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SAVANNAH DAILY HKD AID
VOL. 1-NO. 82.
The Savannah Daily Herald
(MORNING AND EVENING)
18 PUBLISHED BY
a W. MASON «Sc CO.,
At 111 Bay Street, Savannah, Georgia.
TERMS!
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Per Hundred $3 60.
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.7 011 PRINTING
every style, neatly and promptly done. "
RISE IN THE RATE OF7INTEREST.
NO. 4.
It appears to be the policy of modern
financiers to procure money for the public
service by placing their loans within the
reach of a large portion ot the community.
The price of shares in the public stocks is
put at so low a figure that there are few who
are unable to become proprietors in the
funds. By this means, although the amounts
are separately small, the aggregate becomes
considerable. The State becomes debtor to
nearly the whole community who have any
surplus funds to invest, and all the interest
in maintaining the credit of the government.
To adopt the phraseology of the newspapers,
this is called popularizing public loans.
When Louis Napoleon wished to obtain a
loan in 1854, to carry on the war with Rus-.
sia, he issued proposals for a loan in which
this principle was incorporated. He shrewd
ly concluded that a rate of interest somewhat
higher than the market rate, combined with
the facility of obta-ning shares, from the low
subscription price, would bring out the scat
tered hoards, many of which in France, from
the habits of the people, had remained un
productive. This calculation was a correct
ojie. He raised a loan in a few months of
sixty millions sterling.
The principle, although novel in its appli
cation, was familiar to many of the shrewd
financiers of France. It was the basis of
the Credit Mobilier and other credit institu
tions, which, having taken root in Paris, shot
forth in a most prolific manner all over the
continent of Europe. Vienna and all the
lesser cities of Germany and Italy have had
their Credits Mobilier.
As the name imports the effect is tq
form large aggregates of capitah itaMr the
small and scattered separate sums,; in hands
wherein they were unproductive, -
ing to them actively, with the psMpect of
large dividends. By skilful finsft£i»l ar
rangements the promises of the protectors
were realized, and some of the most eminent
of the continental financiers, including
Princes and other high Dignitaries, much as
the Rotkchilds, Persiers, Foulds, became as
sociated in those stupendous joint stock un
dertakings.
' la England where associations founded als
such hazardous principles had never becona
popular, joint stock banks and a variety of
similar enterprises have received, within A.
short period, prodigious expansion. Many
of them have been highly successful, having
made large dividends. The attraction has
not been so much high profits as diminished
risks. So* -viification of the principle
of unlimited m.. SS ty, of which we are un
acquainted, has given a prodigious impulse
to the spirit of the speculation, in this at
tracting capital. The number of joint stock
banks, in London has been greatly extend
ed. The effect is the same as in other fiscal
arrangements by which limited sums that are
separately unfruitful of results, became ag
gregately prodbctive of large gains. • While
the liability is diffused and the hazards di
minished, the prospect is held out of inordi
nate gains.
It has singularly appeared that this new
organization of credit, as it is called by the
Edinburg Review, should have been coinci
dent with the great demand in England, for
loanable capital,, leading to an elevation in
the rate of interest beyond all parallel. We
have seen in what manner this demand is a
natural sequence to the impulse given to in
dustry and trade by several co-operating
causes, and particularly by the agency of the
gold discoveries within the last decade and a
half. There would be a tendency to a fall
in the rate from increased supply, but the
demand was constantly ahead of the supply,
and the rate advanced notwithstanding the
additional supply.
We thus perceive in what manner this de
mand is supplied in holding out inducements
to subscribe to joint stock companies and re
mit at undertakings, by the hope of large
profit and the certainty of diminished risk.
The inquiry naturally suggests itself, Why
should loanable capita], to be employed in
foreign enterprise, be almost exclusively
sought in England, and* not as Well in the
continental money market ? The reply ap
pears to us to lie on the surface. England
above every othsr country in Europe, is the
great reservoir of capital. Her powers of
accumulation exceed those of any other
country, and this, U appears to us, from two
"ausej. Ist. Her insular situation, protect
ing her from the march of devastating armies,
combined with her long period of internal
tranquility. 2d. Her skill in those arts that
minister to wealth. Her progress in physical
science and in mechanical ingenuity enable
her to afford exportable products at prices
by which she is able to undersell all other coun
tries, having cheaper labor, but a less skill
ful division of it and a more limited power
of machinery. Her textile fabrics have driven
out of their own markets the East India
manufactures, where a day’s labor can be
procured for a pint of rice.
