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Old) SERIES, VOL. LXXV.- Clptiirlf tfiitinfl. HENRY MOORE, A. R. WBIOHT, The Tax on Cotton. the imposition of a duty of five cents per pound on cotton Is creating no little stir in commercial circles at the North. Mr. Hooper of Massachusetts, who is one of the most astute members of the Ways and Means Com mittee, opposed it, remarking that “the esti mated revenue for the enrrent fiscal year was $501,000,000, but his own impression was that it would not he less than $520,000,000. The Secretary estimated that with an annual revenuo of $520,000,000 tie could have $50,- 000,000 to apply to the principal of the public debt. There was, therefore, no reason for im poAug an additional tax oh- cotton, and he BojM that product "out as the only one on which an increased lax would be imposed.” Os course sectional feeling was at, the bottom of the movement. Commenting on it, tho New York Express says: “The prompting arid tho pith of this five Cent tax would seem to bo an impression among the Southern- hating members of the House, that the South would pay the tax, not the North, than which no belief could woll bo more ridiculous. Cotton is consumed by every body, ami a tax upon it is a tax upon every body. The tax ou cotton is now about. $5 per halo. But coupled with this tax upon cotton is it draw back upon cotton manufactured ex ports—a temptation doubtless to tho Southern halors, to induce them to vote the five cent cotton tax, inasmuch as the drawback bounty being a tax upon uu miserable home-dwellers is a bounty upon our cotton export# tor the Levant, China, Japan, and the Rust, generally, where, just now, wo are making considerable exports.’’ Tho Chairman of tho Ways and Means Com mlltcH advocates this Itvo runts tu* on cot ton, upon ttio ground that foreigners will pay it. Itnt this is by no lfleans certain—nay, very uncertain—because already now in Egypt, and in Brazil, the production of cotton is In rroMing. Egyptian cotton being about as good an ours, with the capacity for almost an ludetlnito increase, whllo in Asia wo fitiinulate the growth of cotton with live cents per pound protection to it, in imposing hero a five cent tax on ours. Tlkj statement of Iliad. Stevens that cotton with free labor, could be produced at. a cost of one cent per pound, is simply absurd and in dicates (lie ignorance, upon practical matters, of the man who assumes to regulate the legis lation of Congress.* Kt-INautlng of i'otton. Our esteemed neighbor and contemporary urges, in his leader of (ho 15th, tho pi an tors of Georgia to “let cotton alone, ” and calls upon Such portion of the Georgia press (is “may look favorably on the views given, to present them, lu buch form and manner us may seom best, to the people of the State.” Wo cheerfully endorse our neighbors views to thin extent : “It the stand is good, so much the better for you—go on, iu God’s name, and work it out.” We liavo not tho slightest fear of an over production or cotton this year ; nor the slight est apprehension that the large estimates which have been wado will uvor be realised. Indeed every indication points to a crop not exceed ing 1,500,000 bales ; and such a fcrop will com mand remunerative prices. Every dollar that wo can get (and this is Our only source) is needed: We do not bolieve that “ the great majority of planters are ventu.ing heavily oa'cottou.” Tho ptwpeotß(unleu3 blighted by recent storms) are that Georgia will raise the largest wheat crop she lias ever grown, and cheering reports of the corn crop come to us from all quarters. The new system aud scarcity of labor, scarcity of provisions, scarcity of money, bad cotton Beed, hupoilect implements, hu\e all coußpired to make the planters thoughtful aud provident for the future, and carefhl to look to an ade quate supply from cultivation of those produc tions which are essential to life. The proposed cotton tax is certainly not en couraging. It will not stimulate production aud we think very likely it will defeat tho ob ject for which it was designed if carried into vifret. We prcsuut to our readers the following ex traet from the Nashville Dispatch, as embody ing. as we think, sounder views: Hat while we of the South are endeavoring to produce all ot the staide articles that we can, we should uot forget that there will be a heavy douiaudfor the cereals, aud we had bet ter grow less of cotton aud tobacco and tho other staples, and more of the oeroals and ether productions necessary to sustain life, than to have to import these from other por tions of the country. if we can make 2,000,000 bales ol cotton bring us as much money as 8,000,000 bales, it would oortaiuly be better in a pecuniary point of view that wo should de vote tho labor necessary to produce the addi tional 1.000.000 hales to the giowiug of such productions as enter largely into our consump tion. We would be that much richer by the operation, the South mul loam this impor tant lesson and practice upon it. if our people de.-iro to accumulate wealth, as they undoubt edly can. We must discard the old system too much in vogue before the war. of growing cotton almost exclusively, and depending upon the profits ot that article to buy our bread and meat. We must uot. as iti former years, raise too much cotton and too little of everything else. The La Orange Reporter. One of the most cbeeriug sigus of the times iu the South is the revival and increase of newspapers. We have had occasion recently to remark the enlargement of old and the es tablishment of new journals within the limits ot the State. It rejoices us to see that suffi cient encouragement is given by the people to w .rraut this as there can be no more certain index: of the desire that prevails tp submit vexed questions to a peaceful solution in the f o r lim of reason rather than to the arbitrament of arms.,Of the largo number (and by the way tse receut friendly notice of tue press of the South by the New York Commercial falls short in enumeration) to which it has given ns pleasure to exteud a favorable greeting, there are tew that come to us that we welcome more than the La Grange Reporter. Its columns display a well selected variety, and the edi torials are mark' and by unusual ability. Iu a recent able article on the “cotton crop of 1866,” the Reporter says : The statistics of 18f>0 show that with t>oo, 000 laborers 1,800,000 Kales of cotton were produced, or 8 bales per band, and the reader, by Investigation, will observe that up to 1800, when ;».3>o,i-97 bales were brought to market, the proportion was the same. Deducting losses by enlistment in the Northern army, disease, idlenes-. etc., there are prooablv not more than • >,OOO negro men available tor the production of cotton, not more than 150,000 negro women, not more thau 00.000 boys aud girls, amounting to 2so 000 cotton producers. In addition to this number of negroes there were about 250,000 white men engaged in the culture of cotton anterior to the war. Os these 100,000 have been killed and maimed, leaving 150,000. Add to this 60,000 boys who have attained a working age dnriug the progress of tho cci.flict. and wc have 200,000 white labor ers. which, with the 285.000 