Newspaper Page Text
DAILY TIMES.
J. W. W4RHGV, - - - Editor.
COLUMRUS:
Friday Mornin*. January 20, 186*.
SKETCH OF SPEECH OF U. W. C. RIVES,
OF VIRGINIA,
In the House of Representatives on the Currency
Bid, Dee. 19 th, 18C4.
Mr. Rives said be desired to express, with
all possitye brevity, a few general thoughts on
the important bill before the House. He
should not, iudeed, in the feeble state of his
health* have attempted to occupy the attention
of the House at all but for the deep conviction
he felt that no question i,-: more vitally con
nected with the success of the great struggle
in which we are engaged than that now pre
Rented for decision. Ail their efforts to go
forward with the sacred contest for the liber
ties and independence of the country must be
struck with paralysis in advance, if something \
tie not done, ami promptly an 1 efficiently done,
to res!ore value to the currency. Thanks to
the noble spirit of patriotism and devotion j
which animates our array of citizen, soldiers, !
we can find meu to offer up their lives in de
fense of their eoun fy without pfy ; for the
pittance they receive does not deserve the name
of pay, and certainly foirns no part of the
hallowed inducement of their gallant and pat
riotic services. But to rendei these services J
efficient in the field, the army must be fed and
clothed and armed. These co3tly and indis
pensable supplies are to be obtained only with
money or its representative. The enoruio is
prices now given for them in a 'depreciated
and still depreciating currency, must surpass
the ability of any country, however wealthy
and prosperous, to bear. Nor is this all. Un
less we have some medium of real value to
offer in exchange for them, these supplies will
10 longer be produced in the quantities neces
sary for the want3 of the army. We have all
seen how much the practice of impressment
has discouraged production throughout the
country. If to this be added a progressive
and unlimited depreciation in the value of the
currency, which forms the sole medium of
payment, the effect on production must be ru
inous and fatal. The great, the crying, the
supreme necessity of our situation, therefore,
is n reform of the currency. It is that without
which everything else will be worse than use
less. Unless the evii be remedied by volunta
ry and timely and judicious action on the part
of the Government, it will, in the expressive
language of the Secretary of the Treasury,
infallibly rectify itself by a violent and dis
astrous convulsion,’ involving the whole sys
tem of our national existence, our liberties,
our independence, our properties, our all, in
one wide and irretrievable ruin.
The great practical inquiry, then, is, by
what means this vital reformation of the cur
rency is to bo effected ? The reduction of its
amount, the fixation of a maximum limit which
it shall, in no event, be permitted to trans
cend, are undoubtedly essential and obvious
conditions of any plan of reform. But these
alone are not sufficient. The chief desidera
tum is to rc-inspire public confidence in the
ultimate payment of the notes of the govern
ment which now form the actual currency of
the country. And here wa3 the unfortunate
mistake of our predecessors, the late Con
gress, whose boldness and energy and wisdom
in other respects, especially in the magnanim
ous resolution with which they called forth
the resources of ihe country, at a most exigent
moment, by the salutary vigor of the conscrip
tion and tax laws, have justly won for them
the gratitude and applause of the country.
To those great acts of courageous patriotism,
Mr. Rives said he had rendered, and would
always render, the homage of his sincere and
unqualified admiration.
But, in acting on the delicate and difficult
question of the currency, they seem to have
relied on too exclusive an application of the
ordinary law of commercial value, which res
peets the relation of demand and supply ; and,
in their eagerness to reduce the value of cir
culation, inflicted a serious blow on the public,
credit by summarily discarding aud striking out
of existence, without payment, one-third of
the obligations of the government existing in
the form of outstanding treasury notes. The
consequence has been that, notwithstanding
the large reduction in the amount of the notes
in circulation, the depreciation of their current
value has continued, and even increased, and
is still iucreasing. Such is the inevitable et
fect upon the public eredit of any departure
from plighted faith of the government,
however specious the arguments which may
be adduced to justify or excuse it.
Mr. Rives said lie did not wish to be under
stood as visiting with the harshuesa of re
proach what he had always regarded, and
could not still but regard, as an unfortunate
error of the late Congress. He well knew the
extreme uncertainty of all speculations a pri
ori with respect to questions ot tills character,
and the impossibility ot auplyitig to them any
infallible criterion of truth. It was the re
mark of a great writer—one who, by his early
speculations oa subjects of that sort, may be
said to have laid the foundation of the mod
ern science of political economy that in
questions of fade and finance, reasonings a
priori , especially when they are refined and
embrace a long chain of consequences, are
apt to lead to false conclusions in practice.
41 Something,” he says, “is sure to happen
which will disconcert such reasonings, and
produce an fcvout different from what was ex
pected.”*
Bearing in mind this inherent liability to
error in dealing with questions so intricate
and complex, Mr. Rires said he was far from
animadverting in any censorious spirit, on the
action of the late Congress, which had, at the
time, the sanction of some of the most en
lightened opinions of the Confederacy. It
whs his firm co viction, however, then as well
a*s now, that very injurious consequences must
follow any attempt to scale the notes
of th •Moverumcut. He had not the honor
then of being a member of Congress, but be
ing in communication, either personally or by
letter, with several leading members pf tbe
body, he took the liberty of freely and earn
estly expressing to them bis opinions, for the
little they were worth, iu opposition to the
contemplated measure. The honorable gen
tleman from tiouih Carolina (Mr. Bovoe) who
waß the chairman of the committee raised on
t hat occasion, may, perhaps, recollect that he
bad taken the liberty pf writing to him ou the
subject; am* another honorable gentleman,
Oonrad, of Louisiana,) may also, proba
bly, recall th earnestness with which he had
stated his objections to the measure in a con
versation with him at the house of a common
friend in this city.