Within the memory of mau the price of
cotton goods has fallen 95 per cent, in Eng
land, showing the great efficiency of her la
bor. The cheapening of her production
from the combined effect of her physical ad -
vantages, as seen in her coal and iron, her
inventive powers, as exhibited in her im
proved machinery; her scientific progress
as shown in her manifold application of
steam, enables her to lay the whole world
under contribution. The balance of trade is
nearly always in her favor with all parts of
the world. There is a stream of treasure
that, except under very adverse circum
stances, such as warlike expenditure and de-
ficient harvests, seeks London as the
great bullion market of the world. It is on
this great mart and centre of trade that bills
in the most remote parts of the world are
drawn and balances adjnsted. Capital here
accumulates with marvellous rapidity, find
ing its way in loans to the bonks of the
Ganges or the Sacremento, with a difference
in the rate of interest of only two per cent.—
Hence it is that the money market of London
is the resort of borrowers from every division
of the globe, and explains why the demand
for loanable capital centres above all other
places in the British metropolis. ,
Whether the rise will be permanent or tem
porary, is natural and not abnormal—wheth
er the rate may not advance to tin per cent.
would depend, it appears to us, on the con
tinuance of the circumstance^which produc
ed the rise or stimulated the demand beyond
the supply, such as tfte general spirit of im
provement arising from the discovery of new
fields of gold, the still greater enlargement
of the boundaries of free trade &c. There is no
more reason on theoretical gmpnda that the
future rate of interest tfmpld not be ten per
cent, per annum, than that it should have re
five per cent. The rat# of interest has been i
as low as one sted-a-hatf, and two percent.’
per annum in Ragland, from the supply of j
capital exceeding the dtrrcenl There can
be no invariable rate or price for money. The
question, therefore, whether any higher or
lower rate of interest will take place, resolves
itself into the. .change or continuance of the
1 i .-gKqr 1
wm* r owiKwiig£_ ,, ..fww” ' wmm ■
lie rejoicings ov*r ti»* surrender of Lee’s
sirmv, with the pronrissnoftiicrapftedy ending
of the war, received a sudden and cruel
check in the foul murder of the President.
Nevertheless, the jubilation while it lasted
was of the wildest and most enthusiastic
character. The papers of the lOlh and 11th
teem with accounts of the impromtu cele
brations and demonstrations in which the
people of the great cities, as well as in every
town and village throughout the North,
sought to give vent to their overflowing joy.
The streets were lined with flags, bells were
rung, cannon fired, work was entirely sus
pended, and the people thronged the thor
oughfares with smiling faces, or held meet
ings of rejoicing.
The leadidg associations of New York held
meetings and passed resolutions of thanks
to Grant, Sherman and Sheridan. A meet
ing of the City Council was held and arrange
ments were set on foot for a grand celebra
tion of the national triumphs on the 20th.
The 20th, alas, will dawn upon a people
broken in spirit, and bowed down in sack
cloth and ashes. The Te Iteum of triumph
that was to have been chaunted by the throng
at Trinity Church, will be exchanged for a
Requiem over the Nation’s highest and best
loved.
The Inman steamship, City of Dublin, wa*
despatched for Europe on the evening of the
10th, on the special mission of conveying
the news of the rebel General Lee’s surren
der.
President Lincoln issued on the lith a
proclamation formally closing the ports of
Richmond, Petersburg, Newbera, Wilming
ton, Charleston, Savannnah, Vicksburg and
a large number of other places, including
Brunswick, St. Mary’s and Darien, in Geor
gia.
A proclamation supplementary to that
issued on the 11th, issued by President Lin
coln, appeared on the next day, declaring
that Key West Fla.,which had been inadver
tently included among those ports closed by
that proclamation, still an open port, as here
toforeJ i V ]
Another Proclamation of great importance
was issued by the President on the Uth,
SAVANNAH, GA„ FRIDAY, APRIL 21, 1865.
intended to insure to United
States vessels-of-war the same hos
pitalities as are accorded to foreign men
of-war visiting our ports. Auy further in
civilities, such as our vessels have of late met
with in foreign ports, will be promptly replied
to, with like treatment upon foreign cruis
ers visiting our waters.
Several blockade-running steamers sailed
from Havana within the first four days of
this month. At least one of them the Owl,
was fitted out as a pirate.
Lynchburg, Va., which tlre rebels had
held from the beginning of the war, and
which a short time ago was considered
strong enough to stand a siege of the whole
army of the Potomac, if Lee hal succeeded
in getting his army withiu its woks, surren
dered to a Lieutenant in command of a
Union scouting party, and i9 now garrisoned
by Federal troops.
