Historical Newspapers of South Carolina

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THE DAILY PH (EN IX. Daily Paper 88 a Year] "Let our Just Censure ^~^^^^S~^l^m Attond the True Event." Tri-Weekly 85 a Year BY JULIAN A. SELBY. COLUMBIA. S. C.. FRIDAY MORNING, DECEMBER ll, L868. VOLUME IV-NO. 22& TJbLE PHONIX. ytJBIJSHKD rAILT AND TBI-VTKKKX.T. rm GLEANER, ZYKBT WEDNESDAY KOBNINO. BY JULIAN A. SELBY, EDITOR AND PaoPniETOB. Offioe en Main street, a lew doors above Taylor (or Camdon) street. TERMS-IN ADVANCE. 8UB80BIPTION. Daily Paper, six months.$4 00 Tri-Weekly, " " . 2 50 Weekly, " .1 60 ADVERTISEMENTS Inserted at 75 couts per square for tho first Insertion, and 50 cents for each subs?quent. Weekly 75 cents each insertion. tar A liberal discount made on the abov<\ rates when advertisements are inserted by th? month or year. AGENTS. Lexington-B. J. Hayos. Spartanburg-Hiram Mitcholl. J. B. Allon, Chester. 8. P. Kinard, Newberry C. H. James Grant, Union. Juline Poppe, Anderson C. H. President's Message. I CONTINUED. I Various plans havo been proposed for tho payment of tho public debt. However they may havo varied ns to' tho timo and modo in which it may be redeemed, there seems to bo a general concurrence us to tho pro? priety and justness of reduction in the present rate of interest. The Secretary of the Treasury, in Iiis re? port, recommends five per cent. ; Congress, in a bill passed prior to adjournment tho 27th of July lust, argued upon four ami four ami a half per cent., while by many three per cent, has been held to bo au am? ply sufficient return for the invest? ment. The general impression as to tho exorbitancy of the existing rate of interest has led to an inquiry to tho public mind respecting the consideration which the Government has aotnaly received for its bonds, and tho conviction is becoming pre? valent, that as tho amount which it obtained was in real money, three or fonr hundred per cent, less than thc obligations which it issued in return, it cannot be denied that wo aro pay? ing an extravigant per ceutago for the use of money borrowed-which was paper currency, greatly depreci? ated below the value of coin. This fact is made apparent when wc con? sider that bond-holders receive from the Treasury upon each dollar they own in Government securities six per cant, in gold, which is uourly or quito equal to nine per cent, in cur? rency. That the bonds are then con? verted into capital for the national banks, upon which thoso institutions issue their circulation, bearing six per cent, interest, and that they are exempt from taxation by the Govern? ment and the States, and thereby en? hanced two per cent, in tho hands of the holders. Wo thus have an ag? gregate of 17 per cont., which may be received upon each dollar by the owners of Government securi? ties. A system that paoduccs such resnlts is justly regarded os favoring a few at tho expense of tho many, and has led to the further inquiry, whether our bond holders, in view of the large profits which they havo en? joyed, would themselves bo adverse to a settlement of our indebtedness upon a plan which would yield thom a fair remuneration, and at the same timo bo just to tint tax-payers of the nation. Our national credit should bo sacredly observed; but'in making provision for our creditors, we should not forget what is due to tho masses of the people. It may be assumed that the holders of our securities havo al? ready received upon their bonds a larger umouut than their original in? vestment, measured by gold staudard. Upon this statement of facts, it would seem but just und equitable that tho G per cent, interest no w paid by Govern? ment should be applied to tho reduc? tion of the principal, in Bcmi-aunual instalments, which in tun years and oight months would liquidate tho entire national debt. Six per cent ::: gold would, at present rates, be eqtinl to nine per cent, m eurroncy, and equivalent tu tim payment of tho debt one and a half times in a frac? tion less than seventeen years. This, in connection with all tho other ad? vantages derived from their invest? ment, would afford to tho public creditors a fair and liberal compen? sation for tho msc of tho capital, and with this they should bo satisfied. The leesons of tho past admonish tho lenders that it is not well to be over anxious in exacting frr?m tho borrower riyid compliance with the letter ol the bond. If provision