Mr. Rives said he laid no claim to any pe
culiar sagacity in these opinions. It had been
his lot to be engaged, for some time past, in
historical inquiries connecttd with an early
period ot the Government of this country,
both before and after the adoption of the
Constitution of 1788. And it was impossible
for auy one, who had been occupied in resear
ches of that kind, not to be deeply impressed
on the one hand with the ruinous ud disas-
irous effects which had attended a disregard
of the public faith in financial matters previ- !
ous to the era of constitutional reform, and, {
on the other, with the magical return of pros j
perity and the instantaneous revival of public !
and private credit, which followed a punctili
ous compliance with the national engagements
after the adoption of the Constitution. He
was quite sure that any ether member ot the
body, whose tertune it might have been to be
engaged in tut- same line of political investU
gations, would have derived from them the
same impressions and embraced the same con
clusions.
So it was, however, that Iti the exigency of
a great crisis, and with the most patriotic in
tentions. don'.. !. s, the late Congress, with a
view to a more rapid reduction ot the curren
cy, by whim means, they persuaded them
selves, iuere.i. ; and vaiue would be given to what
was left iu circulation, set the example of ex
*Humc's.Philosophical and Political Essays,
wi'tiout payment, or in other
words, repudiating on>- tnird ot rue circulat
ing notes of the Government then nutviaiid
i ing. This gnve so rude a shock 'o the public
! confidence, and excited so much distrust as to
the redemption ot any portion of the circula
tion, that the depreciation has gone on increa
sing hand in baud with the reduction of the
amount.
The remedy plainly indicated by this state
of things is, by some means or other, to re
store public confidence in the ultimate pay
ment of the notes yet in circulation. After
what has happened, this cannot be done by
any general legislative declaration, or by a
mere didactic pledge of the public faith.—
j There must be some specific, practical, tangi
ble security given for the redemption of ihe
notes. The Secretary of the Treasury propo
ses, and the Committee of Ways and Means
have reported the bill on your table, to set
apart for this purpose the tithes now received
by the Government of the three great staf les
of cotton, corn and wheat; to continue the
collection of those tithes after the war until
the whole of the treasury notes in circulation
shall have Teen redeemed with them: and, in
the meantime, to allow the holders of Treasu
ry notes to exchange their note? for certifi- i
cates entitling them toTeeeive payment in the !
tithes so set apart, in certain specified propor
tions of each, and at certain designated peri- |
ods—the said certificates to bear an interest
of six per cent., to be made assignable, and
at the option of the holder, receivable in lieu
of the corresponding taxes in kind to which
be may be subject. To the fulfillment of a!!
these provisions, the faith of the Confederacy
is solemnly and immutably pledged by the
bill.
It would be an act of temerity on his part,
after what he had already saidas to the inher
ent uncertainty of all speculations beforehand
on subjects of this sort, to express a very con
fident opinion as to the efficacy of the propos
ed measures in imparting a stable value to tbe
existing currency. He could not, however,
but entertain strong hopes of a large measure
of success from it. Th.e Secretary of the
Treasury, who has been extensively and prac
tically conversant with questions of this char
acter, tells us that “after tbe most careful in
vestigation, " he firmly believes “ a sure appre
ciation of the currency may be confidently
expected from it.” It has received the favor
able and unanimous judgment of the Commit
tee on Finance, and it is a remarkable circum
stance that in the discussion which has taken
place in this House down to the present time,
the opponents of the measure, with a single
exception, have objected to it as giving to the
currency a value even beyond the specie stan
dard.
That, Mr. Rives said, was not among his
fears. He hoped for asensible approximation
to the generally acknowledged standard of
exchangeable value, but he certainly appre
hended no transgression beyond it. The meas
ure was iti the right direction; it proceeded
upon a right principle—a faithful and honest
effort to keep the public engagements ; and. it
might yet be touud that a country of great
national wealth and resources, in the con
strained absence of the precious metals, would
be able, by a strict adherence to the obliga
tions of good faith and integrity, to found a
stable Currency for its own uses upon the
pledge of the annual produce of its soil and
industry, for which there is an universal and
constant demand. It might say to itt* credit
ors, alter a great and holy example, “silver
and gold have I none, but such as I have give
I thee. ”
It is objected, however, that, admitting tho
appreciation of the currency to be the proba
ble consequence of the measure now proposed,
that appreciation would not enure to the ben
efit of the Government, or of the more merito
rious classes of the community, but would fall
to the lot of the speculator and large capital
ist. This, Mr. Rives said, was u ldoubtedly a
great mistake. The Government, from the
receipt of taxes and the proceeds of the public
loans, was much the largest holder of Treasu
ry notes, and also the largest purchaser in the
market of supplies of various kinds, needed
for the army. In both capacities, it would
receive by far tae largest benefit from the ap
preciation ot the currency, and the corres*
ponding fall of prices.
