SAVANNAH DAILY. HERALD.
VOL. 1-NO. 156.
The Savannah Daily Herald
(MORNING AND EVENING)
18 PUBUSHED b\
8. W. MASON A CO.,
At 111 Bay Street, Savannah, Georgia,
Per Copy Five Cents.
Per Hundred ....$3 50.
Per Year *lO 00.
Two Dollars per Square of Ten Lines for first in
sertion ; One Dollar for each subsequent one. Ad
vertisements inserted in the morning, will, if desired,
appear in the evening without extra charge.
JOB I* RINTIN <3,
In every style, promptly done.
AT LOW RATES!
COLUMBIAN INSURANCE COMP'Y or NEW YORK
River Rises os Favorable Teems.
* CASH CAPITAL $3,600,000.
The undersigned are ready, through their open poli
cy with the aDove, 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 A CO.,
jelS-tf . '
JS YOUR LIFE INSURED t
This is an important question for every man and
important also for 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 sum trom SIOO
$lO 000 They also issue the favorite TEN iEAR
NO>-FORFEITURE Policies, and will after two years
payment give a lull paid up 1 olicy tor 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 S2,(X>O.
and live years five-tenths for every additional year.
For further information apply to
A. WILBUR, Agent,
At the office of the Home Insurance Cos.,
j U 27 89 Bay st„ Savannah, Ga._
THE NEW ENGLAND MUTUAIA LIFE INSU
RANCE COMPANY, OF BOSTON.
This is one of the oldest and best Companies in
America. j .
Policies on Lives for Jany amount up to $15,000 are
taken by them. . . . „ .
The Policies of tMlIe Companies were not cancelled
during the war until heard from—a fact which shews
their'Sealing and determination to be just and honor
able in all cases. Apply to
j U 27 A, WILBUR, Agent._
BURKE, A BRO.,
ALES, WINES AND LIQUORS,
CoBNEB WII IT A BEK StBKKT AND BaV LaNE,
ORDERS PROMPTLY FILLED AND DELIVERED.
ju2l ; it
rjniK NEW SKIRT FOR 1805.
“ BRADLEY’S DUPLEX ELLIPTIC.’’
A wonderfffl invention for ladies. Unquestionably
superior to all others. , „ .
Don’t fail to read the advertisement in the Savannah
Herald containing fun particulars every Saturday
morning. jy6 staw3m
jyjTTCHEL & SMITHS.
GENERAL COMMISSION MERCHANTS.
Dealers in Sheeting, Shirting, Osnaburgs, Yarns,
Rope, Bagging, Manufactured and Smoking Tobacco,
Particular attention given to the Purchase, Sale and
Shipment of COTTON. *
Ralston’s Granite Range, —Turat) Range,
Rkferenors.—Erwin ijfc Hardee, Claghom & Cun
ningham, Savannah; L. G. Bowers, S. M. Farrar, Cos
lomous; E. B. l.ong& Cos., L. B, Duvis, Augusta; r
P. I‘easc. V. A. Gftskill, AUanta. ja2S.lm
Oi best quality, 60X6S per lineal yard.
For sale by
5u19 Cm POWLE A CO.
The paper above named is published at Hilton Head
S. C., by M. J. McKenna,
It is designed by the Publisher to make an Interest
ing and Instructive Paper, not only for
SICK AND WOUNDED SOLDIERS,
bat a WELCOME WEEKLY VISITOR |o all residents
of Hilton Head.
It will contain Original LOCAL NEWS, a summary
NORTHERN NEWS, and carefully Selected MIS
CELLANEOUS ITEMS. , j3 - tf
AND ATTORNEY FOR CLAIMS, i
No. 247 F Street, Between 13tu and 14th Stbeets.
(Near Pay Department,!
WASHINGTON, D. C .
QRIFPING, BROTHER * CO., Pbopeietoks,
•' 6$ AND CO COUBTLAND STREET.
new y o r - k , -
Manufacturers of Plows, Harrows, Cultivators, Cot
ton Sweeps, Corn'Mills, Cotton Gins, Ac..
