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THE NORTH CAROLINA STANDARD: WEDNESDAY, DEC. 18, 1861.
He. stud. NORTH-CAROLINA STATE CONTENTION. Adjourned Session. TiinisiAr, Dec. 12, HWi The Convention wtw called to order at HJ o'clock, A. M., and tlie Journal of yesterday was read and approved. The 1'iwdent laid More the Contention the res ignation of J. H. Carson, Eq., delegate from the counties of Pilk and Rutherford, which was re ceived, and the President was directed to issue a writ of election to fill the vacancy. Messrs. Allison and Ferebee were allowed to re cord their votes in favor of the indefinite postpone ment of the "ordinance to define and punish sedi-tion,'- and Mr. Biggs was permitted to record his vote against said postponement. (These gentlemen were not present whoa the vote was taken. Mr. Osborr.e, from the ooimniUee on military af fairs, reported an ordinance to exempt the militia from other than monthly drills and regimental mus- ters- ' . , i On motion of Mr. Urown the rule was suspended and the ordinance was read a second lime. Mr. Sanders offered an amendment, making it discretionary with captains of militia whether their companies shall be ordered out for drill more fire quentlv or not. Mr. ' Batcheior moved thr.t the ordinance and amendment lie on the table. On this question the yeas and nays were ordered on motion of Mr. Brown. The Convention refused to lay on the table yeas 19, nays 74. The amendment was then rejected and the ordi nance passed its second and third readings. Mr. Gilmer, a resolution calling on the Governor for information concerning the Cape Fear and Deep River improvement. The rule was suspended and the resolution was adopted. The following is a copy of the resolutions: Whekkas. In February last, the General Assem bly enacted that the Board of Managers appointed to repair and eoiitiauc the improvement of the (Jape Fear and Deep River improvement, and for these purposes placed at their disposal $0,000; also au thorized and required the Commissioners of the Cape Fear and Deep River Navigation works, to Hell so soon as they may deem advisable, the State's interest in said works. And whereas, it is repre sented that said works are likely to sutler great damage for tbo want of repairs that would cost but a small sum : Booked, That His Excellency, the Governor, be respectfully requested to inform this Convention of the state and condition of said works, and all the information in his possession as to what iiath been done, or is likely to bo done under the said act of Assembly. Eesofaeit, further, That said Board of Managers be requested to report at the earliest day conve nient, to this Convention, all that they have done under said act of Assembly, a full and detailed ac count of the state and condition of said improve ment, and what in their judgment is best to be done with the same. Mr. Osborne, from the committee on military af fairs, reported a resolution authorizing the payment of bounty to the soldiers ot (Japt. J. M. Stevenson's Artillery company. Mr. Biggs moved to amend so as to provide for the payment of bounty to all companies mustered directly into the Confederate Stale's service, for local defence. The President announced the special order, viz: 44 the ordinance to incorporate ihe Piedmont Rail road Company," Danville connection. Mr. Badger moved a postponement ui the order. Not agreed to. Mr. Holden (b' leave) introduced "an ordinance to authorize the raising uf a battalion of compa nies of Uoops for twelve months." Mr. Holden moved a suspension of the rule, that this ordinance might have its several readings now. On motion of Mr. R tiffin, the 1st section was amended by adding the fo'lowing proviso: " Prodded, however, that the said battalion or regiment shailbe transferred within convenient time to, and accepted by the government of the Confed erate States." The word "regiment" in the above was inserted after the adoption of the following amendments1. On motion of Mr. Meares, the ordinance was furth er amended by inserting alter the words " twelve months" m the 1st section, the words "or a regi ment often companies ;" also in the seeond section the words, "and Colonel, if a regiment be formed," after the word " Major." The ordinance thus amended passed its several readings and was ordered to be enrolled. Mr. Ferebee made a partial report concerning his recent mission to Richmond. The most interesting statement made by Mr. F. was that the Secretary uf State, Mr. Memrninger, had expressed the opinion that the blockade would be raised within thirty days. The President laid before the Convention a com munication f rom John Devereux, Esq., Major and As sistant Quartermaster M. (J. State troops, requesting the appointment of a committee to investigate the accounts of his department. This request was based upon the erroneous sup position that the Convention had adopted the report of a committee charging disbursing officers with " fraud, peculation and malfeasance " in the dis bursement of public moneys. Mr. Satterthwaite disclaimed (for the committee referred to) all intention of casting any imputation of a personal character upon any officer in any of the departments. Aftei some discussion, the communication