negroes, furnishes a total qf 485,000 cotton producers, who, at 3 bales per hand, will produce 1,455,000 boles as the outside estimate for 1866. ,We are glad also to welcome the Reporter as a coadjutor In the cause of constitutional Union, and a firm supporter of Andrew John son as President of the United States and his nob e efforts to restore constitutional liberty, We commend the influence of the Reporter to our sagacious merchants. The Georgia Railroad. We are indebted to Col. E. W, Cole, the effi cient Superintendent of the Georgia Railroad for a copy of the Reports made to the Stock, holders’ in’recent Convention. , The report of the President, lion. John P- King, has already appeared in our columns. So far as it concerns the financial condition of the Road, it may be briefly summed up in the fol- '"a j r S y», * it will be pleasing to learn that the stock is still whole, v~i h a very handsome surplus. State ment No. L°f the Cashier exhibits the strength and resources of the Company, as they ap peared on the 31st March last. It will there appear there was still a credit to profit and loss of «1,188,434 99. We deem it a duty to repeat the publication of the following extract, as conveying the many views of conservative men throughout the State: “The prosperity of railroad enterprise, like that of other industrial business enterprises, depend* upon the general prosperity of the country. Homo clouds hang over our political status not very encouraging. The present seems curtained in gloom, whilst with many the future is without hope ! The great bulk of monied capital and productive wealth Os the South was destroyed by the result of the war. The remaining capital, and all enter prise. are completely paralyzed by the present condition of things. A sort of statutory mort gage encumbers most of the property of the South, nud affectsjthe-credit aud enterprise of all classes. Nothing so discourages produc tive industry as a want of assurance that the iudustrious producer will enjoy tho fruits of his labors. Whilst this state of things con tinues, wo cannot expect much effoit to revive the industrial resources of the South. The question occure, how long is this condition to continue ? The directors are no politicians or prophets, but they will venture a prediction which accords with their hopes, that it cannot continue long. Our hopes rests upon the ob vious truth, that the interests of the whole people of the United States are strictly identi fied with our own. However passion and prejudice may obscure tho truth for a time, it will soon be seen and t«it that the great industrial and consuming classes, and the governing classes, are in a position of antagonism to each other. Every material interest at the North and West is mnch concerned in the rapid restoration of Southern industry. To tho navigating, com mercial, financial, mining, manufacturing and agricultural interest, Southern products are vastly important, and to some of these inter ests, almost vital. Let conviction of these obvious truths penetrate the national heart, and the.contest cannot laßt long. It is to these considerations we yield our Lopes of a change. Nor would we entirely ignore the influences of an honest patriotism in the ruling powers, when they become fully convinced, as they must soon be, that their policy (to say noth ing ot humanity aud justice) threatens a per manent blight upon their ouce glorious, pros perous and happy country.” Col. Cole, the -Super intend cut, entered upon tho duties of his office in October last. He had already acquired a high reputation whilst in charge of the Nashville and Chattanooga Road. This has certainly been maintained aud established among our people by a sagacious and efficient management In the office he now holds. The close of tho war left this Road, “like nearly all other Roads in the South, with out material for shops or track.” This neces sarily entailed heavy increase of expenditure for “motive power,” “maintainance of wav,” aud “maintainance of cars.” The “expenses of transportation” show a decrease of $lB,- 790 27, when compared with the report for the year 1861. Following tho currency, the report naturally divides tho fiscal year into two periods. The first, commencing on the Ist of April and closing the 15th of May, 1865, discloses a loss in Confederate currency of $35,171.91. The second, coveriug the remainder of the year to the 31st of March, 1866, exhibits the follow ing results : Receipts, $1,155,397.92 Expenses, 640,478.95 Net piofits, 514,918.97 “Freight business has continued to increase up to this time, yet now that the accumulated cotton has beau nearly all shipped, we may reasonably calculate upon a very large fall ing off iu receipts from this source.’’ "Judicious tariffs in connection with other lines will be made to encourage through busi ness,” and we have no doubt that judicious encouragement will be given to local traffic, which is generally the surest foundation for Railroad prosperity. Four hundred tons of new rail have been purchased, aud laid down on the main line, and 100 tons on the Athens branch this year. Two hundred and seventeen tons recently bought, are now on the way from New York. “With a few hundred tons more of now iron, and tho exchange of old rails, the renewal of track, and repairs can be kept up satisfactorily.” RECEIPTS FROM AI.L SOURCES. Passengers, $ 302 548 13 Up freight, 128,362 12 Down freight, 499,847 02 Way freight, 101,250 31 Other sources, 63,384(34 Total, $1,155,397 92 RECEIPTS AT ATLANTA. Passengers $78,761.50 Up freight 44,100.66 I> iwu ireisrht 105.870 43 Way freight 39,104,53 Total $206,837.02 RECEIPTS FROM FgKtirilTS TO A\U FROM UF-CONNKCT INO ROADS. Fr.'tn Augusta to connecting Ronds, up freight 42,379.20 Stations to connecting Roads to Stations, way freight ~,097 Down freight from connecting Roads to Augusta 196,811.01 Total 246,288.36 RECEIPTS FROM PASSENGERS. At Augusta 89,906.25 At Atlanta At Athens lb,i3ot>9 Way Passengers (Station to Station on the lino of Road) 91,791 53 Through Passengers (con necting Roads! 2,139.10 At Intermediate Stations t>4.219.i0 Total 362,548 13 Receipts from Government transportation were 80,875.42 NET PROFITS. A tab’s exhibits the business and expenses ot the Road Irorn 1858 ; showing that the greatest amount of net profits (excluding Confederate History) have been realized. In 1859 $544,303 09 .* iB6O 528.044 00 .. 1806, 515,919 00 Cotton carried over the lioad was, in i $57 205,403 bales I860! 219,774 1806. 