Every implement wanted by the Planter, Also,
dealers in Field and Garden Seeds. Also, Agents for
Bruce’s Concentrated Manure, Bone, Ac.-
Send for circular. jußo 3m
SAVANNAH, GA., WEDNESDAY, JULY Id, 1865.
C NORVELL t CO."
(Cor. Bull and Bay Streets,)
ARE CLOSING OUT THE BALANCE
, or TUEIB
IMMENSE SUMMER STOCK,
AT * '
NEW YORK COST.
Jyll 2w *
wholesale and retail nCalebs in
SUTLERS’ AND NAVAL STORES, DRY GOODS,
BOOTS AND SHOES, HATS AND CAPS,
Gentlemen’s Fcbnisuino Goods, &c.,
No. 5 Merchants’ Row, Hilton Head, S. C.,
w. o. BIDPKI.L. . fju!3-tf] n. J. MUBDOOK.
r JX) THE CITIZENS OF GEORGIA
The termination of a sanguinary contest, which foi
the past four years has presented an impassable barrier
to all social or commercial mtei course between the
two great sections of our country, haling 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 auspicious 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 the great pub
lic calamity to which I have adverted.
It is scarcely necessary, on the threshold of a busi
ness re-union, 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, Brandies, Holland
Gin, Liquors, &c., have been equally destructive to
the health of our citizens and prejudicial to the interest
of the legitimate Importer.
Many years of my past life have been expended in
an open and candid attempt to expose these wholesale
frauds; no time nor expense has been spared to ac
complish this salutary purpose, 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 yearn’ business transactions with the
largest and most respectable exporting houses in
France and Great Britain have afforded me unsurpass
ed facilities for supplying our home market with
Wines, Liquors, and Liquers of the best and most ap
proved brands in Europe, in addition to my own dis
tillery in Holland for the manufacture of the “Schie
The latter, so long tested and approved by the med
ical Faculties of the United States, West Indies and
South America as an invaluable Therapeutic, a whole
some, pleasant, and perfectly safe beverage in all cli
mates and during all Reasons, quickly excited the cu
pidity of the home manufacturers and venders of a
spurious article uuder thasame name.
I trust that 1 have, after much toil aud expense, sur
rounded all my importations with safeguards and di
rections which with ordinary circumspection will In
sure their delivery, as 1 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, &c.,
in wood, I have a considerable supply of old tried for
eign wines, 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 thltillment of their favors from the present
large and well selected assortment.
ju23 lm 22 Beaver street, New York.
QHARLKS L. COLBY A CO.
SHIPPING, COMMISSION AND FORWARDING
JONES BLOCK, CORNER BAY AND . ABEKOOBN STREETS,
LIBERAL CASH ADVANCES
Made on Consignments to the firm of Coab. L. Colby,
of New York, or to onr friends in Boston.
MAUDE A WRIGHT, Agents at Augusta, Ga.
Messrs. Dabney, Morgan A Cos., New York.
Jarirs Slade, Esq., New York.
Hon. J. Wiley Edmonds, Boston.
Gardner Colby, Esq., Boston. * Jelß—tf
J^E YNOLDS, t PKATi A CO.,
(Established in 1770.!
Manufacturers, Importers and Wholesale Dealer
OILS AND VARNISHES,
ARTISTS’ AND PAINTERS’ MATERIALS,
PETROLEUM AND ITS PRODUCTS,
Nos. 100 and 108 Fulton St.,
ju22 lm NEW YORK.
GRIFFIN A CO.
W. B. Griffin, J. C. Millnrr, F. Plumb.
AUCTION AND COMMISSION MERCHANTS,
Will give prompt attention to all consignments and
make liberal advances when desired. j u26-l m
nro SHIPPERS OF COT ION AND OTHER
A SOUTHERN PRODUCE.
FENNER, BENNETT A BOWMAN,
Successors to Hotchkiss, Fenner A Bennett.
No. 40 Vesey Street, a.RW York.
And Memphis, Tenn,
Thomas Fenner, Henry Bennett, D. W. Bowman.