At the §ana? time, all tbe nrddliug classes
of society—the small farmers and mechanics
who live oa the wages of their skill and indus
try, and are compelled to keep their hard and
honest earnings in tbe currency of the day by
them in order to supply their daily wants—
the soldier and his family, who receive in
Treasury' notes their small pittance, the price
of the blood so lavishly poured out for the
defence of the country—all these numerous
and most meritorious classes of society would
be partakers with the Government in the ben
efits resulting from au appreciation of the cur
rency and the fall of prices. The speculator
and capitalist, who hasten to invest their cur
rent funds as fast as they r receive them, in the
purchase of other property, either for an ex
pected profit or for greater security—these are
the classes least interested in the measure be
fore us ; and from some of them, we some
times hear the raven cry of tbe distress, as
they call it, which would follow the sudden
and rapid a fall of prices !
But even if all this were otherwise, and
some of the classes, who are held up to pub
lic odium, were to be benefited by it, it would
form no just or solid objection to the measure.
The true principle of public morality and ol
an enlightened public policy is that the Gov
ernment should faithfully perform its engage
ments, no matter who gains or who loses. On
this subject we may derive a lessou of great
moment, from tbe conduct and example of the
wise and virtuous men who administered the
government of the Union in its earliest, and
perhaps, brightest period—when Washington
was President, Jefferson Secretary of State,
Hamilton Secretary of the Treasury, and Mad
ison and Richard Henry Lee, with their illus
trious compeers from other States, leaders in
the one and other brauch of Congress. The
certificates of the debt of the Revolution,
which survived the general wreck of the Con
tinental paper money,and which, at the period
of the adoption of the Constitution, amounted
to from eighty to a hundred millions of dol
lars—then a very large sum compared with
the population and undeveloped resources of
the country—had greatly depreciated from the
failure of every effort to provide for them un
der the articles of confederation, and had been
bought up, for the most part, by speculators
at the rate of three or four shillings in the
pound.
One of the first and most deiusaie questions
which arose after the adoption of the consti
tution was, what was to be done with regard
to the liquidation of this debt. There were
those who contended that, as the debt was
then mainly held by speculators who had ac
quired it for a sixth or seventh of its nomilial
value, it ought not to be paid to them in full.
But Congress, by an overwhelming majority,
aud with the hearty approval of Washington
and his cabinet, determined that it should be
paid to the holder, dollar for dollar. The on
ly notable difference of opinion that arose was
upon a proposition of Mr. Madison, who held
that the government was bound to pay and
ought to pay every dollar borne on the face of
the certificates, but, where practicable, the
payment, he thought, should be divided be
tween the original holder and meritorious
earner of tho certificate, and the subsequent
purchaser —the latter to be allowed the high- '
est price paid in the market for the public !
securities, and the residue of the sum due to
be paid to the original creditor. Notwith
standing the benevolent and persuasive con
siderations which recommended the proposi
| tion, and the rare eloquence with which it
: was enforced by the mover, it w.is rejected
j by the vote of a large majority, and the whole
j amount of the cert ideates was paid, dollar tor
dollar, to the actual holder, on whatever
terms he may have become possessed of them.
It is instructive to look back to the abie re
port of the Secretary of the Treasury of that
day, to see by what sort of arguments he en- i
foru'd upon Congress the full redemption of i
the national iiatnlines, notwithstanding their
great depreciation iu the market. First and
foremost was the obligation of public honor
—the sanctify of the national faith. But the
Secretary was too much of a practical states
man to leave the appeal there. He invoked
also, au enlightened political expediency by
an'icipa.ing the time hTi. u the i.«• w Govern
ment would ba«e ocra-iou to riini.stv' ftirt.'ier
loans, or to nixKe purctia-es ttimu cr«- tit, an I
showed how much it wou and gifn in the more
favorable terms on which alt such transactions
could be n»-g itiated in th- future, if tney wet
then the example ot a scrupulous and unblem
ished fa th in the fu fihuent of#the national
engagement?. These were high and enlight
ened considerations ; hut they were of au ab
! stract character, looking back to the past or
j forward to the future. Tne great struggle for
national existence was terminated, and
1 crowned with success. VYe are now in the
| rmdst of that struggle, and i'B success vitally
dtpeuds. as I have already endeavored to show,
ou the wisdom and success of the measures
we may adopt for giving confidence and value
to the currency—the instrument by which all
the operations of the war are to be carried on
and supported.
Tnis bil! is, indeed, as much a war meas
ure as any bill which may be reported by
your Military Com ini'tee for recruiiing the
rauk an i file of the army. The effective prose
cution of the war as much depends upon it
Hence it was that in the stirring and tuble
appeal? which, from time to time, were sent
out by.our Revolutionary lathers, under cir
cutn stances sitni.ar to tbo-e in which we are
now placed, the people and the States were
constancy ex or e i to t ike measures forcor
rec'ing the a- pr-oiation#f the currency in the
same breath ;*ud with the same degree of'ur
g'Miry that they were called on to bring more
meu iDto the field. Listen to the solemn and
impressive* language used by a committee of
the old Cos consisting of those venera
ble patriots, Dickinson, of Delaware ; Dray
ton, of .South Carolina ; and Duane, of New
York; in an address to the States in May,
1779.