be made for the payment of tho indebt? edness of the Government in tho manner suggested, our nation will rapidly recover its wonted prosperity. Its interests require that some mea? sure should bo taken toletease the largo iimount of capitul invested in the securities of thc Government. It is now not merely unproductive, but in taxation annually consumes $150, 000,000, which would otherwise be used by our enterprising people in adding to the wealth of the nation. Our commerce, which at one time successfully rivalled tbat of the great maritime powers, has rapidly dimi? nished, and our industrial interests are in a depressed and languishing condition. The development of our inexhaustible resources is checked, and fertile fields of the South are be? coming waste, for want of means to till them. With the return of capi? tal, new life would be infused into the paralyzed energies of our people, and activity and vigor imparted to every branoh of industry. Our peo? ple need encouragement in their ef? forts to recover from tho effects of tho rebellion, and of injudicious le? gislation; and it should be the aim of this Government to stimulato them by tho prospect of an early release from tho burdens which impede their prosperity. If wo cannot take the burdens from their shoulders, we should at least maui fest n willingness to help to bear them. In referring to the condition of the circulating medium, 1 shall merely reiterate sub? stantially that portion of my last an? nual message, which relates to that subject. The. proportion which the currency of nny country sbouid bear to the whole value of tho annual produce circulated by its means, is a question upon which political economists have not agreed, nor cnn it be controlled by legislation; but must be left to the irrevocable laws which everywhere regulato commerce and trade. The circulating medium will over irresist? ibly How to those points where it is in greatest demand. The law of de? mand and supply is as unerring ay that which regulates tho tides of tbt oce.au; and indeed currency, like tin tides, has its ebbs und flows through out tho commercial world. At thc beginning of tho rebellion, the bani* note circulation of the country amounted to not much moro thar $200,000,000; now the circulation o national bank notes, and those knowi: as legal tenders, is nearly $700,000, 000. While it is urged by some tba this amount should be increased others contend that a decided reduc tion is absolutely essential to the bes interests of tho country. In view o those diverse opinions, it may bi well to ascertain the real value of on paper issue, when compared with i met ul lie or convertible currency. F o this purpose, let us inquire bow mad gold and silver could be purchase) by the $700,000,000 of paper moue: now in circulation-probably no more than half the amount of tb latter-showing that when our Dape currency is compared with gold am silver, its commercial value is cora pressed into $350,000,000. This strik ing fact makes it tho obvions duty o the Government, as early as may b consistent with the principles c sound political economy, to take sue measures as will enable tho bolder of its notes and those of tho nut ion; banks, to convert, them without los into specio or its equivalent. A rt duetion of our paper circulating mt dinna need not necessarily follow this, however, would depend upo tho law of demand ami Bupply; thong it should bo borne in mind, by mal ing legal tenders and bunk notes coi vertible into coin or its equivalen tboir present specie value in the bane of their holders would be enhance one hundred per cent. Legislatio for the accomplishment of a result f desirable, is demanded by tho bigl eat public consideration. The Coi siltation contemplates that the eirci tating medium of the country shu bo uniform in quality and value. J the timo of the formation of that ii struinent. the country had just emcri ed from the war of the lie vol ii tue and was suffering from the effects i redundant and worthless paper cu roney. The sages of that period we anxious io protect their posteri from the evils which they tbemselv bad experienced; hence, in providil a circulating m?dium, they confern upon Congress tho power to co money and run tho value thereon; the.sumo time, prohibiting tho Stat from making anything but gold ai silver a tender io payment of debi The anomalous condition of our ci roney is in striking