W r - '
SIXTY BALES HAY, ’
Landing from Steamship America. For sale by
jyfi-tf BRIGHHM, BALDWIN * CO,
STOVES 11 STOySB.HI - T —.
Large and small, for Restaurants and Families. ,
All kinds of HOLLOW WARE and Cooahig Uten
sils. Planters’ HOES, wholesale and retail, by
G. THOMPSON A QO.,
jll-lmo Beaufort, S. C.
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 oar goods are of the first quality,
fresh and direct fromManofacturers.
We solicit the attention of purchasers to our goods
SAVILLB & LEACH.
Comer Bryan street and Market sqs are,
Timber Cutter’s Bank,
MERCHANTS’ ROW, HILTON HEAD, S. C.
gAVILLE A LEACH,
BOOKSELLERS AND STATIONERS.
HILTON HEAD, -S . C. ,
COKNXB BBYAN SCBEET AND MABEXT SQUARE,
gEA ISLAND HOTEL.
OPEN TO THE PUBLIC,
, TUESDAY, JUNE 20th, ISCS.
This new Hotel, situated on the most 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 ail 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 that tho most fastidious can desire.
Billiard Rooms and Sea Bathing houses will soon be
in readiness for guests. ju23 ts
pORT ROYAL HOUSE,
HILTON HEAD, S. C.
RIDDELL A RUGG, Pboprietokb.
E. S. RIDDELL, . M. F. BtlOO.
BARTELS * Pbop*i*tob».
J. O. BARTELS. ~ JS. 8. RIDDELL.
ZZZ. M Trill I." 1 JUm i l'BSg’», l ’ l^lWlH1 "lBTg!g
HOGG 4 CO.,
WHOLESALE AND GENERAL COMMISSION
Having removed to store formerly occupied by
Stark, Alexander A Clark. Bay street, second door
west of Barnard, offer to the trade the following arti
-300 bbls Whiskey,
500 bbls Extra Family Flour,
35 sacks .Salt,
125 kegs Lard,
20 bbls White Beans
75 kits Mess Shad,
20 bbls Labrador Herring,
25 tierces Canvassed Beef,
50 hhds Lime,
50 bbls and half bbls No. t and 2 Mackerel.
J£IRLIN A KIENZLE.
WHOLESALE AND RETAIL DEALERS
ALES, WINES AND LAGER BIER.
165 BAY STREET,
__ ju2l H
M TLITARY clothing.
HATS AND CAPS,
BOOTS AND SHOES, Ac.,
H. A. TOPHAM’S,
NO. 138 CONGRESS BTRHET.
This Store is well stocked with a superior quality of
goods, which will be sold remarkably cheap, as the
P oDrietor wishes to make room for anew assort
SHIPPING AND COMMISSION MERCHANT,
So 17 Broadway, Sew York.
Liberal advances on Shipments to above Consign
ment, made by & GAMMELL,
Agents Pioneer Line Steamships,
84 Bay Street, Savannah.
Reference in New York—
Messrs, Spofpord, Tilesion A Cos.
I would inform the public that 1 have resumad the
practice of >
In this city, at my old stand, corner of SL Julien and
Barnard Btreets, (entrance Broyn’s Photograph Gal
lery,! where I am prepared to perform all operations
pertaining to my profession.
irll-lmo W. JOHNSON, D. D. S._
XTIKGINTa TOBACCO AGENCY.
" GEORGE R. CRUMP A CO.,
20» Broad Stbiet, Augusta, Ga.
Have on hand a large and well selected stock of
Manufactured and Smoking Tobacco.
Samples sent by Express when desired. 3m Ju2o
•COMMISSION AND PI tODUCE MERCHANT. ,
Strict attention given to < .11 Consignments.
Corner Brousmton ah and Jefterson Strekbs.
THE NATIONAL BANKS.