“Though it is manifest,” say they, “that,
moderate taxa ion in time of peace will re
cover the credit of your currency, yet the en
couragement which your enemies derive from
its depreciation, and the present exigencies,
demand your great and speedy exertions. *
* w Fill up your battalions; be prepared,
in every part, to repel the incursions of your
enemies; place your several quotas in the
Continental Treasury; lend money for the
public U6es ; sink the emission?of your re
spective States,”
And these apostolic men of the. revolution
enforced their exhortations by laying down
this immutable precept of public justice and
morality : “On this subject we will only add
that, as the rules of justice are most pleasing
to our infinitely good and gracious Creator,
and an observance of them most likely to ob
tain His favor, so they will ever be found the
best and safest maxims of human policy.”
Only five months later, in September, 1779,
the Congress of the Revolution directed ano
ther address to the States, to be drawn up by
their distinguished President, John Jay ; and
in that imposing document—the most impos
ing, perhaps, that ever proceeded from the
pen of its illustrious author—we find the same
impressive appeal to the enlightened patriot-*
ism and honor of the nation to re-establish
the credit of their currency, going hand in
hand with a call for additional troops. Here
is the eloquent, and almost inspired language
held by the Congress of that day through its
President:
“ Provide, therefore, for continuing your ar
mies in the field till victory and peace shall
lead them home; and avoid the reproach of
permitting the currency to depreciate in your
hands, when, by yielding a part to taxes and
loa.ns, the whole might have been appreciated
aud preserved. * * * Determine to finish
the contest as you began it, honestly and glo
riously. Let it never be said that America
had no sooner become independent than she
became insolvent; or that her infant glories
and growing fame were obscured and tarnish
ed by broken contracts and violated faith, in
the very hour when all the nations of the
earth were admiiiug, and almost adoring the
splendor of her rising.”
These grand and noble papers, with the so
lemnity of a voice from the tomb, trace out the
duties now incumbent upon us as plainly and
exactly as they were written for and specially
addressed to us. And here, said Mr, Rives, in
justice to the magnanimous policy and oounselfl
of the gr<*at men who formed the Congress of the
Revolution, he must be allowed to say that the
national currency, for which they made so sarn
est an appeal, would have been dishonored if the
means of redeeming it had depended upon them.
Buq under the imperfect and anomalous system
of the articles of confederation, while the- power
of contracting national engagements was entrust
ed to the Congress, the means of fulfilling these
engagements were left exclusively under the con
trol of the States. Hence it was that the continental
currency fell helpless and dishonored, and with it
would undoubtedly have fallen the cause of inde
pendence itself,but for a resource which our ances
tors possessed, and of which we are entirely bereft.
In the moment of tho explosion of the continental
currency, they recurred to the magnanimous aid
of a generous and powerful ally which never
failed them, and obtained new loans, which sup
plied tle place of the expired currency, and with
the large expenditures in specie for the support
of their army, kept up, in some measure, an ac
credited circulation. It would beau unhappy
and dangerous delusion, therefore, if from the
final triumph es our revolutionary ancestors, not
withstanding the continued depreciation and ulti
mate explosion of the continental currency, it
were inferred that we, too, in this respect so dif
ferently situated, could safely encounter and sur
mount, a like fearful catastrophe.
So much has been said in the course of this
discussion of the recommendations of the Secre
tary of the Treasury, and of the weight which
ought or ought not to be given to them, that it
seems absolutely necessary to bestow some atten
tion on that branch of the subject. No question
in the origin of the Government was more fully
considered, or more ably discussed than the prop
er, constitution of the Treasury Departiiient. It
was at last determined by the wise and experi
enced men, who filled the seats of the first Con
gress after the adoption of the Constitution, that
the superintendence of the Department should be
confided to a siugle hand, whoso duty it should be
to “digest and prepare plans for the improvement
and management of the revenue, and for tho sup
port of public credit; to give information to ei
ther branch of the Legislature respecting all mat
ters referred to him, or which shall appertain to
his office ; and generally to perform all such ser
vices, relative to the finances, as h® shall be di
rested to perform.”
This organization of th® department evidently
proceeded upon the idea of the great advantage of
having one leading mind, familiar with and ac
customed to the complicated operations of finance,
to systematize and give unity to their administra
tion, to survey from an elevated and steady point
of view the various wants of the public service,
to study closely and profoundly all the problems
they presented, and by special and contiuous ap
plication, to combine them into one consistent
whole, and to work them out to the best practical
results for the common good. This arrangement
for the administration of the public finances, care
fully elaborated at the origin of the Federal gov
ernment, has been sanctioned by experience ; has
continued without tbe slightest change to the
present moment; and is now the law of the Con
federacy equally with the late Union. It neces
sarily implies a certain degree of confidence in tbo
recommendations of the head of the department
: —not a blind and unreflecting confidence, which
excludes all examination and revision, but that
; liberal and intelligent confidence, which is accorded
! to special studies and peculiar opportunities of in
j formation, aud which predisposes the mind to
j receive candidly the suggestions of one who, by
hia position, has been engaged in such studies and
I enjoyed those opportunities,
i It has been strangely objected t* the distis
guished gentlemen who now occupies the position
j of the Secretary of the Treasury, that lie is a
merchant, and a? such not likely to be sufficiently
conversant with general principles. One would
suppose that no pursuit eould be be%t<-r simulated •
to impart a just and accurate knowi-Jge of the |
principles of currency and finance than that offa }
merchant who had been engaged in the operations 1
of au extensive trade—especially the enlarged and
liberating transaction? of foreign trade. The
three greatest Gnaueial ministers that America
has ever had were merchants. Robert Morris, the
great financier of the Revolution, is well known i
to havo been a merchant. Alexander Hamilton
was reared in a counting house, and eT»n| a? a
youth, directed the operations of a large conamer
cial establishment ; and to the early habits and
: experience thus acquired, he was, doubtless, in a
| great degree indebted for the brilliant suocer* of
his.faturc financial career. Albert Gallatin, whose
fame stands next on th*t roll of American iinnn
ciers, is understood to have commenced hi* career
m this city, in stating and settling the accounts of
a foreign mercantile house, which had made
large advances to the State ot Virginia during
the war of the Revolution.