contrast with th which was originally designed. O circulation now embraces: First notes of the national banks, wbi ure made receivable for all dues the Government, excluding ira por and by all its creditors, excepting payment of interest upon its bon und tho securities themselves, fr cond-legal tender notes, issn by tho United States, and which t law requires should be received as w in payment of ult debts between ci zens, of nil Government dues except imports. And third-gold and sil? ver coin. By tho operations of our present system of finance, however, the metallic currency when collected is reserved only for one class of Go? vernment creditors, who, holding its bonds, semi-annunlry receive their interest in coin from the National Treasury. There is no reason which will be accepted as satisfactory by thc people, why thoso who defend us on lund aud protect us on the sea; the pensioner upon the gratitude of tho nation-bearing the scars and wounds received while in its service; the public servants in various depart? ments of the Government; the farmer, who supports tho soldiers of tho army and the sailors of the navy; the artizan, who toils in tho nation's work-shop, or the mechanic or la? borer, who builds its edifices and constructs its forts and vessels of war, should, in payment of their just and hard-earned dues, receive depre? ciated paper, while another clnss of their countrymen-no moro deserv? ing--are paid in coin of gold and silver. Equal and exact justice re? quires that all tho creditors of the Government should be paid iu a cur? rency possessing a uniform value. This can only be accomplished by the restriction of the currency to the standard established by the Consti? tution, and by (bis means we would remove a discrimination which may, if it has not already done so, create a pre judice that may boco:.ie deep rooted and wide-spread, and imperil thc national credit. The feasibility of making our currency correspond willi the constitutional standard, miry be seen by reference to a few f u is; derived from our commcrciai stntw tics. The aggregate product of pre? cious metals in the United States from IS ii) to 1867, amount-d to $1,174,000,000, while for th.- same period the net exports of specie were $711,000,000. This shows au excess of product over net expenses of $133,000,000. There are in the Trea? sury 6103,407,985 iu coin; in circula? tion in the States on the Pacific coast, about $10,000,000, und a few millions in the national and other banks; in all, less than ?1(5,000,000. Taking into consideration the specie in tim country prior to 1849, and that produced since 1807, and we have more than $300,0;!0,000 since 1HG7; and we have more than $300, 000,000 not accounted for by exporta? tion, or by the returns of the Trea? surer; and, therefore, most probably remaining in the country. These aro facts, and show how completely the inferior currency will supercede the better-forcing it from circulation among tho masses, and causing it to be exported as a mero article of trade, to add to tho money capital of foreign Janas. They show tho necessity of relieving our paper money, that the return of gold and silver] to the ave? nues of trade may bo invited, and n demand created which will cause the reten tiou at home of at least so much of the productions of our rich and inexhaustible gold-bearing fields ns may be sufficient for purposes of cir? culation. It is impossible to expect a return to a sound currency so long us the Government and banks, by continu? ing to issue irredeemable notes, fill tho channels of. circulation with ii depreciated paper. Notwithstanding a coinage by our mints, since 1819, ol $871,000,000, the people aro now strangers to tho currency which wai designed for their use and benefit, and specimens of tho precious molah bearing tho national device are sd dom seen, except when produced tc gratify tho interest excited by theil novelty. If depreciated paper is to ht continued as the permanent currency of the country, and all our coin is t< becomo a mero article of traffic nm speculation, to tho enhancement ii price of all that is indispensable t< tho comfort of the people, it wouh be economy to abolish our mints thus saving tho nation the caro am expense incident to such establish moots, and let all our precious metal be exported iu bulk. Thu time has come, however, whoi the Government and national bank should be required