The views we have presented relate to
only one feature of the act organizing a sys
tem of National Banks, to wit, that limiting
the issueof notes to three hundred millions
of dollars. We have shown, on the ground
both of theory and experienoe, that it is
founded on the mere dogma of anew school
of political economists, namely, that the quan
tity of paper money should be equal, neither
more nor less, to the quantity of coin for
w T hich it is a substitute, restricting the term
currency to bank notes, to the exclusion of
all other forms of credit. That provision of
the act organizing National Banks which
limits the aggregate issue to three hundred
millions of dollars is assimilated to the re
striction imposed on the Bank of England by
the act ot 1844, prohibiting the issue of more
than £14,000,000, unless for every pound of
the issues of the bank there is a pound of
gold in its coffers.
As regards experience, the impolicy of re
stricting the issues of banks within an arbi
trary principle has beer evinced throughout
the whole course of the Bank of England,
but more particularly since the change of it's
charter in 1844. We have pointed out some
signal instances of fluctuation in the rates
of discount, due exclusively to the action of
that institution, leading, in the first place, by
the reduction of the rate of discount, to ex
citement and speculation; and subsequently,
by the no less sudden elevation of the rate, to
reaction, panic, disaster, and even to wide
spread commercial bankruptcy.
A similar restriction would be peculiarly
injudicious ou our part. The United States,
from the necessities of their position, are
borrowers of European capital to a large ex
tent. The higher rate of profit, and, conse
quently, the higher rate of interest, in this
country, with the superabundance of British
capital, hold out strong inducements for its
transfer to this side of the Atlantic. These
are the commercial reasons for its emigration.
The political inducements are no less impera
tive. This has been strikingly exemplified
during the present war. We have borrowed,
it is estimated, from six to eight hundred
millions in Europe to defray, .in part, ift ex
penses. If we have taken on loan five hun
dred millions, the interest of this sum at six
per cent, per aunum is thirty-six millions of
dollars, payable semi-annually. Let us sup
pose the necessity should occur for re
mitting this amount for the pajftngnt-of in-,
terest during a money pressure in the United
How should we tide over a difficulty of
that kind during an efflux of gold while the
National banks were limited in their issues?
How could the merchants receive their usual
accommodation under such a restriction and
pressure ? How could merchantile engage
ments be met with an unfavorable foreign
exchange, and an of specie ? Unless
the Banks are permitted to enlarge their is
sues, in some proportion to their loss of gold,
and the general contraction of credit—wide
spread distress must ensue, commencing
with the trading classes and terminating
with the productive classes generally. It re
quires no father argument to show the im
policy, and even danger, of placiug the is
sue of our banks under restriction.
The sth section ot the act for forming
Banking Associations is ill these words
That Associations for carrying on the busi
ness of Banking may be formed by any num
ber of persons, not less in any case than
five." Why this restriction ? Why should
there be a distinction between Banking co
partnerships in which the public i9 protected
from loss ? Numerous partners are ’ a better
security to the community than any number
less than five, in the absence of the principle
of unlimited liability. In the 12th section
the share holder is made liable to. twice the
amount of his shares. This is a compromise
between the principle of unlimited liability
and liability to the amount of the shares
held for all the debts of the association. It
is a departure from the latter, (limited lia
bility) which was the universal practice of
our banks. If restriction was at all
necessary, we have struck the juste milieu.
We, however, question its policy. Many
more insolvencies have taken place in En
gland among the joint stock banks than
among single bankers or banks with five or
less partners. The London bankers, indi
vidually and collectively, unite with great
skill and experience very large capitals. So
with the Bill brokers. ’
It might be a wise pohey to preclude the
formation Jof partnerships with the pri
vilege of issuing paper money, but this ob
jection cannot apply to Deposit banks.
It seems to be a hardship that individuals
should be deprived of the privilege of form
ing Banks of Deposit, under this stringent
regulation. Such banks are useful to the
public. They are not only convenient as de
positaries, but are competitors in the loan of
capital, while they occasionally allow an in
terest on deposits, affording by that means a
species of- savings banks for sums too small
to find their way into those institutions
I which gather op the savings of the more
PRICE. 5 CENTS
humble classes of society. We are unable to
comprehend the policy of this restriction.
The 13ih section providing that no increase
of capital shall take place unless paid in,
constitutes a necessary safeguard.
