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SAY AM AH DAILY HERALD.
YOL. 1-Na 90.
The Savannah Daily Herald
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FLUCTUATION IN THE VALUE OF
GOLD.
No. 8.
In reasoning on this subject the considera
tion has been nearly entirely overlooked, that
the increase of population and the ex
tension of commerce t would require a con
stantly increasing supply of gold and silver,
as well for purposes of coinage as for other
purposes, to maintain the level of prices,
abrasion &c. The large quantity of the
precious metals inexistence is absolutely nec
essary, to maintain the equilibrium between
the average annual supply and the average
annual demand, Adam Smith and Arthur
Young arrived at the conclusion, that prices
fell between the years 1300 and- 1500 about
too percent-; but between the discovery of
the American mines in the beginning of the
16th century and the gold discoveries in Cal
ifornia and Australia* there was an interval
of between three and four centuries, and one
signal revolution in their valdeoccurred,and in
relation only to silver. There appears to have
been no difference of opinion among the
majority of economists, as to the fact or its
cause, of the disproportionate increase of sil
ver, then the most abnndant of the the met
als, about the .middle of the 16th century.
Compared with wheat its value fell considers*
bly ; bdt although gold is now one of the
most abundant of the two metals, varied
in particular countries from local causes, and
under particular circmnstanses, ft preserved
its general value throughout the commercial
world with remarkable uniformity.
It has been too rfeadily assumed, or taken
for granted, in discussions of this character,
that there can be no rise of prices unless by
a previous increase of currency, omitting, as
before remarked, the influence of Credit in
raising prices, independently oi those com
mercial circumstances that change the rela
tion between the demand and supply. If the
" ffiarßSTir fita&mocked with 'it particular
commodity, the demand continuing the same,
the price necessarily rises, without reference
to the greater or less quantity of currency;
but it does not follow that prices will not rise
also from additions to the circulating me
dium, for this also changes the relation be
tween the demand and supply by an increas
ed competition between those who have ob
tained additional purchasing power.
Much of the disputation, it appears to us,
qn the subject of prices has arisen from
making a distinction where there is no differ
ence. An increase of money or extension of
credit is identical with increase of demand.
Mr. Thomas Tooke, a London merchant,
nearly forty years since, published an elabo
rate work entitled, “A History of Prices,”
in which lie disproved what was then deem
ed one of the established principles of cur
rency, to wit: that every rise of prices was
preceded or accompanied by au augmenta
tion of money. He showed that at periods
when th e Bank of England had increased its
circulation prices had fallen, and vice versa,
when it had contracted its circulation, prices
had risen. But although Mr. Tooke was
right in this conclusion, he appears to have
overlooked the agency of credit generally, in
advancing prices, in the various forms of
book credits.*
Deposits in the hands of Dondon bankers
and bill brokers, employed in the discount of
bills of exchange, &c.
It is impossible to separate, even in theory,
increase of currency or of credit from in
crease of demand. When, therefore, it is at
tempted to separate the increase of money as
a distinct cause, from those commercial ch
curastances that are supposed to influence
the relation between demand and supply, we
involve ourselves in error.
A merchant obtaining an advance from a
bank, enters the .market as purchaser of a
particular commodity, the demand must be
increased as he has obtained additional pur
chasing power. The relation between de
mand and supply is Immediately changed,
yet this is called an advance of price from
some alteration in the market, and not con
nected with any change in the currency,
when it may be owing exclusively to such
change. The conclusion, therefore, is that
additional demand, whether arising from
increase of money or extension of credit,
being additional purchasing power, must ne
cessarily, advance prices, whilst the only
other source of advance of price is deficiency
of supply.
Another of those cfttrTehcy dogmas that has
obtained general acceptance is, that prices
rise simultaneously as money augments. ■ It
will be found, however, that the rise is by
successive steps, The advance of one kind of
commodity or description of labor, takes
place as the purchasing power is applied to
that particular commodity or description of
labor. It extends gradually from one class
of sellers and producers to another, as we
plainly perceive when one description of
commodities advances in price, while another
description remains stationary or recedes in
price, depending on the demand as compared
with the supply in each case.