A small force of Union cavalry lift Norfolk
on the Ist inst., and penetrated thi country
nearly to Weldon, N. C. They tore up a
considerable length of the track of tie Roan
oke and Seaboard Railroad, capture! several
prisoners and k large quantities of cotton,
tobacco, defeated the enemy’s cavalry in a
severe battle, and returned to Norfolk safely
after a week’s abstnc#.
A large stampede of negroes in the south
ern part of Mississippi has taken place in
eonsequence of the attempt to enforce the
law putting negroes into the rebel army.—
One planter lost abundred'negroes, aad many
Others from ten to fifty.
Secretary Stanton issued on the I3th one
of the most important and most Wilcome or
ders of the day. It was an official umounce
ment that an immi diate step will be put to
aU drafting and re ruiting for the military
service; the purcl »se of arms, anknunition
and military supp tea will also be irtailed ;
the military establishment be rediced, and
restrictions on commerce, so far as compati
ble with public safcty, be shortly ranoved.
A call for a season of the Legislature of
Virginia, had been published with) the ap
proval of Gen. Weitzel. The call Elicits the
attendance of the rebel Governor and Lieut
Governor ff the State, mid of certain other
promiaeoiaad- influential men in Virginia
POiJfiips, Rises; Stuart,
McMuibn and others. Sarc conduct will be
gives I; is un
demhOCKl ■' approved I 'of by
'rztmkzpx call states that the
t# ‘otto'-|i®ictfnsißeration will be
the to the 'State, the
issued on the 41th
inst., revohed thatpapTof his apeeud order
of the 10th ult, suipeaAiiig trade Gyrations
t^pped and supplied, aojd 1
4ay The troop* we© ikesbv-Gitf &
marching order, and abuadankty; j
for a long march. >ffl E'~m:z JUIT: ■
* The aU-absorbing tqpic of the day is of
course the appalling calamity tha. has befal
len the country in the assassins! on of the
President and the murefer »rl( Secretary
of Sta*e. Fvery word of the first despatches
in relation to this terrible disastet. has, ere
this, sunk into the heart of the canraunlty
and need not be reiterated.
THE ASSASSINATION OF PRESIDENT
LINCOLN ANo SECT’RY SKiVAKD.
But yesterday tie nation was atthe height
of joyful exultatiojjiverthe deciave victo
ries which seemedio promise peace and a re
stored Union to a ong-suffering jeople.
To-day every lojl heart must Butfer the
terrible .shock, andfwell with’ovepmrdening
grief at the calamiv which has been permit
ted to befall us, ii) the assassin ttion of the
Chief Magistrate.
The flagsthat flaanted their glittering col
ors in the sunshine of yesterday, and bespoke
the re-established mpremacy of the govern
ment, to-day must hang suspended at halt
mast, for its choseg chief lies low in death.
The splendor of bur triumph is robbed ‘Ay
half its lustre. Iris deeper loss thani#fpM|
first soldier had fallen by a hostile ballet, as *
the gallant Sedgwick fell; more :****jpl
army had perished in the shock of battle, j
For it is the Commander-iu-Clnet of OM
armies and naries who has fallen; and bo I
has fallen not by the natural course vs dis
ease, nor in the accepted psßrfti. war, pox
the foul stroke of some
Our history has iio paralte|*t|JP*- j? u JK
grief as ours to-day is new Yljffji***.'tTSS
heart. Other Prei lidents ttwOtWh*
holding the same 1 igb place—HSßMWi ajaw
Taylor ; but both c » n tlie
the President s bo. [g >„ betraya n0 madmaSg*
sic semper tyrani fo clnded the murdevjff
frenzy. The plot j and a n the circttfij
Secretary Seward f ‘ c ’same politicalfuryH
stances show that t </ the great T «bM
hate whichlitthe fl deeds *and hj§gf
lion inspired these 1 ict from lhe eplemflfJl
much as these detn ittfer Bab j Uga tion, vMjU
our triumph in its i j w j tb ft deeper .mdjjpM§
much do they bran< p i otterfl) it ß leadett* it*
damning infamyits lthiz ' erß) its charaJlM
abettors, its syinp
impartial liistory. )Wn and street andjp®
Let every city, tc o{ the wbo le NofWM
and home and farm e ward g of an infinite !*%]
come to-day but thjp Becure , be villain?
son to shut lh and Lot every ratut tH|
have done this thin P‘
officer of the law to search them out and
bring them to summary and condign justice.
The machinery of government has already
been set in motion ; but let there be no es
cape for them if that should fall.
Into what propositions this calamity will
yet develope, no human eye can now foresee.