on mo tion of Mr. Badger, was laid on the table. The Convention now proceeded with the special order. Mr. Brown niovotl to amend the first section by inserting in the Kith line after the word "Railroad," the words "at the Company's Shops, in Alamance county." Mr. Strange moved to postpone the ordinance and amendment until the 22d of January next, and that it be madmhe special order for 12 o'clock on that day. Messrs. Brown, Badger, Jones of Rowan, Reid, Head, a and others opposed the postponement. Messrs. Satterthwaite aud Strange opposed pre sent consideration and urged the adoption of the motion. Pending the question the hour of recess arrived. AFTERNOON SESSION". The Convention was called to order. Mr. Strange (by leave) introduced a resolution to postpone the publication of colonial records and oth er documents, authorized by the last Legislature. On motion of Mr. Strange, the rule was suspend ed and the resolution was adopted. Mr. Battle from the committee on enrollment, re ported sundry enrolled ordinances and resolutions for ratification by the President. Mr. Rutlin (by leave) offered a resolution requir ing the Secretary of State to have the ordi nances and resolutions passed by the Convention at its present session, published immediately in three ncnspupeis pnnieu in trie city ol Italeigh. Adopted. Mr. Satterthwaite rising to a privileged question, requested the clerk to read the following letter he had received from M. A. Bledsoe, Esq., Captain and Acting. Quartermaster : Oitice A. Q. M., Raleigh, N. C, ) December 12, 1861. J Sm : In your report as Chairman of Uie "commit tee to inquire into tbo accounts, contracts and dis bursements of the disbursing ugents of the State from the 1st of April test up to the present time." you state that " from the examination which your committee have given the subject, they are satisfied thtt fraud, peculation, and malfeasance will be de veloped if a. proper ami efficient investigation is made into the conduct of the officers and agents who have been intrusted with the custody and disburse ment of the public funds." The object of my note "is most respectfully to inquire whether or not you intended to embrace nie among those "officers and agents" whom you "are satisfied" are guilty of fraud, peculation and malfeasance " in thedisburse tnent of the public funds. Your early attention will very much oblige your obedient servant, M. A. BLEDSOE, Ca.pt. A. Q. M. P. B. SATTEuinwAiTE, Esq., Chairman, &c Mr. Satterthwaite said : "Mr. Pkpsi!nt : A resolution was pruwd in (he early part cf this session and referred to a commit tee, of which you did mo the honor to place me at the head. The resolution required said committee to examine into the accounts, contracts, and disburse ments of the public money by the several disburs ingoffiecrs and agents oftnegovcrnmcnt.andthe com mittee were authorized to send for persons and pa pers, and to employ clerical force. The committee met, and were desirous of performing the duty as signed them, but they soon ascertained that they could not do so in a manner satisfactory to them selves,, or with justice to . the public interest or (he j pnblic officers. The Committee were satisfied that j the public interest demanded the investigation, and i tliey became further satisfied that such an investi- j gallon would develop fraud, peculation and mal-. feasance, and they instructed me 1o draw up a re- j port, setting forth these facts, and an ordinance pro- j viding for such an investigation, and to recommend its passage by the Convention. In drawing up that report the committee did not have any particular i officer or agent in view. They made a general state ment. The Convention adopted the ordinance by a j very large majority. 1 acted in the discbarge of a high, solemn duty, and I do not intend to allow mv.self to be drawn into any correspondence with any of those public officers and agents, and take j this public occasion to say, that I shall make no reply to this letter or any of a similar character j which may he sent to me." Messrs. Badger, Rtiffin, Setzer, Jones of Rowan, Dickson, and others approved the course which Mr. 1 Satterthwaite had pursued. T'iio Convention now proceeded to consider the I special order, viz : " The ordinance to charter the j Piedmont Railroad Company," the question recor ; ring on the motion of Mr. Strange to postpone the ; ordinance and make it the special order for the 22d of January next. Messrs. Rayner. Strong, Speed and Holmes, urg I ed the postponement : Messis. Gorre'.l and Gilmer opposed it, and after 'a. protracted discussion in which the merits of the ordinance were fully can vassed, the Convention refused to postpone yeas 3, nays 48. Mr. Speed moved to adjourn, and on this question j the yeas and nays were ordered on motion of Mr. I Gilmer. The Convention refused to adjourn yeas 21, nays 07. j Mr. Rayner moved to postpone the ordinance un ! til the 23(1 of January, 1802. Mr. Rayner said that he made this motion in no j factious opposition to the proposed measure. If the Convention were now full, he would not object to i its immediate discussion, but he was opposed to the , disposition evinced by friends of the ordinance to press i it through at this session, when many delegates had j returned to their homes. ! Mr. Rayner yielded the floor to Mr. Howard who move.d to postpone the further consideration of the 1 order, that Mr. Ferebee might lay before Ihe Cou j vention a letter from Mr. Secretary Memrninger, re i lalive to the subject matter of his late mission to Richmond. ! 