> If we turn to England, wa shall find that, al
though the ari-it 'crtt'lc.,! g- ■»•»« of tbit Govern
iii®.it, has k*q.>t "••'-.•htriH Ton tin* trout rank of
nffi.oa! p >81110(18. the Know* .he skill, the on
ligiitenn.l ju Igment and orieon,, ~f merchants,
184 * a influence behind the tniotsurs greater tten
t-'je ministers thetnsel v< s, h-t- ever shaped and
n'li!.ie 1 the financial admittioratjoti »f the euu try.
Vv illiam Patterson, a merobair, i» w >il known to
. Lave tu-iuished to M
minister of William the Third, ihe plan ot the
Ba k of England, and to have counselled and
aided him in qhe establisfim *nt of his celebated
funding system. At a later period, when all
those novel and difficult questions of the currency
arose oat of the suspension of cash payments by
the Bank of England te 1797, and for a period of
tweaty-fix years coptinue.l to puzzle and perplex
ministers, it wasThrontoa, a merchant, the bosom
friend of Wilberforce, and David Ricardo, a
banker, who, by their able writings ou paper c.edit
and the currency, and by tbeir personal advice,
held out tbe clue by which the Government mad#
its way through tho labyrinth of difficulties in
which it was entangled.
But France is the country from which we may
derivo tho most useful lessons on subjects of this
kind. It is there that tbe science of administra
tion generally, and of financial administration as
well as every other, has been carried to its high
est perfection; and this the English themselves
have admitted, said Mr. Rives, by sending, during
the period of his first residence there, a distin
guished commission, of which the present Lord
Clarendon was a member, to siuoy and copy
many parts of the French system of fiuance. In
that country, the spirit of democracy is allied to
that of monarchy ; and there has consequently
been no obstacle, as in England, to tbe introduc
tion of merchants into the highest places of official
trust, tor which their talents and experience quali
fied them.
Colbert, tbe great financial minister of Louis
the Fnurtenth, whose administration of twenty
odd years was a series of financial prodigies
achieved by superior skill and abiliiy, was taken
by Cardinal Mazarin out of a counting-house, and
first made intendant, aad then controller general
ot finance. Ne -kar, the renowned finance minister
of Louis the Sixteenth, was a banker ; aud in
more recent times Laffitte, Casimir Perier, and
Foil Id have been successively taken trom the
walks of commercial life, to fill with honor and
distinction the highest positions, financial and po
litical, under the constitutional and Imperial gov
ernments of France.
But it is said that merchants are not apt to be
sufficiently acquainted with general principles to
conduct the finances of a nation. It is difficult,
said Mr. Rives, to conceive how an intelligent
mind could, for any length of time, have been oc
cupied with the great concerns of foreign com
mere#, wi: hout mastering aH these principles and
combinations of finances, which are applicable
alike to tho moneyed operations of government
and of a great and extensive commerce. He fully
recognized the importance of sound and clearly
defined general principles ; but it must be borne
in mind that a statesman, in the mutable and di
versified contingencies of pubiic life, often finds it
necessary to-modify general principles, ,in apply
ing them to particular circumstances. The great
est of modern statesmen has told us that there is
an essential difference between the province of a
statesman and a professor. “A statesman,” he
says, “differs from a professor in au university.
The latter has only the general view of society.
The former has a number of circumstances to com
bine with these gtmera! ideas, and to take into his
consideration. A statesman, never losing sight
of principles, is to be guided by circumstan
ces; and judging contrary to the circumstan
ces of the moment, may ruin his county for
ever.”*
The same idea has been strikingly and happily
expressed by an admired writer, the modern his
torian of England, whose words may be well cited
on the present occasion : “The perfect lawgivers
and administration,” he says, “is a just temper
between the mere man of theory, who can see
nothing but general principles, and the mere man
of business, who can see nothing but particular
circumstances.” Every candid observer among
us, said Mr. {Lives, looking at things in the light
of experience, must admit chat it is the specula
tive and not the practical element which has, for
tbo most part, predominated in the character of
our public men. We have had ingenious theo
rists, splendid orators, metaphysicians, doctri
naires. What we now want, are administrators—
Carnots and Colberts—men who can draw forth
and organize, in harmonious proportions, all the
latent energies and resources of the country,
moral and material, giving due efficiency co
each, without sacrificing one to another, and
combining the whole iu one consentaneous
movement for the national safety and deliver
ance.
He could not but hope that this character of
mind, this species of talent, we now had in the
gentleman who presides over the Treasury De
partment. Mr. Rives said he had hardly any per
sona! acquaintance with that gentleman, having
never had tho pleasure of meeting him but twice,
and then for a very short tiine in this city. He
judged of him from the spirit of his public con
duct, and the character of his official communica
tions. He had certainly one great requisite for
tho times in which we live—he did not despair of
the republic.