to take the mos efficient steps and make all necessary arrangements for specie payments Let specie payments once be earnest ly inaugurated by tho Govcrnmcu and banks, and the value of the pape circulation would directly approxi mate a specie standard. Specie pay incuts having been resumed by tl?? Government and banks, all notes o bills of paper issued by either of i lens denomination than twenty dol lars, should by law ho excluded fron circulation, so that, the people ma; have tho benefit and convenience o a gold and uilver currency, which ii all their business transactions will bi uniform in value at home and abroad Every mau of property or industry, every man who desires to preserve what he honestly possesses, or to ob? tain what ho cun honestly carn, has a direct interest in maintaining a safe circulating medium; such a medium as shall bo real and substantial, not linblo to vibrato with opinions, not subject to bo blown up or blown down by tho breath of speculation, but to be made stablo and secure. A disordered currency is ono of the greatest political evils. It under? mines the virtues necessary for tho support of the social system, and en? courages propensities destructive of its happiness. It wars against in? dustry, frugality and economy, and it fosters tho evil spirit of extrava? gance and speculation. It has been asserted by ono of onr profound and most gifted statesmen, that of all tho contrivances for cheating thc labor? ing classes of mankind, nono has been moro effectual than that which deludes them with a paper money. This is the most effect uni of inven? tions to fertilizo thc rich man's fields by tho sweat of the poor man's brow. Ordinary tyranny, oppression, ex? cessive taxation, these bear lightly on tho happiness of the mass of the community, compared with a fraudu? lent* currency and tho robberies com? mitted by depreciated paper. Our own history has recorded for our instruction eui.ugh, and more than enough, of tho demoralizing tendency, tho injustice sud tho iu tolerable oppression on tho virtuous und well-disposed, of adegraded pa? per currency, authorized by law or in any way countenanced by tho Go? vernment. It is one of tho most suc? cessful devices, in times of penco or war, of expansions or revulsions, to accomplish tin; transfer of all thc pre? cious metals |from the great ma*8 of the people into the hands of the few, where they are hoarded in secret places or deposited under bolts and inns, while the people are left to en? dure all the inconvenience, sacrifices and demoralization resulting from tho use of depreciated and worthless pa? per. The {Secretary of the Interior, in his report, gives valuable information in reference to tho interests confided to the supervision of his department, and reviews the operations of tho Land Office, Pension Office and Pa? tent Office, and Indian Bureau. During the fiscal year ending Juno 30, 1868, six million six hundred and fifty-five thousand and seven hundred acres of public laud were disposed of. Tho entire cash receipts of the Gene? ral Lund Office for the same period were 81.632,745, being greater by 8281,883 than the amount realized from the same sources during the previous year. Tho outries under tho homestead law scores two million three hundred and twenty-eight thou? sand nino hundred and sixty-three excess, nearly a quarter of which was taken under tho Act of Juno 21, 1S66, which applies only to the States of Alabama, Mississippi, Louisiana, Arkansas and Florida. ^CONTINUED IN OUIt NEXT. J Office State Treasury, DEOEHBKB 7, 18C8. BILLS of the Hank of tho State of South Carolina, lodged at this Oftice, to bo FUNDED under an Act of tho General Assembly, entitled "An Act to close the oporations of tho bank of the State of South Carolina." will bo funded in sums of ?500 and $1,000; bonds being prepared only for such amounts. NILES O. PARKER, Dee 8 fi Treasurer State S. C. A BARGAIN. A SPLENDID SAW-MILL, Engine, (Ty j\. ler's raako,) g'od belting, large tmoko-stack, extensive copper piping and all necessary fixtures, at Cedar Pond, in Lexington "District, thirteen miles from tlie Augusta and Columbia Railroad-can easily be moved and located on ?aid road. Tho Engine is thirty horrie power, in com? plete running order-Mill and Ejgine cost 13,000, and nevor been injured by uso-can bo bought for $1,500. VY. C. Anderson, F.aq., is on the place and will take pleasure I in Bbowiug the mill to any who wish to see. i It may also be said that Mr. Anderson is one of the best machinists in tho State, whose services (if applied for Boon) can be procured in moving, putting up and run? ning said mill. Apply to Cochran A- Nor? wood, at Cokesbnry, or E. Wimborly. at Aiken. M C. Nov 2!? 