The principles that apply to a currency of
gold and silver apply to a currency of paper,
with this difference, that the former is of a
genet al and permanent influence, while the
effects of the latter are local and temporary.
We have endeavored to show in what man
ner gold and silver from new mines are gra
dually distributed among those nations which
hare commercial equivalents to give for
them. The gold received from California
and Australia did not, as we have shown, re
mainin England, in payment for her manu
factures, but was distributed throughout the
commercial world in conformity with the
laws of trade. ;
So it is with every issue of paper money,
when exceeding the wants of the com
munity, whether by the government or the
banks, the different classes of the communi
ty, like the different nations of .the commer
cial world, would receive their distributive
share of the new currency in the ratio of their
ability to exchange for it labor or commod
ities. The prices will advance of those com
modities first to which the new purchasing
power is applied, and then Successively to all
who have labour or commodities to part
with. The government, let ns suppose, is
sues one million of dollars for the use of its
Commissiarat or Quarter Masters departments
Its agents purchase quantities of provisions
and clothing for the use of the army. This
of course advances the the prices of the com
modities, and stimulates productions in these
branches of industry, to which they relate.
In this way the demand extends gradually
throughout many departments of labour
' leading to a successive rise of prices, unless
the tendency to a rise is counteracted by an
opposite tendency to a fall from over-supply.
If this explanation is correct it shows the
fellacy of inquiries into 'the prices of com
modities on the supposition that they ad
vance or recede together on every expansion
or contraction of the currency.
Mr. Tooke in his “History of Prices” for a
period JJjj close of
1792 to the termination of 1857 shows con-
clusively that there was little or no change
of prices in that long period, so few are the
fluctuations in the value of the precious me
tals, even in ordinary periods of commercial
excitement, but are connected with social
disorders, war and revolution, that derange
values and disturb all pecuniary relations.
We close with a summary of the conclu
sions at which we have arrived.
1. The fluctuations in the value of
the precious metels become exsessive
when specie payments are suspended, and a
depreciated currency, takes it place, whether
issued by the government or the banks, af
fording a wide field for speculation. 2. The
extent of the fluctuation will be In propor
tion as the speculator can operate on the
hopes and fears of those who venture on the
hazards inseperable from this species of
gambling.
3. The fluctuations have a narrow limit
when[specie payments are not suspended,and
are unfrequent when the demand is commen
surate with the supply of the metals, as the
quantity then produced bears a proper ratio
to the general increase of wealth and popula
tion.
4. Asa coincident effect, money’prices rise
as the quantity of money increases, bnt not
so necessarily, as the various forms of credit
hare a powerful agency in the increase of
prices and in extending speculation, and
5. There can be no reasonable apprehen
sion of a fall in the value of the precious
metals in a progressive state es society, as
the additional quantity will be requirea and
absorbed as soon as produced, either for em
ployment as money or for other uses. %*
♦This has been exemplified within our per
sonal experience. During the year 1825, the
year of great cotton speculation, cotton ad
vanced with snch rapidity in Charleston, that
the same parcel or lot changed hands several
times within the course of a few hours, by
being merely transferred on the books of the
factor without the iutervention of one dollar
in money or through the medium even of a
cheque. Mr. Tooke mentions in his third
volume a speculative excitement, in London,
in tea. in 1796 that must be placed in the same
category, when large lots changed hands
several times, within a few hours and the
price advance 150 per cent. There can be
little doubt from the rapidity of the opera
tions that they were effected by a ledger
transfer and not through the medium of bnk
cheques.
At a recent matinee at the New York
Academy of Music two richly dressed ladies
quarrelled about a seat, and indulged in a
fierce scrimmage, in which one of the ter
magants had her skirt wholly tom off. A
gentleman therein interposed and stopped
le disgraceful exhibition by placing one of
the women in his own seat. »
SAVANNAH, GA., MONDAY, MAY 1, 1865.'
IMPORTANT LETTES FROM J. W.