Again, the practice is too common in the
United States of forming the capita] of banka
by paying the instalments from the proceeds
of discounted paper in the same banks.
Sections 37 and 39 provide “that none of
the associations shall take as security for any
loan or discount a lien upon any part of their
capital stock, but the same security, both in
kind and amount, shall be required of share
holders as of other persons.”
And, “that no association shall, either di
rectly or indirectly, pledge or hypothecate
any ot its notes of circulation for the pur
pose of procuring money.”
These sections will preclude some of the
most nefarious practices of banking. They
will prove salutary checks.
Sec. 46. Provides “that every association
may take, reserve, receive and charge on any
loan, or discount made, or upon any note,
bill of exchange or other evidence of debt,
such rate of interest or discount as is for the
time the established rate of interest for delay
in the payment of money, in the absence of
contract between the parties by the laws of
the several States in which the associations
are respectively located and no more,”
This section interposes no restraint, but
what the laws of the respective States impose,
leaving the rate of interest to find its level,
following the law of demand and supply tor
money or loanable capital, according to its
local scarcity or abundance.. If money is
worth 10 per cent, in Louisiana and 4 per •
cent in New York, this is its natural price
in their respective localities. If the State im
poses a legal rate iu conformity with the
market rate, it is the result of an inequality
similar to what prevails when money,is
worth 5, 6 or 7 per cent, in the United States
and onlyji or 4 per cent, in England.
But there is a restriction in the same sec
tion to the following effect,” butthe purchase
disconnt or sale @f a bill of exchange, drawn
on actually existing values and payable at
another place than the place of such pur
chase, discount or sale, at the current dis
count or premium, shall not be considered as
taking, reserving or charging interest.”
Whether the latter part of this clause is in
tended to prevent the taking of exorbitant in- :
terest unifr the dftfuestic exchange
we know,not, the \yoidiug%eiug indefinite’ ,
but it has been a*omplaint' of those who
have sought accommodation at our banks,
that their paper has been thrown out in the
form of a promissory note, which has been
discounted in the form of a draft paying 11-2
to 3 per cent, a month for money that was
not worth more than 7 per cent, per annum.
If any abuse in banking merited correction,
it was this exaction.
Many of these regulations are alipest too
minute to be embraced in a general law, and
are the proper province of bank administra
tion. There is, however, one of the sections
of too general interest to be passed over in
silence. We allude to that giving authority
to the Secretary of the Treasury “whenever,
in his judgment, the public interest may be
promoted thereby to employ any of such
associations doing business under this act a3
depositaries of the public money, except re
ceipts from customs.” This is an authority t
that should not be reposed in the chief fiscal
officer of the government. It was the source
of much trouble during Mr. Van Buren’s ad
ministration. We are far from chaiging, in
anticipation, with a limited abuse those who
are entrusted with our financial affairs, but
the temptation is too strong to convert to po
litical purposes the favoritism of banks.
There is no principle that should be held to a
more strict observance in this country than
the separation of its political affairs from the
administration of its banks. It was to com
plete this separation that the Independent
Treasury was established.
We have thus gone through the different
sections of the act as minutely as onr limits
would permit, indicating those imperfections
which have been the result of haste in legis
lation, according to the lights of our own
knowledge of the subject. We have com
pared, with some care and labor, the consti
tution of the Bank of Englaud, with its re
cent modifications, with the system of Na
tional banks as organized by the Congress of
1863, as throwing much light on the subject
of currency and banking. %*
Hotel Gossip. —The belief is gaining
ground he r e that President Johnson will re
commend to the next Congress in his first
message that unless the Slates adopt meas
ures or embody in their new constitutions
provisions for universal suffrage, that they
shoujd not be admitted, and that in deter
mining qualifications of members from South
ern States the ensuing Congress will require
in respect to all classes in the South, a rigid
endorsement of all changes which have ren
dered existing laws and proclamations neces
sary.— Washington Cor. N. Y. Herald.
—An exchange comes to us with the no
tice thai “Truth” is crowded out of this is
sue. This is almost as bad as the up-coun
try editor who said: “For the evil effects of
intoxicating drink, see our inside.”