12* WINTHROP E. W ?LLIAMS, Clo I TON FACTOR and COMMISSION j MERCHANT, Accommodation (Vbarf, Charleston, s. O. Sont .'! Smo Rye Whiskey, ScnNArs, Hitters, I {.randies, Hum, Oin, Ac., Ac. Por Hale low liv Nov fi P?3HEH k LOWRANCE. Flour, Flour, ?j f\f\ RBIS. Extra Family FLOUR, 1 \ t\ f just, received and lor cab- bv Nos ?i_J. A- T. H. AON KW. Dried Apples. 4 AAil LbS. of primo DRIED AP "+,1 t\)\J PEES for salo low by .Nov 21 E. A O. D. HOPE. SPECIAL NOTICES.BJ Let not Prejudice Usurp Your lt rason. It ia a fact that, in tho minds of many persons, a prejudico exists against what aro called patent medicines; hut why should this prevent you resorting to au article that has such an array of testimo? ny to support it as HOSTET'f ER'S STOM? ACH BITTERS? Physicians prescribe it: why should you discard it? Judges, usu? ally considered men of talent, havo used and do uso it in their families; why shonld you reject it? Let not yonr prejudice usurp your reason to tho everlasting inju? ry of your health. If you aro sick, and require a medicino, try these Bitters. When tho bodily energies aro worn out by anxiety and need a stimulant, this is tho best that can bo takon. It is tempored and modified by hygienic herbs and roots, which prevent it from fevering the blood; and boneo it does nut produce amore tem? porary excitement, to bo followed by inju? rious reaction, but communicates a perma? nent potency to tho entire vital organiza? tion. Home of its liberal constituents uro sightly soporitic, so that in cases where sleeplessness is ono of tho accompani? ments of nervous discaso, a doso of it taken towards bed-time will tend to pro dace quiet and refreshing slumber. For palpitation of heart, tremors, hysterics, fainting (its, general restlessness and the causeless fears ami distressing fancies to which ladies art! especially subject, under certain morbid conditions of mind and body peenliar to their sex, the bitters will he found tho most agreeable and certain of all counter-irritants. Tho constitutionally nervous may readi? ly kcoptheir infirmity in constant cluck by tliu daily uso of this healthful vegeta? ble tonie; and those who have "shattered their nerves," as the phrase is, either by imprudent indulgence or undue physical or intellectual labor, will find in thia vital? izing elixir a prompt restorative. Dec 2 }G ..MANHOOD."-Another New Medical Pamphlet iron: tho pen of Dr. Curtis. Thc Medical Times says of this work: "This valuable treatise on tho cause and euro of premature decline shows how health is impaired through secret abuses of youth and manhood, and how easily regained. It gives a olear synopsis of the impediments to marriage, the cause and effects of ner? vous debility, and the remedies therefor." A pocket edition of the above will be for? warded on receipt of 26 Cents, by ad? dressing Dr. Curtis, No. 58 North Charles street, Baltimore, Md. May 27 ly GREAT INDUCEMENTS^ IN SILVERWARE, WATCHES, JEW ELBY, PLAIN* COLD BINGS, CLOCKS. SPECTACLES, ic. SELLING LOW AT I. SULZBACHER'S, Nov Sign of the Green Specks. ll New Boot, Shoe AND HAT STORE. 3v m Ml r*niIE nndersigm d, who is experienced in X the business, hus opened a fino and carefully selected ?tock of goods in tho above liue, anti invites a call from pur? chasers. In thc assortment, will bo fouud Gent's, Ladies', Misses', Boys', Youths' and Children's BOOTS anti SHOES, of tho best make. His stock of HATS is varied. The articles will bo disposed of cheap for cash. A. SMYTHE, In Presbyterian Depository, opposite Ki uar d's dry goods store. Oct 24 New Books. COOKE'S New Novel-Mobun, or the Last Days of Lee and his I'ahadins Fina) Memoirs of a Staff Officer, serving in Virginia, in stunt! sort a Seqnel tf> "ur ?cv of Eagle t> Nest, f2 '25. New supply of Surrey of Eagle's Nest, ?2 25. Last Div- rd a Kio;;.?nu Historical Rn manco, tran lut< l bom the German, 50 cents. Cal lam nra, a Thrilling Romance, bj Ju? lia Ploasants. Chambers' Mit cell ineous Questions with Answers, il 25. Who is Hey An Appeal to those who re? gard with anv doubt the name of .ii r.it.-.. At DUFFIE.' CHAPMAN'S Nov li) llookstore Gunsmith. TnAVE recently opened a new .