be, under similar
The result has been two fold! when the
Bank has put down the rate of discount, in
conformity with the rule, that when its stock
of gold is lessened it must reduce its circula
tion, speculation is encouraged, and transac
tions on credit are greatly enlarged, and if,
when to protect its gold, it elevates the
rate of discount credit is contracted, and
pressure and panic ensue. Such are the
consequences of the adoption of an arti
fical principle in the administration ot the
currency, instead of permitting it to be
regulated by the natural law of supply
aud demand. Such are the results of the
incorporation into the English Banking
system of the new currency dogma of the
Manchester school of economists, “that
the currency of a country should vary in
amount exactly as a metallic currency would
do were the paper currency withdrawn and
coin substituted in its stead,” and embodied
in the act of 1844 by Sir Robert Peel, whose
idea of paper money was so imperfect that
he limited its definition to Bank notes, to the
exclusion of those other forms of credit con
sisting of 4 Checks, Bills of Exchange and
Book debts. If, therefore, this was the im
mediaiate or proximate cause of those fluc
tuations which have made money both dear
and cheap at short intervals, now stimulating
speculations by Low rates of interest, and
then restricting credit and producing com
mercial bankruptcy, but for the monopoly of
the circulation conferred by law on the Bank
of England, the variations in the rate of in
terest ,would have had a much uarrower
range because governed by the law of de
mand and supply. V*
FROM THE INTERIOR.
Arrival of the Standish from
By the arrival of the Standish from An
gusta yesterday we have full files of interior
papers, from which we give a lew extracts
Meeting op the Stockholders of Georgia
Railroad and Banking Co. —The stockhold
er of the Georgia Railroad and Banking
Company held an adjourned meeting in this
city on yesterday.
The meeting having been called to order,
President John P. Kffig stated that the stock
holders were assembled together in accord
ance with adjournment of a meeting recently
held, but which was disqualified for action
by reason of the want of a quorum, and
directed the Secretary to call the roll of
Mr. Barnett, from Washington, moved, in
order to greater exedition in to
omit the calling of the roll, and let gentlemen
present give their names to the Secretary,
which was agreed to. Mr. Barnett then
moved the appointment of a committee on
proxies. Messrs. Barnett, Hutchins and J.
W. Davis were appointed that committee.
After examining the credentials of proxies,
the committee reported the number of shares
represented personally to be 5,965. Those
by proxies, 17,275. Total shares represented,
22,240, but ventured the opinion that, inas
much as a number of the certificates of
proxies were attested by magistrates, elected
or appointed since the passage of the Ordi
nance of Secession, they were of-doubttul
repute, and the Chairman, in behaif of the
Committee, deemed it advisable to report no
quorum present. The report was accepted.
After some little discussion on points of
minor interest, Judge Hutchins moved an
adjournment to the next annual meeting
(first Tuesday after second Monday in May),
which being seconded, was put and agreed
to.— Augusta Constitutionalist.
From Mississippi.— The Jackson News, of
the sth, has the following paragraph :
Governor William E, Sharkey, Judge Wil
liam Yerger and our handsome young friend
Colonel Jones S. Hamilton, who has just
bced appointed U. S. Marshal for the State
of Mississippi, returned from Washington
City on Tuesday last. They are all looking
well, and apparently in fine health.
Gov. Sharkey has determined to reinstate
all the old officers of the State from Probate
Judge down by executive appoiutment. We
are convinced that this action will be entire
ly satisfactory to our people, and it saves the
government an immense amount of petty
Somewhat of a Branch.— During the storm
that passed over Augusta on Monday after
noon, a limb was torn from the “Old Willow
Tree by the Lagoon, ” which measured eleven
feet, two inches in circumference. The
body of the oak, two feet from the ground
measures twenty one feet, two inches.—
Ice.—The Augusta people are now enjoy
ing the first ice shipped there for four years.
It went up from Savannah on the Amazon.
Rains. —The interior has lately been visited
by several refreshing showers.
ln the “Life of Wilberforce," is the fol
lowing entry in bis diary: Went to hear Fos
ter. Felt much devotion, and wondered as a
man fell asleep during the psalms. During
the sermon, went to sleep myself."
Hilton Head Theatre.— Mr. A. H. Dav
enport closed bis very successful season at
the Union Theatre, Hilton Head on Wed
nesday evening last.
Mr. Mortimer Thomson (“Doesticks") de
liver’s his poetical lecture at the Soldier’s
Chapel, Hilton Head, this evening.
Dr. Solomon Andrews, of Perth Amboy,
N. J., has invented an serial vessel, with
which he can navigate the atmosphere as a
boat can tbe water.