107,266 “ The adjusted statement of the condition of the company including the Bank, after charg ing to profit aud lose valueless accounts, stands as follows: ASSETS. Road and outfit, $4,156,000 00 Stock and Bonds, 1,222,170 00 Other assets, 743,574 74 $0,121,744 74 LIABILITIES. Capital stock, $4,156,000 00 Bonds, 290,500 00 Circulation, 443,310 73 Other Liabilities,' 47,899 02 Profit and Loss, 1,184,034 99 $6,121,744 74 These Reports need no comment. The Case ol Ex-President Davis. The Washington correspondent of the Phila delphia Ledger, writing under date ol May 11th, says there are serious doubts in existence as to whether Mr- Chase will-consent to fry TlWut) BT it that the Chief Justice prefers to postpone the trial for some months. To this the Presi dent is bitterly opposed. Mr. Davis’ counsel are now ready to proceed with the trial, and. Mr. Johnson, himself, desires that there should be no unnecessary delay. The trial having been fully and finally arranged, the great difficulty that will present itself will be the empanelling of a jury who have not already formed or expressed an opin ion as to the guilt or innocence of the accused. The ridiculous and absurd idea of President Davis’complicity, in thought-or deed, in the assassination plot, has, very sensibly and of necessity, been abandoned. Certain ones de-- clare that the evidence which was to fix the fact that the distinguished state prisoner, was particops criminis to the murder of Mr. Lincoln has bten abstracted from the War Department.. A gentleman, who read the stolen documents, iuforms the correspondent referred to in the outset, that there was not a single word in it that Would have been- thought sufficient, by the President or any other fair mindei man to order the trial on that charge. Mr. Davis has himself declared that he know nothing of the affair, until he received at Danville, the telegram announcing it'. Persons who have any appreciation for the character of Mr. Davis,’ have; never permitted oven the suspicion of his connection with or knowledge of the killing to enter their minds, and all believe that on the charge of treason he will be proven guiltless in.the eyes of the law. The Louuon limes uoaxed. On the 21st 6f April some stock speculator in London badly hoaxed the Times of that city. Paper and envelopes used at the British For eign office having been procured, they wrote a note to the editor, imitating the hand-writing of the Private Secretary of Lord Clarendon, so that the communication had every semblance of authority. Besides the forged name of the Secretary was that also of his Lordship in ap proval. The statements contained were of the utmost importance with regard to the Austro-Prussian difficulty, and were that the Austrian Minister had been withdrawn from Berlin, find that the Prussian Minister had been dismissed from Vienna. In short, had they boen true, they in dicated immediate war. The Times, on the morning of Saturday, April 21st, detailed them in a leading editorial, and their effect was at once visible upon all the London markets. Everything went down. Os course, this was what tho speculators wished, and when the re port was contradicted, the funds and markets recovered, enabling shrewd operators to make large sums of money. The Times and Lord Clarendon both announce their intention to ferret out the authors of the hoax, and have them punished, as they should be, severely, whether in the Times offioe or the Foreign office, or both. Railroad Meeting. Avery important railroad meeting was held at Selma, Ala., on the 9th inst, A proposition was under consideration to make a consolidated company of a'J the. charters from Selma to Dalton. Gen. Joseph E. Johnston was elected President of the Alabama and Tennesse Rail road. If the anticipated consolidation is agreed upon, he will, doubtless, be made President of the whole line. A proposition to complete the road from Rlue Mountain to Dalton, was received from Mr. Breed oi Cincinnati. It is very probable that his proposition, with per haps a slight change In it, will be accepted, and the work assigned him. Knowing ones speak of Mr. B. as being, in every way, competent to the task, and express the belief that his plans will prove successful. Anticipated Revolt in Spain.— A coires pondent writing from Madrid, states that the Spanish Government are distrustful of another attempt on the part of the disaffected among the people to incite a revolution. The object is said to boa complete change of the royal dynasty, and Prince Asmadius, son of Victor Emanuel, is spoken of as the successor of Queen Isabella. General Prim, who is now in Italy, is mentioned as the chief leader in the movement. In anticipati nos a revolt, the authorities at Madrid caused ihe guards to be doubled, and are looking well to the feeling entertained by the soldiers. Symptoms of disoontent among the Spanish subjects are ap parent, but whether au attempt at revolution would be followed with success is a matter of rnuoh doubt. General Prim’s failure to raise a force in opposition to the established Government some months ago does not auger well for the 3uoces3 of future similar movements. “Far-fetched and dear-bought,” is not always proof of value. The medical world is becoming alive to the fact that our common Dock Root of the fields, is an important reme dial agent, and one of the moat effectual alter atives known. It has always been a favorite mediciue with the wise mothers of the country, for ulcers and sores and for purifying the blood. This root, which grows so abundantly around us everywhere, is now known to be one of the ingredients of Ayer’s Sarsaparilla, which is attracting public attention by its extraordinary cures of cutaneous and ulcerous diseases. Each country produces the antidetee for its own disorders, as was said of old, “and upon the banks thereof shall grow all the trees for meat, whose flower shall not fade, and the fruit thereof shall be for meat, and the leaf thereof for medicine. —Jforihneld (FJ.) Herald. Volcanic Islands —An essay on the new volcanic island in the Grec ; aa Archipelago is given in a French scientific journal, from which it appears that the group of islands, of which Ibis is one. has beer subject to earth quakes and volcanic eruptions since the begin ning of the Christian 6ra. The latest serious eruption took place about one hundred and fifty years ago, and did cc nside rable damage. The present one was predicted years ago by Vqu Buch and other geologists. AUGUSTA, GA., WEDNESDAY MORNING, MAY 23, 1866. AFFII&S IS (FROM OCR OWN CORRESPONDENT.) I Washington, Saturday Night, 41ay 12. For the last throe days the political caul dron here has been babbling and seething fiercely. The House of Representatives, on Thursday last, adopted the Constitutional amendment reported by the Joint Committee of Fifteen; and thfen, as if exhausted by its prolonged but successful effort to gulp down that monstrous measure, adjourned over until Monday. When the final vote was to be taken upon the adoption of the amendment the hall of the House presented AN EXCITING SCENE. I chanced to be present. Ne|j(jy all the members -were iu their stats —a very unusual circumstance, by the way—and the-galleries were densely crowded, especially thtjportion devoted to the accommodation of ewe. On the floor, great anxiety prevailed, esdnlly on Mtm Kepufefiorrn-swlw-A veiy hugu (nearly, if not quite half) of the members of that party, including Raymond of New York, Bingham and Garfield of Ohio, Thayer of Pennsylvania, and others of decided promi nence, wero reluctant to go before their con stituents and the country, as supporters of the proposed amendment. They wanted to strike out tho third section, which disfranchises the Southern people (i. e., all who acted or sympathized with the “rebellion”) until 1870. The moderate Republicans felt that this scheme to carry the next Presidential