BOOTH—His Original Purpose was to j
malts Mir. Lincoln a Prisoner—His |
Reasons for His Aqtion.
(From the Philadelphia Pres*, April 19.] _
We have just received the following letter,
written by John Willed Booth, and placed
by him in the hands of his brother-in-law,
J. S. Clarke, in a sealed envelope, and ad
dressed to himself in his own handwriting.
In the same envelope vsje some United
States bonds and oil stocks. This letter was
B’. by Mr. Clarke for the first time on
V last, and immediately handed by
him to Marshal Mill Ward, who has kindly
placed it in our hands. Most unmistakably
it proves that he must for many months have
contemplated seizing the person of the late
President. It is, however, doubtful whether
he imagined the black-deed which has plung
ed the nation into the deepest gloom, aud
at the same time awakened it to a just and
righteous indignation:
V , , 1864.
Mr Dear Sir You may use this as you
think best. But as some may wish to know
when, who and why, and as I know not how to
direct, I give it (in thelwords of your master.)
“To whom it may concern” :
Right or wrong, God judge me, not man.
For be my motive good oc bad, of one thing
I am sure, the lasting condemnation of the
North.
I love peace more than life. Have loved
the Union beyond expression. For four years
have I waited, hoped ami prayed for the
dark clouds to break, and for a restoration
of our former sunshine. ! To wait longer
would be a crime. Aq hope for peace is
dead. My prayers have mi 9ved as idle as my
hopes. God’s will be den !. Igo to see and
share the bitter end. ±
I have ever held the £*>« ;h were right. The
very nomination of Abra am Lincoln, four
years ago, spoke plaiql; war—war upon
Southern rights and inafr utions. His elec
tion proved it. “Awaifes i overt act.” Yes;
till you are bound ana plundered. What
folly ! The South were t* se. Who thinks of
argument or patience wh4n the finger oi his
enemy presses on the trigger ? In a foreign
war, I too, could say, “Country, right or
wrong.” But in a straggle such as ours
(where the brother tries Jo pierce the broth
er’s heart), for God’s -sake choose the right.
When a country like this spuras justice from
her side she forfeits the allegiance of every
honest freeman, and should leave him, un
trammelled by any fealty soever, to act as
his conscience may approve.
People of the North, to bate tyranny, to
love liberty and justice; to strike at wrong
and oppression, was the teaching of our
fathers. Jhe study of our early history will
not letjneitfget it, andrmay it never.
formed for the white,
not for tfledHack man. .And, looking upon
African slavery from tie same standpoint
held by the noble frames of our constitu
tion, I, for one. have ever considered it one
of the greatest blessings (both for themselves
and us) that God ever bestowed upon a fa
vored nation. Witness heretofore our wealth
and power, witness theif elevation and en
lightenment above thein race elsewhere. I
have lived among it nnbt of my life, and
have seen less harsh {raiment from master
to man than I have beheld in the North from
father to son. Yes, heaven knows, no one
would be willing to do more for the negro
race than L could I but see a way to still bet--
ter their condition.
But Lincoln’s policy is only preparing the
way for their total annihilation. The South
are not, nor have they been fighting for the
continuation of slavery. The first battle of
Bull Run did away with that idea. ■ Their
causes since for war have been as noble and
greater far than those that urged our fathers
on. Even should we allow they were wrong
at the beginning of this contest, cruelty and
in justice have made the wrong become the
right, and they stand now (before the won
der and admiration of the world) as a noble
band of patriotic heroes. Hereafier, reading
of their deeds, Thermopylee will be for
gotten.