-tore (next to E. Htonhouio) where I will he found, at all times, ready lo attend to any? thing in my lino, snell as repairing and milking to order all Kinns of PISTOLS, GUNS, LOCKS, Ste., and will give particu? lar attention to repairing SEWING MA CHINKS, IRON SAFES, Ac. Patronage respectfully solicited. _ S'ov 12 ' F. A. SCHNEIDER. COTTON LIBERAL ("'ASH ADVANCES made on COTTON consigned to JAMES W. TBASK, New York, by apply in? to September 10 85 E. A G. D. HOPE. Tj AYING just received a well selected XJL lot of choice imported FRENCH CONFECTIONS, I will tako pleasure in showing them to tho lovers of pnre goods. No discount on them. Neatly pat ap in boxes, and in great variety. FRESH FIGS, New Raisins, Dates, Nats, of all kinds; Florida Oranges and Lemons, Bananas, Northern Apples, Ac. JELLIES. Toys, in endless variety. CANDIES Manufactured daily, of pure sugar, whole? sale and retail. ORDERS For Weddings and Parties furnished at short notice, by JOHN MCKENZIE, Manufacturing Gonfootioner, Greenfield's Bow, Main st., Col., 8. C. Nov 25_ Seed Oats. prnA BUSHELS SEED OATS for sale Ol t\ t by FISHER ft LOW RANCE. REMOVAL. ?MBS. C. E. BEED has re? moved her MILLINERY ES? TABLISHMENT to herold ?stand, on Main street, second i door from E. Pollard's Drug Store, where abo would call the attention ol her city and Vii J'-'\\ country friends and custom ?L^I rra to cai1 ana Be0 *r?r 'kem selves tho finest and cheap? est stock of MILLINEBY ever offered tn this city, consisting of Ladies' and Child? ren's Hats and Bonnets, of all kinds and all prices. Also, Flowers, Bibbons, Caps, Laces, Ruches, Hair Braids, Curls, Water? falls. Nets, Corsets, Zephyr Worsted, Fan? cy and Bridal Veils; all of which will bo sold much lower than anywhere else in thc city. Everything of the latest and most fashionable" style constantly arriving. October 17 ' _ Stanley's Celebrated Cough Syrup, IS still a great romedy, a.id very popular among the people. For twenty-five years, it lias been known to cure more Coughs than anv other remedy. For sale by FISHEB A HE?NITSH, Oct 22 j_Druggists. Coffee, Coffee. tt~*f\ BAGS, consisting of Bio, Lnguyra, \)\J Java and Mocha COFFEES, on hand and for sale, at reduced prices, by Nov 24 __ J. A T. R. AGNEW. English Dairy Cheese. fT/VHOXEH English Dairy and Cutting OU "CHEESE, Piuo Apple and Young America Cheese. For salo by E. ft G. D. HOPE. Mackerel. KITS No. 1 Bay and Shoal MACK / O EH EL. GO Hbls., Halves and Quarters. Nos. 1, 2. and :t, for sale by E. ft G. JD. HOPR._ New No. 1, 2 and 3 Mackerel, IN KITTS, Quarter, Half and Whole barrels, 100 boxes No. 1 and Scaled norrings. For sale low, by_E. A G. D. HOPE. Apples, Apples. \X7"E have this day received a fresh sup VV Ply of fine North Carolina APPLES, and will be prepared to snpplv the trade at anytime. FISHEB .* LOWRANCE. jSi'rofuln.or King'? Evil,is cured by DsinfT Ifoinitah's Queen's Delight. Adamantine Candles. pr (\ POXES Star CANDLES, just received Ol* and for sale low to tho trade and at retail, by J. ft T. H. AGNEW._ Brinly Plows. IN ?torc and for salo bv Aug 29 FISHEB ft LOWRANCE. NEW BOOKS. 11KE OPIUM HABIT, sud sketches of . Coleridge, PoQuincy, and other opium eaters. $1.75. About Wotnan, Love and Martiage, by Raunders, author of Salad for the Solitary. 11.50. A Strange Story, bv Bulwer. $1.00. Agassiz's Journey in Brnzil, with plates. Lifo in the Argentine Bepttbhc in the davs of the Tv rants, bv Horace Mann. I2.'00. Barnes on the Psalms. Cameos from English His'orv, by Mis-? Yonge. Ola Dower IIotn>e, by Annie Thomas. 50 cents. And un assortment of new London and American Books, for children, from 25 cents to ?1 25. For snit' at O. t 14 BRYAN ft McCAHTEH'S. THOMAS & BELL, i:r<I.IU'.liS AND CONTRACTORS. ALL work in the donartm?nt of mecha? nical construction executed with promptness ?n<* skill, .). p. rilOMAS. J. C PELL. Juin; ?7 _ Guns, Pistols, Etc. Uirecllu opposite /Via/ /..-. Offire THE und r igned informs his tm nds, ami the publie ?< m rally that Le has re " *? ?ceived a largo ?nd pelenl I assortment nf SINGLE and DOUBLE BARKEL GUNS, RIFLES and PISTOLS. CARTRIDGES lor all kinds .if nins. 1 Rifles and Rcpealora c instantly on hand. ALSO, SPORTSMEN'S EQUIPMENTS, of . which will be sold low fur cash. GUNS and PISTOLS made to order sud I repaired at short notice and moderate ? lince. Cash system rigidly adher. 1 io I Oct 7 P. W. KRAFT,