election was too transparent to deceive the people and had made up their minds that, with the help of the Democrats, they would strike the obnox ious clause from the amendment. This aroused the IKB OF “KING TIIAO,” As the Democrats nickname the hoary Radi cal who rules the House. Stamping his club foot, he told them that to strike out the third section would bo to emasculate the whole measure; that unless it were adopted the House would speedily bo filied with yell ing traitors and hissing copperheads, aud that he, for one, would never sit side by side with men, whose garments smelt of the blood of his kindred. With the bitter earnestness which is the characteristic of his oratory, he pictur ed in vivid language one of the exciting scenes which, five years ago, preceded the withdraw al ol' the Southern Representatives from Con gress. He recalled “the shaggy locks of the traitor Toombs,” and “the gleaming bowie knife of tho ruffian, Barksdale,” and conjured tho House, if they meant to admit such men to seats, to wait, at least, until he (Thad) was gone. Ilis terrible denunciations had their effect in whipping in many of the more timid amongst his lollowers ; but stili there was a strong wing of the Republicans who hoped with the aid of tho “unrepentant thirty three,” as the Democrats of the House are called, to strike out the third section, or, at least, to postpone action upon tho measure. —' But Stevens was inexorable, apd demanded “the previous question,” a motion which en ables a majority of the House to insist at any time upon a vote upon any pending measure. In the midst of the excitement, the vote was taken upon sustaining tho demand for the previous question; the Democrats and the moderate Republicans combining to oppose it; and, at the conclusion of the roil call, it was found that the motion had been defeated by a majority of two or three votes,. At this junc ture there was a sudden chancre in the TACTIC3 CF THE DEMOCRATS. After a hurried consultation amongst them selves six of tho shrewdest amongst them walked to tho clerk's desk and previous to the announcement of tho result, changed their votes from “no” to “aye.” This turned the scale, and tho motion of Thad. Stevens pre vailed. It is difficult to describe the rage and chagrin of tho moderate republicans thus handed over to the mercy of their extreme brethren ; for the vote upon the constitutional amendment immediately ensued and they were compelled either to 3wallow the iniquitous measure, with the features intact which they themselves had denounced, or else to vote against the entire amendment and thus repu diate the recommendation of the committeo of fifteen. Though consistency and principle required it, they dared not adopt the latter course ; and, one by ore, as their names were called, they hissed out the indignant “aye,” by which they classed themselves amongst the followers of Stevens. THE TRIUMPH OF THE DEMOCRATS Consisted in the fact that they had thus forced the Republican House of Representatives to present its plan of reconstruction to the country in a form so monstrous as to insure its rejection by at least a sufficient number of tho State Legislatures to prevent rs adoption by the requisite three-fourths of the States. When the name of Raymond, the facile editor of the New York Times, was called, and he Btultified his plain record, both as editor and Congressman, by voting “ nye,” his return to the Radical ranks was greeted with a perfect storm of cheers. But his own mortification is well exhibited in the following account of the vote, which was telegraphed to his paper the game evening, and which was undoubtedly either written or inspired by himself : • The manner in which this result was brought about deserves especial notice. It is a striking illustration of the old adage that “extremes meet” Mr. Stevens rose to close the debate, and made an acrimonious, bitter, vindictive speech, in which he appealed to the passions and hatred of his fellow-members to oppose any effort to change this proposition. He then moved the previous question, and the di->, graceful game cf the Demoarats was at once apparent. The Copperheads came to Mr. Ste vens’ rescue to prevent any amendments to the joint resolution. There was a clear majority on the Republican side in favor of amending by striking out or changing the third section. Mr. Stevens knew this, and summoned his Copperhead allies to sustain his demand for the previous question. This they did, and the de maud was sustained, nearly ail the Democrats voting with Mr. Stevens. Then, on ordering the main question to be put, the yeas and nays were demanded iu order to set these Copper heads on the record. Tiffs frightened most of them and at the close of the roll call there was one majority against ordering the main ques tion, whereupon such worthies as Jack Rogers, New Jersev, Kerr and Nioiaclt, of Indiana, Eldridge, of Wisconsin, and Chandler, of New York, tbe rebel wing of the Democratic party in the House, changed their votes irorn negative to affirmative or asked that their votes be re corded when the main question was ordered by five majority. The Republicans then wheeled into soliu line, and passed the resolu tion by the immense majority of 91 votes, the Copperhead facticn, pow> r es? for further mis chief, sneaking away into their seats, and re cording an insignificant Vote against the propo- sition. By this coalition between the extremes the majority ot the Union party i.i the House wa* prevented from changing the resolution as they desired; but as the previous question is unknown in the Senate, it w.U undoubtedly be put improper shape there, and the House will ultimately agree to it. despite the efforts of factionists at both extremes. A VERT IMPORTANT DIFFERENCE CF OPINION exists as to the number of States required to ratify and make the proposed amendment a part of the Constitution. Stevens and the ex treme radicals, true to their record, contend that only twenty five States now repre; seated in Congress are entitled to a voice in the matter,(ihgjgßtbers being States no longer.) and, nineteen will be a sufficient number. Oft.ttef other hand, the Democrats, the Johnson men, and quite a number even of the radicals, Jjjpfist upon the votes of the thirty six States being counted. Practically, how ever, it mawS* little which view may prevail; for even the 6|cist sanguine of the Reconstruc tion CommitoD are despondent about their proporitiosalpifcr being accepted by as many as nineteen States. THS FjS& OF EX-PRESIDENT DAVIS. Events hail: verified the correctness of the telegram - wjjph I sent to tho Ohroniolo and Sentinel a fortnight ago, announcing that the Gtoverritaent had determined to take all the needful moatrares for the trial of Mr. Davis at the p'aieaSi, Sgiiag Tortn of the U. S. Circuit Comtt’ibwpMM&. The indictment has now V&a&NiimKft&tXmlAp*- - the trial is proceeded with in June, Chief Justice Chase must bear the whole responsibility for the delay. CONSERVATISM IN THE SENATE. As I predicted in my last letter, the Senate has receded from the revolutionary attitude which it lately assumed, by striking from the postal appropriation bill the malicious amend ment providing