When I.aided in the capture and execution
of John Brown (who was a murderer on our
western border, aud who was fairly tried and
convicted, before an impartial judge andjury,
of treason, and who, by the way, has since
been made a god,) I was proud of my little
share in the transaction, for I deemed it my
duty, and that I was helping our common
country to perform an act of justice. But
what was a crime in poor John Brown is now
considered (by themselves) as the‘greatest
and only virtue of the whole republican
party. Strange transmigration! Vice to be
come a virtue simply because more indulge
init! •••
I thought then, as now, that the aboli
tionists were the only traitors in the land,
and that the entire party deserved the same
fate as poor old Brown; not because they
wish to abolish slavery, but on account of
the means they have ever endeavored to use
to affect that abolition. If Brown were liv
ing I doubt whether he himself would set
slavery against the Union. Most, or many
in the North do, and openly, curse thftUui«n
if the South are to return and retain 1 single
right guaranteed to them by every tie which
we once revered as sacred. The South can
make no choice. It is either extermination
or slavery for themselves (worse than death)
to draw from. I know my choice.
I have also studied hard to discover upon
what grounds the right of a State to becede
has been denied, when our very name, United
States, and the Declaration of Independence,
both provide for secession. But there is no
time for words. I write in haste. I know
how foolish I shall be deemed for undertak
ing such a step as this, where, on the one
side, I have many friends Ad everything to
make me happy, where my profession alone
has gained me an income of more than twen
ty thousand dollars a year, and where my
great personal ambition in my profession has
such a great field tor labor. On the other
hand, the South have never bestowed upon
me one kind word; a place now where I have
no friends except beneath the sod; a place
where I must either become a private soldier
or a beggar. To give up all the former for
the latter, besides my mother .and sisters
whom I love so dearly (although they so
widely differ with me in opinion), seems in -
sane ; but God is my judge. I love justice
more than I do a country that disowns it;
more than fame and wealth; more (Heaven
pardon me if wrong,) more than a happy
nome. I have never been upon a battle
field but oh! my countrymen, could you
but see the reality or effects of this horrid
war as I have seen them (in every State, save
Virginia), I know you would think like me,
and" would pray the Almighty to create in
the Northern mind a sense or right and jus
tice (even should it possess no seasoning of
mercy), and that he would dry up this sea of
blood between us, which is daily growing
wider. Alas! poor conntry, is she to meet
her threatened doom ?
Four years ago I would have given a thou
sand lives to see her remain (ae I had al
ways known her) powerful aud unbroken.
And even now I would hold my life as
naught to see her what she was. Oh 1 my
friends, if the fearful scenes of the past four
years had never been enacted, or if what has
been had been but a frightened dream, from
which we could now awake, with what over
flowing hearts could we bless God and pray
for his continued favor ! How I liave loved
the old flag can never now be known. A
few years since and the entire world could
boast of none so pure and spotless. But I
have of late been seeing and bearing of the
bloody deeds of which she has been made the
emblem, and would shudder to think how
changed- she had grown. Oh I how I
have longed to see her break from the midst
of blood and death that circles round her
folds, spoiling her beauty and tarnishiag her
honor. But no, day by day has ehe been
dragged deeper aud deeper* into cruelty and
oppression, till now (in my eyes) her once
bright red stripes look like bloody gashes on
the face of heaven.
"I look now upon my early admiration of
her glories as a dream. My love (as things
stand to-day) is for the South alone. Nor do
I deem it a dishonor in attempting to make
for her a prisoner of this man, to whom she
owes so much of misery. If success attend
me Igo penniless to her side. They say she
has found that “last ditch” which the North
have so long derided and been endeavoring
to force her in, forgetting they are*our bro
thers, and that it is impolitic to goad an ene
my to madness. Should I reach her In safety
and if true, I will proudly beg permission to
triumph or die iu that same “ditch” by her
side. *
A Confederate doing duty upon his own
responsibility.
J. Wilkes Booth.
THE CIRCUMSTANCES UNDER WHICH THE LETTER
WAS RECEIVED BY MR. CLARKE.
From the Philadelphia Ledger, April 19.
J. Wilkes Booth, the wretched assassin of
President Lincoln, in January last left a. let
ter, in a sealed envelope, directed to himself,
at the house of Mr. J. S. Clarke, his brother
in-law in this city, with the statement that
they contained oil stocks and bonds. They
remained at the house unopened until after
the crime of Friday night, when Mr. Clarke
opened them and handed ' them over to the
Uuited States Marshal.