The N. O. Crescent Regiment, which
two years ago embraced eleven hundred
young rebels, has dwindled down to sixty
The King of the Belgians has decorated
his physician for relieving his bronchitis.
On the 12th Instant, a Yellow and White Pointer
BITCH, about a month old. The finder will be suita
bly rewarded by leaving her at B. Stamm’s Barber
Shop. 3t jyls
A pleasant, Well Furnished Room, for single gentle
man. Address G. A. G, Lock Box 116 P. O.
FOR NEW YORK.
FThe U. 9. M. Steamer ZODIAC, Bulkley, Com
mander, will the above port on her regular
THURSDAY, JULY 20th,
At o’clock m. For freight or passage, having
superior accommodations, apply to
jyls HUNTER A GAMMELL
rpo TIMBER CUTTERS.
WILL PURCHASE IN LOTS,
As Thkv Arrive,
HARD PINE LUMBER
HEWN SHIPPING TIMBER.
W. A. BEARD,
jyls eodlm 154 Congress stri et
The Co-partnership existing between Pierce Skehan
and David P. Conyngham, at No. 170 Broughton
street, la dissolved by mutual consent,
The business of the house will now be conducted
nnder tbe name of Pierce Skehan.
Jyls-3 DAVID P. CONYNGHAM.
J. T. THOMAS & CO.,
117 BAY STREET,
Have the Agency of the following named Companies,
SIX MILLIONS OF DOLLARS!
of paid np Capital, which Companies are well known,
and their standing and character is a guarantee that
all business confided to them will be Honorably and
MARYLAND, AND MERCHANTS' AND MECHAN
ICS’, OF BALTIMORE.
EQUITABLE OF NEW YORK,
Policies issued on loss by Fire on Warehouses, on
Plantations, Dwelling Houses and Stores, awaiting
transportation at Depots and Landing, in transitu by
Roads and covering all the perils of inland water
Life Policies issued on most favorable terms.
AT LOW RATES!
COLUMBIAN INSURANCE COMP'Y of NEW YORK
River Risks ox Favorable Terms.
CASH CAPITAL $3,600,000.
The uuderslgned are ready, through their open poli
cy with the above, to effect Insurance for Augusta,
New York, and Jacksonville,
AT THE LOWEST MARKET RATES.
Mdse, on first-class Ocean Steamers SIOO,OOO
“ “ “ Sailing Vessels 75,000
“ “ “ River Steamer or Flat 15,000
Shippers will find it to their interest to call before
effecting Insurance elsewhere.
CHARLES L. COLBY ft CO.,
Cor. Bay ft Abercorn sts.,
WHOLESALE AND RETAIL DEALER
In Fine Groceries, Boots and Shoes, Clothing,
Foreign and Domestic Wines, Liquors andSegars.
Also, Skehan's Celebrated
GOLDEN ALE AND CHAMPAGNE CIDER,
in bottle and in wood.
London and Dublin Brown Stout, Scotch and Eng
lish Ales, ftc.
Liberal deductions made to the trade.
170 BROUGHTON STREET, SAVANNAH,
and fl-I Liberty street, New York.
JJANNINU tt DE FOREST.
BANKERS AND BROKERS,
No. 19 Wall Stbbit, Nbw York
DEALERS IN GOLD, SILVER, FOREIGN EX
CHANGE and GOVERNMENT SECURITIES.
Give special attention to the purchase and sule of
Virginia, North Carolina, South Carolina, Georgia,
Alabama, New Orleans and Tennetsee Bauk notes.
Southern States Bonds and Coupons, Railroad Bonds
Interest allowed on deposits. jylo-3m
The Only* Remedy.
Those who suffer from fonl breath are open to tbe
charge of carelessness. It is an offence that can be
speedily abated, as a single bottle of the Fragrant So
zodont will unmistakably accomplish the work. No toi
let table should be without it. It will preserve and
keep tbe teeth white aud tbe breHth pare and sweet.
Sold by Druggists and Perfumers.
A first rate PILOT for the Altamaha river.
jy!4-lw ERWIN A HARDEE.
We are prepared to supply Soda Water in any quan
tity, at the lowest market price, and by strict atten
tion to business, neatness, promptness and despatch,
we hope to merit a reasonable share of patronage.
PORTER & CO.,
jyl4-2 cor. Jones and Montgomery sts.
"jyjACKY, HOGG A CO.,
WHOLESALE AND GENERAL COMMISSION
Having removed to store formerly occupied by
Stark, Alexander & Clark. Bay street, second door
west of Barnard, offer to the trade the following arti
300 bbls Whiskey,
600 bbls Extra Family Flour,
36 sacks Salt,
125 kegs Lard,
20 bbls White Beans
75 kits Mess Shad,
20 bbls Labrador Herring,
25 tierces Canvassed Beeli
SO hhds Lime,
60 bbls and half bbls No. 1 and 2 Mackerel.