1'h.e order was temporarily postponed and the let j tcr was read and ordered to be printed, j Mr. Rayner resumed the floor. He said that it i was very evident there was to be a night session, he i therefore suggested a recess for the space of an hour, ; thai delegates might get their suppers. Mr. Satterthwaite made a conciliatory speech, de ; precating the evident determination of friends of the measure, to force it through to night, when more i than forty delegates were absent, and when if pass ed it couid not receive the votes of a majority of the delegates. He alluded feelingly to the uniform courtesy and kindness which had hitherto charac j tcrized this session of the Convention. He hoped ; the friends of the ordinance would not urge it now against the known wishes and feelings ui nearly as j huge a number of delegates. The Convention then adjourned Friday, Dec. 13th, 1801. j The Convention was called to order. The journal of yesterday was read and approved. ' j The President laid before the Convention a com- j ' munication from Adjutant General Martin, j Mr. riiltrell objected to its being read. Messrs. Graham, Satterthwaite, Rayner and Os- i ' borne, concurred in thinking that, the communica I lion if respectful, should be received and read, j Mr. Kittrell having withdrawn his objection, the ; letter was read. j It asked the appointment of a committee of three i ; members of the Convention to investigate the affairs j of his department during the approaching recess, and suggested that they devise some system of ac- ' eountabiiity in the disbursement of public moneys through his department, and that the ordinance passed by the Convention on this subject should be suspended until the Convention again assembled. j Mr. Satlertluvaite characterized this communica tion as " an insolent, outrageous attempt to over awe and brow-beat the Convention." He said that ' the time had arrived when this Convention must either tamely submit to military dictation or rebuke indignantly such officious intermeddling. It was : an unworthy attempt on the part of these military gentlemen to create the impression abroad, that the ordinance reported by the committee and passed by ; the Convention had stopped the payment of claims or would delay their adjustment. They wished to prejudice the action of the Convention in the pub- , lie eye, and thus lead to a repeal of the ordinance. : If every thing were right they would court the in vestigation proposed, but the terrible panic which the action of the Convention had caused among these military gentlemen was conclusive evidence that they dreaded it. This insolent communication asked the suspension of the ordinance. He ventured to say if this were done, every claim would be speedily adjudicated, " by some convenient third person," and it would never be known what had become of the public money. In conclusion, Mr. Satter- j thwaite moved that the letter be returned to its writer. Mr. Badger also commented with some severity upon the letter. He regarded it as arrogant, dicta torial, and wholly uncalled for. Mr. Brown denounced it as an attempt on the part of the military to dictate to (lie civil power. It was a gross abuse of the right of petition, and should be , promptly rebuked by the Convention, i Messrs. Osborne, Reid and Thomas of Jackson, viewed the communication in a different light, and ; concurred in thinking that undue sensitiveness had j been evinced as well by members of committee as ; by the officers whose letters had been laid before I the Convention. They thought that the letter was not intentionally discourteous to the body. ! After futher discussion, Mr. Satterlhwaite's mo ! tion for the return of the letter, was laid on the ta ! ble. Yeas 58, nays 14. The communication was finally laid on the table on motion of Mr. Badger. Mr. Leak of Anson, presented a memorial against ' distillers from citizens of Anson county, which was j referred to the committee on distilleries. I Mr. Warren from the committee appointed to con sider the memorial of sundry citizens of Beaufort county, aggrieved by military arrest, submitted a j report recommending that the Convention should , take no action in the premises, and requested to be ; discharged from a further consideration of the sub i Ject. j Resolutions giving an extra allowance of $35 each, j to the doorkeepers, and authorizing the President to call the Convention together during the recess if necessary were adopted under a suspension of the rules. Also a resolution in favor of D. D. Ferebee, Com missioner to Richmond The special order, viz : the ordinance to incorpo rate the Piedmont Railroad Company, was postpon ed until the 23d of January next. Mr. Woodfin moved to take up and consider an ordinance to modify the ordinance passed at the pre sent session for the relief of the treasury. Provides that the treasury notes to be issued shall bear no interest. Mr. Badger