This letter is undated, but it could not
have been written later than January, and
was probably written in November. It shows
that if John Wi kes Booth did not then con
template killing the President, he had at least
resolved to aid the rebellion in some striking
jtnd startling way. It is probable that he
was ffit-n bound by an oath tp obey some
secret band of conspirators, and liis object'
in addressing the letter to himself was to in
sure secrecy till he had taken some step
which would give the family reason for open
ing it. So strong were his sympathies for
tiie rebel cause that he would undoubtedly
have joined the rebel army at the beginning
of the war, it it had not been for the firm
opposition of his family, and the grief of his
mother. His Edwin and Junius,
considered his declarations that the rebellion
was right, as merely the wild talk of a reck
less young man. His opinions and feelings
were so different from those of his family
that a virtual separation became unavoidable,
and be has visited neither his brother nor
brother-m-law since January last.
Houses of the English in Isdia.— A let
ter from Bombay has the following concern
ing the houses of the Euglish there: We have
no bells, n& door-locks, no carpets, curtains,
chimney-piecee, fireplaces, no passages or
stairs, no house-door, no servants’ hall
(though about tweuty servants,) no garrets,
no gas, no housemaids, laUndrymaids, dairy
maids, etc., etc. I could give you a still
longer list of etceteras ; but, lest' you should
think your ‘correspondent has iapsed into
savage life, I must proceed to explain how
all these are made up for.
Instead of bells, we use our own good
voices; and there are so many servants that
one is sure to turn up as sm>n as we ca l out
‘‘Boy'.”a well known sound in Indian houses.
“Boy” corresponds to the French garcon,
and is very probably answered by a “boy” of
threescore and ten. Instead of door-locks,
there are bolts, and sometimes only*hooks
and eyes. As the doors do not suut very
close with these, it is convenient for letting
out the musk-rats, ass found last night in
my room. Onr feet are too hot already,
without carpels; mats do much better.
Everything httag ftn the walls is a refuge for
mosquitoes, so curtains are superfluous, ex
cept, of course, mosquito curtains, without
which we should be eaten up bodily. It
would he dreadful to think of a blazing
hearth or a warm fireside here; so grates,
chimneys, chimney-pieces, and fire-screens
arc unknown in Bombay. *
Just look at the plan of the house, and
you can see how well one can do without a
house-door, remembering that a veranda
runs before the house, aud there is always a
man sitting in it doing nothing, whose duty
it is to announce visitors. Instead of pas
sages, the rooms all open iDto each other and
into the veranda. This, like many other
good bouses here, has no second floor, so
there are no stairs. As for housemaids, and
all sorts of tnaid9, their work is done by vaii
ous sorts of men; it is very well done, too,
and not like John, who succeeded so ill in
miming Tiny, in the old song. A servant’s
hall lor servants’. meals there cannot be,
where no no two of the servants will mes 9
together; they are of all casts, and live apaiti
some having their wives on the premises.
Garibaldi’s daughter Tere-ita b&3 just
given birth, at Caprera,lo a boy, who, by
his grandfather's desire, has been christened
Lincoln, In honor of the “American Presi
dent who has abolished slavery.”
PRICE. 5 CENTS
(For the Savannah Dally Herald.}
OUR NATIONS LOSS.
BY a A SAVASB, 00. X, Bth ixd. in?antsy.
When oar land with victory and honor was flashed;
When the clangor of arma by surrender waa hushed;
When the bright beams of Peace seemed to
the clouds,
That threatened oar country to mantle hi shrouds;
When our hearts ware with thanks and with Joy run.
ningo'ar,
What was that which the lightnings reluctantly borer
Oh fearfol the news that now speeds o’er the wires—
The Pride of his Country is shot and expjns;
The assassin, whose deeds are much darker than
death,
Hath hardened his heart till of reason bereft;
Perhaps bribed by silver oar Baler to slay,
As Judas of old did his (Savior betray.
Like him may he perish, yet mercy be given,
Ae be’e unfit for Earth, leave hi* Judgment with
Heaven. t
Spill each innocent blood. Oh I God, is ft true,
That thine image hath dared such a coarse to pirns,
As to slay without reason ®r pretext the man.