The Regular Annual Meeting of the Stockholders of
the Southern Insurance and Trust Company will be
held at the office of the Company, in Savannah, on
Wednesday, 19th July, 1865, for the purpose of elect
ing Directors for the ensuing year, and for the tran
saction of such other busmens as may be brought be
fore the meeting.
H. BRIGHAM, President,
Per J. C. McNULTY,
ju22 _ ts Assistant Secretary.
Q.ADEN A UNCKLES,
Corner or Bat and Barnard Streets,
Have just received a large Stock of GOODS, con
Extra Family FLOUR,
80 bales BAGGING,
730 coils ROPE,
And a general assortment of
BOOTS and SHOES,
CAPS, Ac., &C.,
Which they offer at the lowest market rates.
UNITED STATES CUSTOM HOUSE,)
Savannah, July 6,1005. f
The keys of the money safes,the Seales and Weights,
and other valuables are missing lrom this building.—
Any person having knowledge of the aforesaid arti
cles will please give information to the undersigned,
and those having them in possession will pleusc teturn
ip3 ts Collector.
WHISKIES, GINS, ALCOHOL, COLOGNE SPIRITS
FLANAGAN WALLACE & CO’S. XX and XXX ALES,
For Sale at N. Y. Prices, with freight added. RkJ
Also—A large lot of CORN, OATS and FLOUR.
, No. 6 Stoddard’s Buildings,
jyll-lw Opposite Herald Office.
QHAMPION BRICK MACHINE.
The proprietors of this recent Patent for the manu
facture of Briok are prepared to dispose of Machines,
and rights to use the same. This Machine is simple
of couHtruction; does not readily get out of repair;
has immense power; makes the biick square and sol
id ; can be worked with a single horse, causes little
delay tor removing stones; will make from twenty
five to thirty-five thousand bricks per day. Circulars,
with full particulars, forwarded oil application to
, , BRADFORD ft RENICK,
jy-lm 7i Broadway, New York.
gTOVES 1 STOVES 11 STOVESTH '
Large and small, for Restaurants and Families.
All kinds oi HOLLOW WARE and Cooking Uten
sils, Planters’ HOES, wholesale and retail, by
JAM ES O. THOMPSON ft CO.,
jll-lmo Beaufort, S. C.
I have the best Clams at Hilton Head, and the best
Cooks, in proof of which statement I adduce the fol
lowing testimony from Mr. Benj. Honey’s advertise
ment in the Savannah Daily Herald, of the last or
“There is no man in Port Royal that can serve up
Clams in every style better than Mr. Fitzgerald, at the
Eagle Saloon, in rear of the Poet Office.
„ ' rfrn “ K 19 Wmout THE Laugh Comm In.”
oim? wish you a long life and a merry
„ * dd j! ion ,V\ the «bove luxury, we furnish as good
a meai as can be obtained at Hilton Heud, or any
other place in this Department J
. . , OIVE USA CALL,
And we feel confident that you wiil leave our estab
lishinent satisfied that whatever we advertise you
will find to be correct.
ofPMtOfflc?* tOUroldeßUbli “ hed houße ’ ,n the rear
•* nat> Proprietor.
HEADQ’RS DEP'T OF THE SOUTH,!
Hilton Hkad,S. C.,July 3, ISbC t
General Obdebs, ( *
No. 109. /
I. Capt. Augustus Crowell, Master of the Steam
fiansport ''Cosmopolitan,’’is hereby dismissed the
fMuartermaster’s service in this Department, for fail
to deliver promptly, on the 'lsth or May, 1805. de-
sent by him Iroia St. John’s River, Florida,
notifying the Quartermaster that the Steamer “Dela
ware • was ashore there and needed assistance
T -L c “P uin Weir of the U. S. Transport “Northern
Ugjft" for refusing to pay the Quarantine fee for en-
P o , l ' l of Savannah, is hereby fined twenty
five MBllars, in addition to the said fee, and will be
kept in the custody of the Provost Marshal until the
nue and fee are paid,
By L'ummand of
n. . „ Major-General Q. A. QILLMORE.
Official • L ' Bu “ uk “’ AhßlbUiu Adjutant General.
R. F. Wilkinson, Major and A. A, A. Gen.
UEADQ'RS DISTRICT OF SAVANNAH, )
General Orders,! l
No. 48. /
11. Surgeon J. L. Snow, 153d New York Volunteers,
is hereby detailed as Health Officer of this District, and
wi at once enter upon the duties of that office. He
will be obeyed and respected accordingly.
By command of
, „ 0 „ Brevet Maj. Gen. BIRGE.
J. B. Babcock, Major and A. A. A. G.