that no compensation shall be paid to any unconfirmed appointee of the President. Strange to relate, tho leading champion of this step towards reason and con servatism was Mr. Poland, one of the newly appointed radical Senators from Vermont. Butternut. GEOam RAILROAD CDAVEATIOK. Annual Report of the Presldeqt. Office Georgia Railroad Compa nt, J Augusta, Ga., May 15th, 1866. J r lo the Stockholders of the Georgia Railroad It is scarcely necessary to remind the Stock' holders, that they have not met in convention since May, 1864. Os the causes of this omis sion, it is unnecessary to speak. Suffice it to say, that from the unsettled and disorganized state of tho couutry at the appointed time, it was found impossible to collect a quorum, and the directors for the preceding year, have held over as provided lor in the Charter and By- Laws. Avery brief report was prepared for the convention that should have been held in May, 1865, and but iittie need bo said in re ference to it. Besides the heavy damage by loss and distinction of property, the business ot the year showed a loss ot $389,177 06. For this state of things, the Stockholders had al ready been prepared, by the report of 1864. In which it was said—“ From the ruined condi tion of the road and rolling stock, occasioned by hard usage in the government service, and want of material for repairs, both road and rolling stock have become unsaie and the loss and damage account is very heavy. The truth is, the road is tunning at a heavy loss.— It has made no real profit lor the last two years, and is making nothing now. The more it does, the more money it loses, and the greatest favor that could be conferred on it, would be the privilege of quitting business until the close of tho war. We say real profit, for it would require much more than all repor ted profits to piace the road aud out-fit in the same condition they were in on the first of January, 1861.” This was.the opinion of the board in 1864. Aud in the report prepared for the convention that was expected to meet in May, 1865, it was truly stated by the board, that -this anticipation in last year’s has been more than verified by the violence to which we have been subjected—the continued deprecia tion and derangement’ ol the currency, and tho heavy service done lor government, for most of which we have received no compensation.” For sufficient reason, the Superintendent separates the last fiscal year into two periods. In the first period, from the first of April to the 15th of May, he exhibits a loss of $35,171 91. For all profitable purposes, he considers the financial year as commencing with the second period, from theTsih ot May to the 31st of March, ahd’ihe gross receipts for this period, as exhibited by him iu detail, have been, 1,155,397 92 Charged with an expenditure, ordinary and extraordinary, of 640,478 95 Leaving a net profit of $514,918 97 This result will no doubt be very satisfactory to the Stockholders, though it is proper to no tice, that some sources of income have been < open to us which are not hereafter to be re lied on. Obstructions upon other routes have given us a circuitous business, which will be withdrawn from us so booh as other roads shall bo fully recoustructed aud repaired, former schedules and connections re-established, and the travel and traffic of the country permitted to fall into their natural and accustomed channels. On the other hand, these excep tional profits have been, to some extent, coun terbalanced by the loss of a profitable business connection with the city and port of Charles ton, which have only recently been reopened to us. We were not immediately relieved on the occurrence ot peace, from the heavy burden of au unpaid government service. Near 100,000 men, including paroled prisoners, from Lee’s aud Johnston’s armies, and prisoners released from Northern prisons, were carried over the road free ol charge. This was not merely a lc3s of profit, but a heavy extra expense, occu pying fora time tlie whole of onr limited pow er, and often to the exclusion of a profitable business. The want of a currency, too, was also tor a time severely felt, and business of all kinds much affected from this cause. After tbe collapse of Southern credits, and before !he sale of exports, and the introduction of the National Currency, there was almost a to tal want of a circulating medium with which to do the business of the country. From these accumulated difficulties, the receipts of the road were small for some months after the 15th of May. But as the pressure of a heavy and unpaid service was lightened, and a currency furnished bv sale of portions of the remaining exports in the country, the business of. the company increased with the reviving business of the country, as will appear by the tabular statement of the business, in the Superinten dent's report. In the latter part of 1864, all the improve ments at Atlanta, and the road, depots and bridges from Atlanta to the Oconee river, were destroyed- partly by the Federal and partly by the ijonfederate forces. It was not thought to the interest of the company to repair the road, until the cessation of hostilities. The Confederate authorities, howevev, deemod the roaAof importance to the army and the public, anfliastened to repair the same, and put the line in uinning order to Atlanta. The work, was, however, very hastily and imperfectly done, and saved but little ip restoring the road to its former condition. Every effort has been made since the cessation of hostilities, to im prove and strengthen the road—machinery and rolling stock, which the limited means of the company would allow, aud the speed of trams has been from time to time increased, to cor respond with the improving condition of the road. Much has been done, but there is yet much to do. as may be seen by reference to the Superintendent's report. But little respect is paid to private property in a time of war, and, like other roads, ours has been a prey to military violence. Besides the h vy damage before noticed, we lost about three hundred cars—mostly impressed and carried off and lost or destroyed on other roads. Bome of our iron was also carried off, and claims are made for iron said to, have been taken from several other roads, and placed upon ours without the order of the officers, and again-: their wishes Some of these claims will be amicably settled, whilst others will be resisted. Besides damages from violence, and the wastes incident to a state ot war, the pecu niary losses of the company have been very heavy.’ They have been much increased by the a’| penda ie of banking privileges, which the company enjoyed. The credit of the com pany was ve*. v high, and its liabilities for cir culation and deposits were correspondingly large. sVken Confederate notes became the common currency, the company was obliged to receive it—not only by the force of public 1 opinion, but bv the legislation of the State. The effect was, of course, to convert all the active means of the company (which were ample) into a depreciated currency, since lost— leaving the liabilities ot tho company unpaid. About six hundred thousand dollars of circula tion nas been paid since the peace, leaving about $400,000 still Dressing upon us. But for these bank liabilities, the company would now be in a condition to divide some portion of its profits.notwithstanding its crippled condition, and thlftirge outlays for oiher necessary pur poses. For condition of road and property, the stockholders are referred to the report of the Superintendent; and for the financial con dition of the company, ihey are referred to the statement of the Casnier, which is hereto an nexed. After the losses and disasters above noticed, it is of some importance to the Stockholders to know the present stats of their affairs and the probable value*of their property. By reference Jo fotmer statements, we find charged to profit and loss, since the 11th of May, 1865 : For Confed. Notes and Bonds $1,117,471 58 Bonds and Treasury Notes of the State of Georgia 345,587 60 Negroes emancipated aud other items specified 95,214 24 Charged to profit: and loss ■ ’ * since May, 1865, $1,558,273 42 Add freight account due by late Confederate Gov. 674,245 29 Aggregate loss In money and ciedits, $2,232,518 71 To which may be added.: 300 Cars lost or destroyed, at an average of SSOO each, $150,000 00 Buildings at Atlanta, 50,000 00 Depots on the line destroyed 20,000 00 Eighty miles of road torn up, including destruction ot bridges, average damage per mile, $3,600 $280,000 00 Loss by the war and its inci dents, $2,732,518 71 As this estimated damage so property wil be gradually restored from income, and charged to expenses, it is not expected to give any inconvenience or be very seriously felt by the company. After these multiplied losses and disasters It will be pleasing to learn that the Stock is. still whole, and with a very handsome surplus. Statement No. 1 of the Chashicr, exhibits tho • strength and resources ot the company as they appeared on the 31st March last. It will there appear that there was still a credit to profit and loss account, of £1,186,784 29. Credits have been so shaken and unsettled that it is not easy to make reliable estimates of the true value of some of our assets.. The aocount has been very carefully scrutinized, however, aud it is believed that the following estimate may be relied ou as sufficiently safe for ail pur poses : ■ ASSETS. Real Estate, Stocks, Bonds, Notes, Cash, &c., $1,912,247 00 Liabilities of all kinds—say Bonds, deposits, Circulation, &c. 777,804 00 Surplus, $1,134,443 00 The item “Notes of various Banks,’’* is be lieved to be the only item iu our assets sub ject to much uncertainty. This was originally provided as “specie funds” to meet current liabilities, but is now of uncertain value and its precise value cannot now be estimated. This result, in the face of so many losses, is owing to the large available surplus we held at the commencement of the war, and pro fits made and appropriated since the peace, which have enabled us to make head against such heavy inroads upon our resources. Upon future profits the Board will indulge in no idle speculations, but do not expect results from the current year equal to those of the last. The exports remaining in the country at the occurrence of peace, havfi mainly bean hurried to majjket, and with proceeds, supplies much needjjhave been purchased and returned for consumption. The crop of the last year was very inconsiderable, and the crop of the pre sent too uncertain to be .the subject of an esti mate. The sudden change of our labor system, leaves everything in doubt on this head. The production of cotton, by free labor, is an ex periment at the South, and as of all other ex periments, it must be fairly tested before results can be seen. We would risk hut little, perhaps, in anticipating a crop of not exceed ing one-third of an average crop in the region tributary to our road, bub as it will hear a better price than an average of former years, the diposable income of the country will not be so much affected as the difference in quan tity might seem to indicate. The prosperity of railroad enterprise, like that of other industrial business enterprises, depends upon the general prosperity of the country. Some clouds hang over our political status not very encouraging. The present seems curtained in gloom, whilst with many the future is without hope ! The great bulk of monied capital and productive wealth of the South was destroyed by the result of the war. The remaining capital, and all enterprise, are complete'y paralyzed by the present condition of things. A sort of statutory mortgage en cumbers most of the property of the South, and affects the credit and enterprise of all classes. Nothing so discourages productive industry as a want of assurance that the industrious pro ducer will enjoy the fruits of his labors. Whilst this state of things continues, we cannot expect much effort to revive the industrial resources of the South. The’question occurs, how long is this condition to continue ? The directors are no politicians or prophets, but they will ven ture a prediction which accords with their hopes, that it caunot continue long. Our hopes rest upon the obvious truth, that the interests of the whole people of the United States are strictly identified with our own. However passion and prejudice may obscure the truth for a time, it will soon be seen and felt that the great industrial and consuming classes, and the governing classes, are in a position of antagonism to each other. Every material interest at the North and West is much concerned in the rapid restoration of Southern industry. To the navigating, com mercial, financial, mining, manufacturing and agricultural interests, Southern products are vastly important, and to some of these inter ests, almost vital. Let conviction of these obvious truths penetrate the national heart, and the contest, cannot last long. It is to these considerations we yield our hopes of a change. Nor would wo entirely ignore the influences of an honest patriotism in the ruling powers, when they become fully convinced, a3 they must soon be, that their policy (to say noth ing of humanity and justice) threatens a per manent blight upon their once glorious, pros perous and happy count! y. Respectfully submitted, in behalf of the di rectors, by JOHN P. KING. President. °lt is believed that the depreciation of some of our stocks will be balanced by premiums on otherß. Divorced Without Knowing It. The New Albany correspondent of ths Louisville Courier tells this singular story : During the present session of the Circuit Court quite a number of mismaled individuals have been granted divorces, which the parties joyfully accepted as relieving them from matri monial infelicities which, in their language, made life irksome and unendurable. But among them is a case which, in its origin and result is probably unparalleled in the judicial annals of the country. A divorce was granted in the case ol McCartney vs. McCartney, but neither of the parties knew anything of the pendency of suitt; neither of them was present when the de cree was rendered, and only learned; through their friends that their marital bonds were sun dered. They are, and have been living together most happily, entirely satisfied with each other, and are strongly disposed