That hath honored oar country and rescued oar land.
Aye, such Is the truth—with our Chief we mast part,
We mast ose this most noble and generous heart:
One whose judgment by mercy was only exceeded—
Who would sacrifice all for bis country if needed:
One whose frown upon treason, was a hope for the
slave—
Hath given his life his dear country to save.
Yes, his soul took its flight tli that land of the Blest,
To receive Its reward where the weary find rest
In numbers kis triends, like the sends on the shore,
Must mourn that their President now is no more;
Yet Time-can but ripen the example he's given,
As be Journeyed through life from the cradle to
Heaven. ,
April 20th, 1866.
A Hymn of the Mother* of the Patriot
Soldiers.
BY H. jr. rowxss.
O Thou, who with' Thy latest breath
The mother’s sorrow cheered.
And, having rent the gates of death.
To Woman first appeared.
Look on us as, with weary pace,
We strive to follow Thee,
And may we in Thy blessed thee
Some gracious token see.
Home ealls'each loved, familiar name
With precious mem’ries stored;
Deal gently. Lord l ’Twas not for fans
Our children took the sword.
We never thought when each young face
First softly touchul our own,
And little hands, with soft embrace,
About our necks were thrown,
That our own veins were nursing then.
The holy cause dUfrght,
And that from our own bosoms men
Would spring to Freedom’s fight
We cannot deem the offering vain,
Our dearest though we give;
Nor do wo ask release from pain.
If but the Nation live.
Still, sometimes, as alone we kneel
Where once the cradle stood—
So much comes back—’tie hard to feel
That our great grief is good,
The and silken hair * ’'
Os those whose touch was sweet.
Rise up atikld the glare and din
Os battles’ fiery lide.
And flit past prison bars, within
Which Ipvo is crucified 1
We know we bade them go, when stirred
The land from sea to tea, .
For ’twas Thy voice, O Christ, they hoard
Proclaiming Liberty. JT
Cut O, this travail long and sore,
Seeing their thorny way,
And never able to do more
Than serve of home and pray.
It seems as If the mother's hand
Could soothe the sufifring best
And that the mother ought to stand
By children laid at rest.
Forgive us all our doubts aud fears
while Thy great work goes on;.
We will rejoice amid our tears,
And pray, "Thy will be done."
Thy will—good will—its message now
Os promised peace grows strong,
And, flashing on War’s awful brow,
Df Clares the doom of Wrobg.
It is enough. Out from the gloom
Rises a nation free.
Still at the Croee and by the Tonrik
We cling, O Lord, to thee.
January, 1886.
Headquarters Army or the Potomac, April
17.—Quite an interesting event took place at
headquarters this morning. The Sixth Corps
having taken eighteen nags during the re
cent short campaign, it was arranged that
the men who captured them, accompanied
by their commands, should march to the vi
cinity of General Meade’s Headquarter!, and
there turn in the colors taken from the Re
bels.
General Meade addressed these heroes in
an appropriate speech, thinking them indi
vidually lor their gallantry, anu the entire
corps for the important part they had per
formed in being the first to break the ete
my’s line at Petersburg, as well as their con
duct in pursuing and aiding in the utter de
feat and eapture of the most important army
of the Rebels.
In General Meade announced
that every man who had taken a flag should
have a furlough of thirty days, and tuat each
one should, carry his own and present it to the
War Deprrtment at Washington The scene
was a brilliant one, and was much enjoyed
by ail who witnessed it.
The announcement of the assassination of
President Lincoln and Secretary Seward and
his son, was received throughout the army
with the utmost sorrw, every man seeming
to think it the greatest calamity that coula
possibly have happened just at this time.
Should the assassins be lound and turnnd
over to the army to be dealt with, their pun
ishment would be swift and sure, and
as to drive terror into the hearts of '
sympathizer with treason in
States. And the citizens
country here express
r .thinking it
could possibly happen j
the Southern people. ]