Its effect upon the political future of the
nation will, at least, not be such as when a
dynasty is overthrown. Our laws provide
for the succession to such remote degrees
that even assassination cannot leave the na
tion without a visible leader and head.
Andrew Johnson to-day becomes the Pres
ident of the United States, and the chief po
litical consequences which follow from this
tragedy will be mainly such as his personal
character and political opinions, especially
on the subject of reconstruction, shall deter
mine. May God give him wisdom to dis
charge worthily the duties of his great office.
—New York World.
rejoicings over the surrender
at Washington.
SPEECH OF THE PRESIDENT.
Thousands assembled in front of the Ex
ecutive mansion. The bands played, and
manjr in the crowd sang in unison with the
music. Cannons were fired, and repeated
calls were made for the President. When
he appeared at the window over the entrance
door, he was greeted with hurras, clapping
of hands and waving of hats. He appeared
to be calm amid these wild demonstrations
before him. Comparative silence having
been restored, he said:
“I am very greatly rejoiced that an occasion
has occurred so pleasurable that the people
cannot restrain themselves. (Cheers.) I
suppose that arrangements are being made
for some sort of formal demonstration, per
haps this evening or to-morrow night. (Voi
ces—We can’t wait.) If there should be
such a demonstration I, of course, will have
to respond to it. (A Voice—Bully for you.)
And I will have nothing to say ifyou dribble
it out of me. (Laughter and cries of “We
want to hear you now.’ ) I see you have a
band. (Voices |We have three of them.) I
propose now closing up by requesting you to
play a certain piece of music or a tune. I
thought “Dixie,” one of the best tunes I ever
heard. (Laughter.)
The band began to play “Dixie,” but soon
ceased, and the President had not yet con
cluded his Remarks. He continued:
I had heard that our adversaries over the
way had attempted to appropriate it. I in
sisted yesterday that we had fairly captured
it. (Cheers and laughter.) I presented the
question to the Attorney General, and he
gave his opinion that it is our lawful prize.
(Laughter and cheers.) I ask the band to
give us a good tune upon it."
The band accordingly played “Dixie” with
extraordinary vigor, when three cheers and
a tiger were given, followed by the tune of
“Yankee Doodle.”
The President proposed three rousing cheers
fiext -
forces. They . were most enthusiastically
given.
The President retired amid huzzas, the
tune of Hail Columbia, and the firing of can
non.
The crowd then proceeded to the War De
partment, and various tunes were played.
The Secretary was lepeatedly called lor, but
did dot appear.
The immense concourse of persons then
The steam fijh engines were out, decorat
ed with flage, and screaming their joy along
aSlßHfanijrevenue*
of five hundred guns at
dariiyht, /ud JriogWfc >< bells aud tiring lrom
sraacit swop mi president
ri,,Ahondrerf peiadMT’gather rd !.<-*l.-I'*
.. At naif
President,"w}k>
company had assembles tIiMT undei
some mistake had crept inuL T®
standing. He had appeared
audience than this one to-jur, i
repeat what he then said, namely.
posed, owing to the great godfl 1 twi?
would be some demonstration i
prefer to-morrow evening* wheß « «W§*M|jp
be quite willing, and he
si mething. lie desired to be pwlgUtf, 1 ca*
cause everything fo* |Wri«t.
(Laughtei .) Ocoapytagthe portion he did,
a mistake w«,u)d piww l wsd there
fore he wantaft to he careful not to make a
mistake.” (A Vcfoe—“You made
au* yet. ’) „ '
Th* PMfiKlilifV'as greeted wftb <neers.
ai 1 a after MfcNagthc crowd good cwning
: r.m Pri>CUMATIOS
| the the President, deciding
i pnrtß Ajr,sf-fi which virtually rases
tlw rStperly existing, will be res-
Powers as a quasi recog
| nitidu pt Uw rwfcls as a belligerent power,
\ WMntWt diately followed by the re
|i]il#W mmii rnrrnitinn of therh as belli-
I nta, wlULirill render th** mhrl rovers
i-lakSlTwßir a upon the The
i n accordance with a law
1 wiShPis 1861 It was then under
i p that while foreign Powers
I effective blockade of those
exercise legal authority
US3fci. other ports of the l nited .
be respected. It is belief
e?S3ESwe ha 9 come ’ however ’, S t S
nTn government • can claim t ,
| t^jpia} o , ra i authority overall its poits
T or not-which belongs
PfcHtdS'oendent sover«r.e« Power, a—
..«• southern pons are left
trade, and those now
■BLI in&ed will, it i» presumed, be
’ ' a time. Meanwhile blockade
: r *’' to be effectively ended*—
rll 0 f t b is proclamation is under
take been the business upon which
laKKiSSSLward was about to visit City
with the President last week
—AetfW*®* Herahk ]
(lad.; young lady has oil lands
Hi JpKhe has refused SBO,OOO, but will
Wmmm™ ot tbe male persuasion.