to demur to the sins gular and summary process by whieh their hap py relations were dissolved. How the case got into court is entirely unknown to the parties, but it is supposed to be the work of some mad joker or envious benedict. Os Course the par ties will have to get married again or procure a reversal of the decree. This is another and forcible illustration of the loose manner in which the divorce business is managed in Indiana. A military commission is investigating the cause of the recent riot at Norfolk, by order of Gen. Grant. the Massachusetts Legislature denounces the President for his remarks about their be ■ loved and much admired Senator Sumner. NEW SERIES, VOL. XXV NO. 22. Letter from Mississippi. Concordia, Miss,, April 31, 1866. Editors Chronicle & Sentinel: —Having a leisure hour, and knowing your interest, I ad vise you of matters here, although I have nothing pleasant ro communicate. Each day has its peculiarities-(just here one of ireed maa Stone’s children comes in with his finger cut off by freedman Ramsay’s eldest.) Each day has its own anxieties and annoyances. We have had a great deal ol sickness, and have gotten along slowly with planting cotton — have only about thirty-five acres planted. Corn looks very well: Our first cotton has come up finely; also the young caue. We have a fine stand of that cotton whioh is up. Have nearly or.e-third of our force sick, or pretending to be. Well, I will give you a sample of to-day’s annoyances : Heck comes in and says he don’t want Loudon, ho is entirely worthless ; Rosa lays up because it is a wet .4ay—(»light sprinkle, before breakfast this morning); Jackson is down with a billious at tack ; Jim is siok ; always sick, when there is any hard job like rolling logs on hand; Steve has gone to Court, the two Heurys and Dick are first-rate hands—but they are gone too as witnesses in a case of quarrel between tho two ladies Emma and Harriet. Well 1 must stop again. Major P. fend Messrs. IT. and B. have come to see me about tho overflow. Tho river is rising rapidly; nearly as high a- before. Well, thank God, we are above that, and aro in a position to help our neighbors. Well, lam tired of this, and lam sure you are. I enclose you the fol lowing extract from tho newspapers, which is true: Cotton Crops in Mississippi,— We are per mitted to publish the following extract from a letter written by the senior member of a well known and reliable firm-at Columbus, Miss., to Messrs. Toomer & Sykes, of this city : “Tho rains and cold weather continue, aud we regard the crops as seriously affected ; there esn be no doubt or mistake upon this subject. The staud is defective, and what there is can not do well, while much of it must die.— Thousands of acres are already gone beyond the hope of redemption. It seed could bo had —which in many cases is out of the question— it will bo tho middle of May, or later, before it could be planted. With the destruction of crops in the Mississippi bottom, and the great damage in the Tombtgbee Valley, the magni tude of the crops of 1866 must be largely re duced. Our object in writing is to give you accurate information, and not for effect, as you are aware we do not own a bale of cottou.” Hoping that you may read this with a better temper than I have written it—l know you are tired enough of it—l am, Respectfully, M. Congncssional Representation under tbe Proposed Amendment. The New York Tribune prosents to its readers the following table “showing the effect of the proposed amendment to the constitution upon the congressional representation of the slave States : “Anew censua would probably, somewhat modify these figures. The loss of life in the late war is not introduced because the amount is unknown ; nor is the migration of the black race consequent upon freedom. But we believe the result will be substantially as we state it below. . The first column gives the population of the slave States in 1360, taken from the United States census ; the second column the voters in 1860 ; the third column presents the number of male citizens of color above the age ol 21; the fourth column, the present number of members each State is entitled to, and the last tho number to which she will be entitled when tbe proposed law shall have been carried into effect. By this plan the slave power will lose votes.” No. under tional amendment. Present No. of re presentatives Stale cifrens of col or atove 21....... Voters in 186) Population in IS6O. Alabama Wilts 629,121 66,367 .... 7 4 Colored 436,18') .... 46,019 Arkansas. White 824,836 64,063 .... 3 2 Colored 111,116 .... 18,531 Delaware. White 110,418 *16,089 .... 1 1 Colon and 1,798 .... 262 Florida. White 78.«79 14,347 .... 1 1 Colored 61.745 .... 11,152 .. \.. Georgia . Whits 695,083 103,365 .... 7 4 Colored 462,198 .... 82,306 Louisiana White 376,276 60,5 L 0 .... 4 2 Colored 881,726 44,016 MARYLAND wnite 699,860 92,602 .... 3 4 Colord 87,189 .... 13,339 Mississippi White 364,674 69,120 .... 6 2 colored 480,631. .... 84,988 Missouri. White 1,067.081 165,518 .... 9 Colored 114,981 .... 17,783 North Carolina. White 661,663 96,230 .... 8 *5 Colored 881,059 .... 48,07 J South Carolina, White 301,392 44.C00 6 2 Colored 1 4u2,40C .... 68,764 Tennessee. White 834.082 145.333 .... 8 6 Colored 276,719 .... 47,810 white 421/49 62,986 .... 4 3 Colored 182 566 .... 26,3)2 Virginia. White 7*9,479 167,723 .... 8 6 Colors 472,864 .... 106 663 Total 76 60 •Estinrated. We respectfully suggest to the Editors of the Tribune that there are no “slave Slates’ ’—that there is no “slave power” in the United States unless it be that power exercised by the present Radical majority of thepmenf Congress—which excludes the constitutional representatives of FOURTEEN States. Immigration. The following table shows the destinations of immigrants who arrived in this country during the month of April last : Arkansas 2 I Missouri 335 Alabama 1 | Mexico 1 British Columbia 3 j New Hampshire 16 Canada 112 | New York 9,191 California 109 I New Jersey 630 Connecticut 427 | Nova Scotia 2 Central America 1 I Nebraska 12 Deleware . 16 | North Carolina 1 Districtof Columbia 77 I New Brunswick 1 Illinois 1,593 | Nevada 3 | owa 308 Rhode Island 194 Indiana . * 212 Ohio 1,081 Kentucky 07 Pennsylvania 2,448 Kansas 78 South Carolina 7 Louisiana 20 Tennessee 122 Massachnssetts 1,480 Vermont 14 Maryland 240 Vftginia 82 Maine 08 Wisconsin t 447 Michigan 153 Colorado 2 Minnesota 270 West I*iies _ 1 Utah 2 Total 19.888 Indian Treaty.