After the disastrous and annihilating battle of
Cannae, when the Consul, whose temerity, was
mainly the cause of the disaster, was slowly ap
proaching the capital wiih the wreck of his army,
the Roman senate turned out in a body to meet
him, and solemnly thanked him that he did not
despair of the republic. In times of calamity and
reverses, this is a transcendant merit; and Mr.
Trenholm has shown that he possesses it in a rare
and high degree.
In his very first official act after entering upon
his arduous duties—in the lettter addressed by
him to a convention of the commissioners of prices
—he held the inspiring language of confidence
and courage. He showed how easy it would be,
with the vast resources of the Confederacy, to pay
a public debt far greiuer than that which a yet
protracted struggle for independence would prob
ably cost us, the annual interest of which, in the
meantime, would fall short of the yearly tribute
we submitted to pay to onr oppressors daring our
connection with them. In the official report now
before us, he shows how a single item of our na
tional wealth, the remnant of the crop of cotton
now oa hand, sold in England at present prices,
would more than five times pay tho amount of our
funded debt.
Confidence like this, resulting from an enlight
ened and comprehensive appreciation of our re
sources, and a manly determination to apply them
I vigoi'ously aud boldly, and supported by a firm
j trust in the almighty protection, is itself the high
e&t element of national power, und renders a peo
ple invincible. Wherever he met with an actor
upon the great theatre of the country's trials, ani
mated with such a spirit, Mr. Rives said he freely
paid him his homage, and accepted him willingly
for a leader. He would say to him, in those noble
lines with which the poet apostrophizos that chief--
est of human blessings, for which we are now
contending—
Thy spirit, Independence, let me share .
Lord of the lion heart and eagle eye ;
Thy steps I'll follow with my bosom bare,
Nor hoed the storm that howls along the sky.
* Burke's speech in 1792, on the petition of the
Unitariaus. See also his speech in 1790 on the
repoal of tho Test and Corporation Acts.
CITY FOUNDRY!
BVCAK MILLS AND KETTLES !
WE HAVE OF HAND
Sugar Hills and Kettles,
holding 20,35, 40. 60, 80 and 130 gallons, which we
will exchange for Provisions or any kind of country
Produce, or money on very liberal terms. Orders
solicited. PORTER, McILHENNY A CO.
Columbus, Jan. 20, ts
Headquarters Hot. Works, (ORi>.) I
Columbus, Oa„ Jan. 18, 1865./
Deserted.
The following detailed men, employed at this
Arsenal, having absented themselves from work
without authority, are hereby published as deser
ters.
James Roe, soldier, company "A,” 10th Georgia,
Regiment, by trade a Blacksmith.
T. M.'Floyd, conscript, age S3, 5 feel in inches
high, dark complexion, dark eyes, and dark hair.
; by trade a Blacksmith.
| D. Walker, soldier, company “f. ’ N. C.
Regiment, by trade * Blacksmith.
John B. Smith, conscript, sre:it), feet II inches
nigh, fair complexion, blue eyes and light hair, by
, trade a Blacksmith.
! s. L. Myers, ’conscript, age 23, 5 feet 11 inches
i high, fair complexion, light eyes and light hair, by
! trade a Blacksmith.
j <l. it, dowers, soldier, 31th Miss., Regt.. by trade
’ n Blacksmith.
M. H. WRIGHT,
jaud93od Cel. Com Mg.
for Colonel Fir*4 Class Yfilitia
of Russell County.
We are authorized by many voters to mnoaaee
A. it. JONES as a candidate for Lieut. Cnl'iiel of
FrstClass Militia, ofPwussell county, Ala.
Elect-on to rake place on Thursday, gdthliiMtt.
Opelika paper copy.
;an IS td e m
.AUCTION SALES.
Rosette, Lawlion A Cos.,
Auotionoors,
! 131, Broml St,, Columbus, Ga.,
!
i Y\*
YY January,
dents’ and Youths’ Ready-Made Cloth
ing* •
Under Shirts and Drawers,
i White Shirt Linen Bosoms,
Ladies’ Under Garments,
| Splendid Assortment of Ladies' SiA.
Dresses,
Bed Quilts, etc., etc.
1 Gents’ Sole Leather Trunk.
jan 19 SIS
Rosette, Lawhon & Cos.,
Auctioneers,
131, Broad St., Columbus, da.,
\ITILL sell on Friday the 20th inst,, at KPa o'clock
YY in front of rheir auction room,
Negro Woman, Cook, ‘Washer and
Ironer, and her boy child, two years old.
Negro Woman, 23 years old, Cook,
Washer and Ironer, and her girl child
three years old.
jan 19 sl2
Rosette, Lawhon & Cos.,
OFFER AT PRIVATE SALE
One Gopper Boiler, 8 feet long.
Five or six hundred pounds Led Pipe.
8 or 10 Large Brass Bib & Stop Cocks.
jen 18 ts
THE OITY*
T. J. JACKSON LOCAL EDITOR
Another Concert. —We learn that Messrs. Ea
ton A Cos. will give another of their unique musi
cal entertainments at Temperance Hall to-night,
the proceeds to be devoted to the interests of the
Wayside Home. As the object is a most com
mendable one, and tbe prospect good to be hand
somely entertained, we trust the Hall will be filled
to overflowing.
