Below is the OCR text representation for this newspapers page.

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, terms: Per Copy Five Cents. Per Hundred ....$3 50. Per Year *lO 00. advebtibimu: 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. |nsur ante. jyj-ARINE INSURANCE AT LOW RATES! COLUMBIAN INSURANCE COMP'Y or NEW YORK River Rises os Favorable Teems. * CASH CAPITAL $3,600,000. i 1 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. PURELY MUTUAL. This is one of the oldest and best Companies in America. j . Policies on Lives for Jany amount up to $15,000 are taken by them. . . . „ . The Policies of tMlIe Companies were not cancelled during the war until heard from—a fact which shews their'Sealing and determination to be just and honor able in all cases. Apply to j U 27 A, WILBUR, Agent._ BURKE, A BRO., WHOLESALE DEALERS IK ALES, WINES AND LIQUORS, CoBNEB WII IT A BEK StBKKT AND BaV LaNE, ORDERS PROMPTLY FILLED AND DELIVERED. ju2l ; it rjniK NEW SKIRT FOR 1805. “ BRADLEY’S DUPLEX ELLIPTIC.’’ A wonderfffl invention for ladies. Unquestionably superior to all others. , „ . Don’t fail to read the advertisement in the Savannah Herald containing fun particulars every Saturday morning. jy6 staw3m jyjTTCHEL & SMITHS. GENERAL COMMISSION MERCHANTS. Dealers in Sheeting, Shirting, Osnaburgs, Yarns, Rope, Bagging, Manufactured and Smoking Tobacco, &c., &c. Particular attention given to the Purchase, Sale and Shipment of COTTON. * Ralston’s Granite Range, —Turat) Range, MACON, GA. Rkferenors.—Erwin ijfc Hardee, Claghom & Cun ningham, Savannah; L. G. Bowers, S. M. Farrar, Cos lomous; E. B. l.ong& Cos., L. B, Duvis, Augusta; r P. I‘easc. V. A. Gftskill, AUanta. ja2S.lm 3500 TONS OF— English rails, i?» Oi best quality, 60X6S per lineal yard. For sale by 5u19 Cm POWLE A CO. HOSPITAL TRANSCRIPT.” The paper above named is published at Hilton Head S. C., by M. J. McKenna, It is designed by the Publisher to make an Interest ing and Instructive Paper, not only for SICK AND WOUNDED SOLDIERS, bat a WELCOME WEEKLY VISITOR |o all residents of Hilton Head. It will contain Original LOCAL NEWS, a summary NORTHERN NEWS, and carefully Selected MIS CELLANEOUS ITEMS. , j3 - tf general agent AND ATTORNEY FOR CLAIMS, i No. 247 F Street, Between 13tu and 14th Stbeets. (Near Pay Department,! WASHINGTON, D. C . ORTTTRIVEirAGKICULTRAL’WORKS. QRIFPING, BROTHER * CO., Pbopeietoks, •' 6$ 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. attb 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 * A MURDOCK, 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 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 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. UDOLPHO WOLFE, ju23 lm 22 Beaver street, New York. QHARLKS L. COLBY A CO. SHIPPING, COMMISSION AND FORWARDING MERCHANTS. JONES BLOCK, CORNER BAY AND . ABEKOOBN STREETS, SAVANNAH, GA. 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. REFERENCES^ 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 IN WHITE LEAD. ZINC WHITE, COLORED PAINTS, 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, AUGUSTA, GA. 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. COMMISSION MERCHANTS, No. 40 Vesey Street, a.RW York. And Memphis, Tenn, Thomas Fenner, Henry Bennett, D. W. Bowman. jyt! 0m 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. Stationers, STATIONERY. ■ . 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 and prices. SAVILLB & LEACH. Comer Bryan street and Market sqs are, Timber Cutter’s Bank, Savannah, Ga., AND—, MERCHANTS’ ROW, HILTON HEAD, S. C. jyi ts gAVILLE A LEACH, BOOKSELLERS AND STATIONERS. MERCHANTS’ ROW HILTON HEAD, -S . C. , —AND— COKNXB BBYAN SCBEET AND MABEXT SQUARE, SAVANNAH, GA may3o ts 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. ju3-tf pULASKI HOUSE, SAVANN4& GA. BARTELS * Pbop*i*tob». J. O. BARTELS. ~ JS. 8. RIDDELL. juis-tf ZZZ. M Trill I." 1 JUm i l'BSg’», l ’ l^lWlH1 "lBTg!g HOGG 4 CO., WHOLESALE AND GENERAL COMMISSION MERCHANTS. 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. jy!44> J£IRLIN A KIENZLE. WHOLESALE AND RETAIL DEALERS IN ALES, WINES AND LAGER BIER. OUR HOUSE, 165 BAY STREET, __ ju2l H M TLITARY clothing. FURNISHING GOODS, HATS AND CAPS, BOOTS AND SHOES, Ac., AT 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 ment, L. JONES, 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. may2o 3mo jQENTAL NOTICE. I would inform the public that 1 have resumad the practice of > dentistry 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 JOHN MeMAHON] •COMMISSION AND PI tODUCE MERCHANT. , Strict attention given to < .11 Consignments. Corner Brousmton ah and Jefterson Strekbs. juSO lm 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 States. 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.”