—The President has pro claimed the treaty recently negotiated with the Bois Foot band cf Chippewa Indians, by which they cede to the United States all the laud heretofore claimed by them, and more especially, that portion of their territory at and near Lake Vermillion, aa a reservation. The Government, in consideration of this im - portent, cession, will give them land elsewhere, and provide for their fiomesticcomlort. The Paymaster txenerat nas oraerea tne pay of a large' number of the regular and volun teer officers to be stopped until they render such returns as are required by the regulations. The Surgeon General has been directed to at once cause to be mastered out of service a-i volunteer surgeons and assistant surgeons that can in any way be dispensed with. W 11. Tunnard has just completed a history of the Third Louisiana Regiment. It is high ly spoken of News Items The Fenian, Stephens, promises a lengthy speeoh at the meeting shortly to be held In Jonas’.Woods. _ Gen. Howard has appsinted a Special Re lief Committee to distribute among the negroes of Washington the $25,000 appropriated" by Congress. The Investigating Committee on the Blaine frauds progress slowly. Strenuous efforts will be made in the Senate to pass the bill restricting the President's power of removal from office sine causa. The veto of the Colorado Bill was to have been presented to the Cabinet on the 14th, and then transmitted to the Senate. The Committee on Public Expenditures have taken steps to investigate alleged fraudulent practices in Hie Boston and New York Custom Houses. The Troy, Now York, Iron Moulder’s Strike is over. A compromise between the men and employees has been effected. The French Ministry says the French troops reported to be en route to Mexico, are recruits to take the places of ttroso Tflio!)® term oOfeirtcer has expired. Santa Anna has returned to Mexico. Ho will not seek power, but will place himself under Jaurez,. to assist in the expulsion of Maximilian. The New York Board of Health have a pro position before them to divide the city into six hospital districts. The wheat crop in Smith county, Teun., will be cut short one half—corn good. There have been heavy storms throughout Louisiana, destroying crops, houses, &c. On the Alton and Chicago train a few days sgo, a French Canadian, attempted to beat out his brains with a monkey wrench. The contract for constructing the Gettys burg Monument has been awarded to its de signer, James G. Batterson of Hartford. The monument is to cost $50,000. The New York Collector ot custom? was in Washington on the 12th to file his bonds, and to prepare for entrance upon his duties. The strike of the New York ship carpenters and caulkers continues. No prospects of a compromise. The New York master ship builders have offered a reward of $250 for thq arrest and con viction of parties woo have assaulted, or may assault, men who havo gone to work. Spain is fully prepared for another revolu tion, which will have for its object a complete change of her royal dynasty, Priu is to figure in it. A son of Victor Emanuel is spoken of as successor to Queen Isabella. Os the sixty-seven clerks employed in the Navy Department, twenty served in the Con federate Navy or army. Horace Rublee, editor of the Madison (Wis ) Journal, has been nominated by the President as U.S. Consul to Rotterdam. The Memphis school houses, burnt during the late riot, will be rebuilt, and the schools opened in teu days. A chap representing himself as a son of D P. Holloway, late Commissioner of Patenfs, who has been doing an extensive swindling busi ness, was caught recently at Louisville. The ladies of Franklin realized a net profit of SI,OOO from their recent concerts in behalf of the Tennessee Benevolent Society. At Algiers, opposite New Orleans, on the night of the 11th, the steamer Maria Denning was burned to the water’s edge. The steamer Adams also caught fire and was much dam aged. An Express safe was thrown off the cars on the Stonington, R. 1., Railroad, on the 11th, and robbed of its contents —the value of which Is not yet known. The President has approved tho bill incor - porating the National Theological Institute in the District of Columbia, for the education of parsons for the Christian Ministry. There is to be no exclusion on account of theological be lief. The bill is silent as to race or color. It is said that the British residents of Val paraiso have presented Admiral Denman with a wooden sword in commemoration of his re cent action in connection with the affair of tho bombardment. Gerrit Smith brought a suit against tho Rome and Oswego Railroad, claiminsr $60,000 for damages done to his property. The case was submitted to arbitration, and the reforoef awarded Mr. Smith $9,500. Queen Victoria has been for some time en gaged upon a selies of compositions, of tbe es say form, which are to be published, or at least privately printed, when her Majesty shall deem them sufficiently complete. Ajetage driver, named Owens, died at Mount Sterling, Ky., on last Sunday night, the Gth, his symptoms strongly resembling cholera. The estate at Newport, Rhode Island owned and formerly occupied by F. L. Bareda, tbe Peruvian minister to the United States, is for sale. It cost $300,000. A body recognized as that of Preston King was found in the gap of the Buttermilk Chan nel, near the Brooklyn dock. Messrs. Work, McCouch & Cos., bankers, Philadelphia, have failed, entailing heavy losses on stock speculators. A resolution has been adopted in Congress to send a committee to investigate the recent Memphis riot. The new Excise law is being enforced in New York. Eighty-six arrests were made in one day. Professor W. Byrd Powell died in Cincinnati on the 13th. R. L. Armstrong, formerly of Chapel, Bruco & Cos., of Cincinnati, was killed at Paris, Ky., Saturday, by a man named Merriwoll. There were seven deaths by suicide cinnati last week. A special to the Commercial from New Or leans, 13th, says : One white person and five negroes were burnod to death at a fire on New Levee street, Saturday night. One death from cholera occurred on the 13th on tho hospital ship Fa'con, at New York. Ole Bull, instead of being a corpse, is play ing his violin at st. Petersburg. Ex-Senator D. L. Yulee has been elected President of the Florida Railroad. The drivers on the Louisville street cars struck for higher wages on the 12th. The new soldiers’ home at Chicago has been completed at a cost of over $30,000. The citizens of Lexington, Ky., recently donated $3,000, in grain, to the destitute people of Alabama. One of the effects of the cattle disease in England has been to raise the value of goats to an extraordinary degree. The value of the fresh fish sold annually at the various French seaports is estimated at £1,400,000. Hon. George E. Badger, a distinguished citi zen of Raleigh, N. C., died there on the 11th. Ex-Gov. Clarke, of Mississippi, is in New Orleans. He is still on crutches. A little child was badly burnt the other day at Chattanooga. It will probably recover. Chaltanoogans are progressively energetic. They are soon to have anew Town Hall, Mar ket House, Jail, and Gas Works. Ex-Governor E. Louis Lowe,' of Maryland, has been admitted to the bar of New York city. r , , The trial of Col. Jacques for murder by mean* of an abortion, began at Louisville on Thursday. A man in Cincinnati has been sued by his wife for SIO,OOO, because he put her in a mad house. Mr. Goetzel of Mobile has gone to New Or -1 cans for the purpose ot establishing a larfjo publishing house in that ‘city. A R Pringle, arrested in Mobile a lev/ days ago as being concerned in a murder near Brookhaven, Miss., has been scut thither, upon requisition of Gov. Humphries. There are eight bundled families in Jack son, Miss., who are fond of potato*. consumes, upon an average, ye jad K e Field and Gen. McCook. to the Sandwich Islands, sailed on the 11th, for San Francisco.