F. M. Gray. —We regret to learu from the En
quirer that our illustrious predecessor, F. M. Gray,
in company with several other gentlemen from
this section, was taken prisoner in front of Nash
ville in December last. We hope he will have the
luck to faro well while in Yankee land, and that
he may soon bo privileged to return to his
friends.
From Savannah.
A large mirabe? of refugees have arrived
iu our city from Savannah. From them we
gather the annexed news :
Sherman has taken no slaves from their mas
ters. Those who wish to leave do so. Those
who wish to remain do so. Thos* who leave
are taken in hand at onoe by the military au
thorities, and put to hard work, cutting wood
or digging upon the fortifications.
Sherman has several times, we are told,
openly said that neither he or his army are
fighting to abolish slavery. Ilts leading offi
cers have expressed the same opinion. The
soldiers also openly say, that if they thought
they were figuring for the negroes they would
lay down their arms at once. From the tone
of their conversation our informant was led to
infer that if the war should cease at once,
those who held negro property would re
main in undisturbed possession of tbe same.
After the city was occupied, owners of ne
groes, who wished to take them from the place,
was allowed to do so. The leading Federal
officers openly assert that they wished every
negro in Savannah was in some other locality.
Gen. Sherman continues his kind treatment
towards the inhabitants. The rights of the
citizens are respected and protected. Every
outrage of the soldiers, or infringement upou
good order, is promptly and severely punish
ed.
A meeting of the negroes was held a few
days since. They were addressed by Mr.
French, from Port Royal—one of the men
sent out from the North to take care of “freed
tnen.” He plainly told them if they had kind
masters that they would be bolter off to stay
with them; that while they were iu that po
sition they had no trouble or cares; but if
they left their good homes they would have
to provide for themselves—a matter which
they would find it very difficult to do, under
the most favorable circumstances.
Gen. Sherman has told several of the prom
inent citizens of Savannah that he does not
wish to march his array into any portion of
Georgia again, and that he will not do so, un
less compelled by circumstances. Tho Gene
ral further says that he regrets that he was
compelled to march through Georgia; that
when Atlanta was captured it was not his in
tention to adranc* 1 further into the Stale.
One corps of Stierman’s army has been sent
to Hilton Head in transports. Large bodies
of troops have moved from Savannah into
Carolina within the past few days. Our in
formant thinks a movement on Branchvilie is
intended; and if successful, from thence To
Columbia.
Gen. Sherman regrets being obliged to ad
vance into Carolina—as he fears he will be
unable to control his trbops.
The negro women and children who have
left tbeir masters are huddled together in a
pen outside tbe town, in want of both cloth
ing and food, and suffering from cold and ex
posure The soldiers appear to have little if
any sympathy for them, and tell them they
would be better off if they would return where
they came from.
Four citizens only have been arrested on the
charge of complicity with the Confederate gov
ernment, but have since been released.
Ne person, either white or black, is ail >wed to
pass out of the city without being examined close
ly-
Provost guards are stationed in every section of
the city about a hundred yards apart.
Only one corps of Nhcrman’s army is quar
tered in the city. The balanee are on the out
skirts. %
Quite a number of the citizens have taken the
oath of allegiance. Numerous others have been
registered preparatory to being sworn in.
The churches on Sunday have been well filled.
The “Loyal Georgian” has been discontinued
for want of patronage. The Republican is now
tho only paper issued.
But few people have as yet arrived from tbe
North. Quite a number of the residents have left
j for New York.
The oath of allegiance is only requested of
those persons who wish to go into business. We
are told the substance of it is this : “I solemnly
swear and affirm that I will obey nil laws passed
by the Congress of the United States and will
obey all proclamations issued by the President of
the United States which are legalized by a decision
of the Supreme Court.” — Chron. <t' Sen.
(Jeti. Tochman, who endeavored iu the begin
ning of the war iv raise a brigade of Poles and
other foreigners. i->r vui army, has •> nun on red the
, practice of laer iu Richmond.
lap Rebel Movement to ‘‘Am-onisb the
Would —Rebel deserters recently reported that
the authorities at Richmond were discussing and
maturing a movement which would astonish the
i world. This effect would doubtless bo produced if
the 1 ! 'owing, from the Alexandria (Va.) Journal,
i« w>r-.hjr i>f cred.r in connection with that sub
, jeot, viz : , . .
| We learn from persons wno town to t>cv« »>een
i informed in regard to the secrets of the section
leaders that a plan was seriously discussed by the
rebel authorities f»r the sudden massing <>i all
j their available force in Virginia, in the event ot
I their affairs becoming desperate, and marching tn
! to the Northern State- , with the determination to
: conquer a peace .or ate in the attempt. - eic
: York H*rald.
AUCTION. SALES.
lillis, Livingston A c© 6
1 ■ Sugar,
1 bbl. Corn Whiskey,
0 T O ‘ er > Tools - inctuTur
30 Hand Saw I-ilea, Auger.,, Chisele.etf
* —ALSO—
Bureaus, Bedsteads, Chairs,
Tallies, Crockery, Glass Ware,
Kitcheu Utencils, etc,
—ALSO—
-1 Single Wagon,
Buggy, Ploughs, Axes,
Sewing Machine, etc.