PRICE. 5 CENTS
MILITARY DIPLOMACT-THE COR
RESPONDENCE BETWEEN GRANT
AND LEE.
The brief, concise and decisive correspon
dence between Lieutenant General Grant and
General Lee is not less admirable in its tone
and style than it is glorious in the news
which it conveys. No unkind or insulting
word can be found in the despatches of either
General. The letters are completely charac
teristic'of the men. On the one side Grant
i9 simple, frank and soldierly ; on the other
side Lee is not less soldierly, although he ap
pears to be rather less straightforward. The
two Generals understood each other perfect-
Grant knew Lee’s character and his pre
dc ment. Lee knew that Grant meant just
what he said, and that, unless his terms were 1
accepted, he would at once “move upon the
enemy’s works.” This mutual understanding
quickly resulted in the surrender of Lee 9
army.
Grant began the correspondence on the 7th
inst. with a noble letter, clearing himself of
the responsibility of any fi r her effusion of
blood by summoning Lee to surrender. Lee
replied on the same day, stating that he was
“not entirely” of Grant’s opinion as to the
hopelessness of farther resistance, but that
he was quite as anxious to avoid useless
slaughter, and therefore asked what terms
Grant had to bffer. The same day our pur
suit of the rebels was continued, and Lee’s
army received another whipping. On the
Bth Grant replied to Lee, insisting upon but
one condition of Peace—viz : “tnat the men
surrendered shall be disqualified for taking
up arms against the government of the
United States until properly exchanged.”
To this Lee anqjvered that he had not yet
proposed to surrender his army ; that he did
“not think the emergency had arisen to call
for the surrenderbut that he wanted
Peace, and was ready to meet Grant and
talk upon the subject of Peace in a general
way as far as it affected the forces under his
command. This was a neat bit of diplo
macy on the part of Lee. But still the un
relenting pursuit was kept up, and stiU our
soldiers continued to whip the rebels.
Writing and fighting at the same time.
General Grant showed that he was more
than a match tor Lee either at fighting or
writing. Just as he would have stopped
any attempt on Lee’s part to escape through
his military lines, so he stopped this attempt
to escape from the point of the correspon
dence through a diplomatic flank moveiHM|M|
On the 9th, he wrote to Lee that as he hami'
authority to treat upon the subject of Petce,
“the meeting proposed could lead to no
goodbut that the way to hasten the Pjnoe
which the North (•sired was for the Soutih to
lay down her arms. Thus brought bacCt®
the main question, Lee again asked for terms.
Grant immediately arranged for an Internal
with the reßel General. The interview to#*
place. Grant offered to parole ail lie’s
army, and give the officers their side-ajpta
! and private property. Lee at once accetMßf
j thig proposition, the
two and by means of nimstwlr
letters, the dreadful contest which lasdia*
turbed this countiy for four yeas «U
brought to a close. The whole rebt* away;
with its arms, artillery and public propefift
is in our hands. By sending tb**e soldfijn
home on parole, Grant has provided fcfttfll
immediate demoralization ana disperaipn of „
the rebel forces under Johnston, andMLJMft'*
bile and west of the MissisrippkiMM
opened a way, broad and pliiiEb, fofcthe re}
construction of the Union, (mjaf as if rjpfliw
the General, he is equally .matet? ' ’
the Statesman and the *
the United b<‘ proud fatist ' We)i:k -
lustrious citizen.—AT V. n Vs . rin
j that Northern enterprise and capital MtU have
STdthwe 1 being so many persons
mand for pl ac s®j, deJtM ,tKi exorbitant prices,
their, eye to prom^ ces inferior Btore s have
re « l n m Whether the amount of trade wlnch
expect to do will justify
a „Xa heavy outlay time only will show.—
Sew York Herald.
Trade ox Charleston and Savannah.
At Charleston and Savannah authorized
traders will hereafter be permitted, under
such restrictions as the post commanders
may impose, to receive from inhaWtantai re
siding within our lines such
and agricultural products, except cotton and
articles not contraband of war,Jo ®j othil £
tor nesessary supplies Os food aud . p
that for a few “ onth9 f be klJd-
Hdeuawd AUc,
Jrawtoz room,
| for her Majeitf.
