Savannah daily herald. (Savannah, Ga.) 1865-1866, July 15, 1865, Image 2

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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. TO ADVERTISERS. 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 ULAR! 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 man. 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 lery. 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 day. 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 obstructions. 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 distant day. 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 ENGLAND. 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 adopted. 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 rope. 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 remonstrate. 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 Bank. 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 circumstances.” 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 Augusta. By the arrival of the Standish from An gusta yesterday we have full files of interior papers, from which we give a lew extracts below: 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 names. 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 annoyances. 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.— Constitutionalist. 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 one. The King of the Belgians has decorated his physician for relieving his bronchitis. fleto Sbbcrtiscments. J^OST, 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 yy ANTED. A pleasant, Well Furnished Room, for single gentle man. Address G. A. G, Lock Box 116 P. O. jyls S piONKER LINE. FOR NEW YORK. FThe U. 9. M. Steamer ZODIAC, Bulkley, Com mander, will the above port on her regular day, THURSDAY, JULY 20th, At o’clock m. For freight or passage, having superior accommodations, apply to jyls HUNTER A GAMMELL rpo TIMBER CUTTERS. THE CNDEXSiaNKD WILL PURCHASE IN LOTS, As Thkv Arrive, HARD PINE LUMBER ▲ND HEWN SHIPPING TIMBER. W. A. BEARD, jyls eodlm 154 Congress stri et OF PARTNERSHIP. 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. PIERCE SKEHAN* Jyls-3 DAVID P. CONYNGHAM. JNSURANCEI J. T. THOMAS & CO., 117 BAY STREET, Have the Agency of the following named Companies, representing 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 Liberally conducted. MARYLAND, AND MERCHANTS' AND MECHAN ICS’, OF BALTIMORE. ▲ND THE GERMANIA, HANOVER, NIAGARA, REPUBLIC, NORTH AMERICAN, CROTON, 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 transportation. Life Policies issued on most favorable terms. jyl6 i jy/JARINE INSURANCE 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., piERCE SKEHAN, 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 and Coupons. 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. jylO-eodlw ANTED, A first rate PILOT for the Altamaha river. jy!4-lw ERWIN A HARDEE. gODA WATER. 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 MERCHANTS. Having removed to store formerly occupied by Stark, Alexander & Clark. Bay street, second door west of Barnard, offer to the trade the following arti cles: 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. Jyl4-6 jq’OTICE. 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 sistlng of— Extra Family FLOUR, 80 bales BAGGING, 730 coils ROPE, And a general assortment of TEAS, GROCERIES, PEO VISIONS, ALES, Wines, LIQUORS, SEGARS, PRESERVES, PICKLES, hardware, LAMPS, KEROSENE OIL, CANDLES, DRY GOODS, BOOTS and SHOES, CAPS, Ac., &C., Which they offer at the lowest market rates. jyl2 lmo J^OTICE. 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 them. WYLLY WOODBRIDGE, ip3 ts Collector. JAMES WALLACE’S CELEBRATED WHISKIES, GINS, ALCOHOL, COLOGNE SPIRITS AND 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. JAMES LEAVY, Commission Merchant, , 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. QLAMS! CLAMS! 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 two: “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 PETER FITZGERALD, •* 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. jyi 7 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. jjlO i