ALSO,
2 Pine Cows and Calves.
Horses and Mules,
&c., Ac-, &c.
jan 20 $24
By Ellis, Livingston A C®
at prTyatTsale.
75 acres ot heavily timbered PINU
LAND, within two miles of the city, ad®
joining the lands of J. G. Worsham, Esa
jan 17 6t $lB
TELEGRAPHIC.
REPORTS OF THE PRESS ASSOCIATION.
Entered according to act ot Congress in the ye*»
18b3 by J. Si hrvshkr, in the Clerk’s office oi
the District Court of the Confederate States for
tho Northern District of Georgia.
(delayed dispatches.)
Richmond, Jan. 17. —Foote’s substitute for
the committee’s report was not adopted in the
House. The final action on the subject was
the adoption of resolutions declaring the re
port of the committee to be the judgment of
the House—yeas 32; nays 30.
Richmond, Jan. 17th.—No Yankee paper®
received to-day.
In the Senate, a bill was passed increasing
the maximum rates of compensation allowed
railroad companies for the transportion of
mails.
In the House, M. C. Mullen made a personal
explanation declaring that if the Sentinel or
it3 correspondent, choose to arraign his action
as traitorous, he pronounced them infamous
liars.
Mills submitted a resolution, which wsun
adopted, for the appointment of a joint com
mittee to prepare an address to the people of
the Confederate States, assuring them of the
unalterable determination of Congress t#
prosreute the war, Ac.
The death of Morgan, Representative from
Texas, was announced ; after eulogies. anl
the adoption of customary resolutions, the
House adjourned.
Charleston, Jan. 17.—Nothing direct from
Gen. Wheeler.
One of the line of couriers, left from
below Mcßride’s bridge, yesterday morning,
reports the enemy still below.
Deserters taken on that side, say two corps
b3,d crossed at Port Royal, and couriers say
there was cavalry, artillery and infantry com
ing from Coosawhatchie.
The forces of the enemy is believed to be
concentrating above McPhersonville.
Charleston, Jan. 18. —The enemy made a
movement in the direction of Combahee Fer
ry, yesterday. It is believed to be nothing but
a feint. All quiet there to-day. Nothing of
interest from any points.
*— ♦ —• —»
Cure op Corns.—A c-OFFeupOhdent of th*
Loudon Lancet recommends the use of oaustie
in case of corns. He says:
I applied it [the lunar caustic] thus: I put
my feet ra warm water, and allowed them to
remain until I found the outer surface of th#
corn was soft; I then dried the feet, and ap
plied the caustic all over the corn; in a few
minutes it was dry. It remained so ten days,
when I removed the black skin and applied
the caustic again ; and I continued till I had
eradicated the corns completely. I have tried
the same plan with many of my patients, and
those who have been sufferers for yearß—all
have been cured. It produces no pain, nor
the least inconvenience, and does away with
the necessity of cutting, which is dangerous
in itself, and likely to produce extensive in
flammation, with frequently the loss of life
Georgia Treasury Notes.
We have noticed for some time a disposition a»
the part of many of our people to refuse the re
ception of Georgia Treasury notes in payment es
indebtedness and for produce, etc. The reass*
given is that the last issues have expired by limi
tation, and as it is not convenient to go to Mil
ledgeville every day to have them exchanged for
Confederate money, it is better to have nothing to
do with them. If these reasons be just it is the
duty of the Legislature which is to m*ei in called
session next month to give these notes anew leas*
on life and let them run, or adopt some equitable
plan to have them recalled. In the meantime, at
no true Georgian should desire to see the curreney
of his State depreciated, and as the bills aforesaid
will continue to be good for all purposes of State
dues, we think the hue and cry against these
should cease. Money now-a-days is of very little
value anvway, an .i why not Georgia promises to
pay as good as any f
The Augusta Constitutionalist, after alluding te
some of our liuancial difficulties has the following
appropos to this subject :
But a more serious evil than the a?h>ve in our
currency matter is the refusal here in this city to
receive Georgia State Treasury Notes. We bad
heard of its being refused last week.in the Marie*
House, and by several retail dealears,but suppose*
it was from extreme prudence and would soon pass
off, but yesterday in paying a bill to the Souther*
Express Compaay wo were surprised—ay, aston
ished at its positive refusal to receive Georgia
Notes, this company which ia believed from 1 1
facilities to know as much or more than 'any Jther
man,’ may have good reasons for thus refusing
the bills of the State of Georgia, that grants the*
privileges to carry on their business within • '
borders, their condensation of her money k*/
cause many others to de likewise, but if they
have they should make it known, for we know
of no causo for this refusal of the state. 1
there may have been, and without doubt there
some unsigned sheets of the email denomina.
less than fives taken by the Yankees a. Mi
villa, and the fear of counterfeits may haw »»
daced this cause, but we caution our read* 1 *
against Buffering a loss; the Treasury Note? • *
receivable for raxes due the State, and we i* fi *
think they need fear counterfeits '
If there was any amount of these l«et the
eraor-should take immediate steps for tue red*-?
tiou of all that is in circulation, and if not, > £
notification of the fact shoo'd be made known -
stop the evil at once. We respectfully aufge*' ‘
the Governor the necessity es aft Agent -
Treasury iu this city
*’ or Xa,t ’*
t GOOD SIDE SPRING BUGGY. Call
POCK ISLAND PAPER MILLS Ob
jau 16 3t