moved that this motion lie on the ta ble. Rejected. Mr. Graham (by leave) offered a resolution of thanks to the President of the Convention, which wag unanimously adopted. Mr. Badger moved an adjournment. Not agreed to. By general consent, the resignation of Asa Biggs, Esq., delegate from Martin, was received, and a writ of election was ordered to issue to fill the vacancy. On motion of Mr. Spruill, a call of the House was ordered, and the Convention took a recess until 4 o'clock, P. M. AFTERXOOX SESSION. The Convention was called to order, and there being no quorum present, the clerk proceeded to call the roll, (under the call of the House previous ly ordered.) No quorum then appearing, further proceedings under the call were dispensed with, and the Convention adjourned to meet on the 20th of January, 1862. . Newbekn, November 20, 1861. W. W. Holden, Esq., Raleigh, N. C. : Mt Dear Site: I was much pleased with Presi dent Davis' late message to Congress. It was terse, brief and to the point, and so unlike the huge and pon derous StatQ papers which we have heretofore been accustomed to receive from the National Executive, (the chief merit of which our statesmen of that day, seemed to think consisted of quantity, rather than quality ;) that one could not only read it as being a matter of fact and truthful exposition of our affairs with pleasure, but could do so without being ap palled by its interminable length. The President's exposition of the condition of the Treasury is cheer ing, and the declaration therein, that " to the extent that Treasury notes may be issued, the government is enabled to borrow money without interest, and thus facilitate the conduct of the war," is a fact pregnant not only of great good, but, in my opin ion, decisive of our success and ability to carry on the war to a happy termination, and without the intervention of foreign aid and assistance. It is not so with the Federal government their finances are in a most wretched condition, and their people will not submit to heavy and oppressive taxation their patriot sm always "kicks the beam," when weighed in the same scales with the almighty dollar. Mr. Chase, the Secretary of the Treasury of the United States, run aground during the very first month of the war. 1 was in New York when he came there to "raise the wind,'' to carry on the government and the war. He did not hesitate to declare the insol vency of the Fede'al government and its utter ina bility to prosecute the war without pecuniary aid from the people all the means of the government to raise money were exhausted. And I have no hesitation in saying, but for the Bank of Commerce of the City of New York, the Federal government would have been brought to "a stand still," and utterly unable to prosecute this war and they would have been forced to have made some satisfac tory arrangement of their difficulties with the South. They had ascertained that they could not effect a loan in Europe, and they were too proud and ashamed, to admit to the capitalists of Europe their poverty and inability to carry on their war of sub jugation of a portion of the country, which claimed only one-third of tho.Union! In this condition of affairs, Mr. Chase came to New York, and was im mediately closeted with Mr. Steven-;, the President of the Dank of Commerce. The capital of the Bank of Commerce was, originally, five millions of dollars, under the general banking law, it was increased to ten millions. It was soon perceived both by Mr. Stevens and the stockholders, that a great financial blunder had been committed in having the capital of the Bank thus increased, to do a fair and legiti mate bu-iness in a city where the banking capital already amounted to sixty odd millions of dollars; with trust companies and savings institutions oper ating with a capital of many millions of dollars more. The banks were eager to lend to customers, and it was found that the unwieldy capitalrfrf the Bank of Commerce could not thus be employed. In this dilemma Mr. Stevens entered the market with the capital of the Bank of Commerce, and in vested the same to the amount of several millions in the securities of the Federal Government, bear ing an interest of six per cent. Several other of the citv banks having great confidence in his Gnan- cial skill jtidgment, imitated his example, and invested largely in the same securities. Mr. Chase readily represented lo Mr. Stevens that the banks oi New York must lend the Federal Government I one hundred and fifty millions id' dollars, or the government must "stop payment," and the Bank of Commerce, with its enormous amount of gov- ernment securities, must also necessarily lie ruined, and the only way to save the whole concern, would be for all of the banks to affiliate and take the loan at once ; and that the government, in fact, must have "their money or their blood." Mr. Stevens quickly saw the difficulty, and that his bank was completely in the power of the government A meeting of the Presidents of all the Banks was called the proposition of Mr. Chase was submitted to them it was proposed to call in the Presidents of the Banks ol Philadelphia and Boston this was done a warm and somewhat angry discussion en sued for several days, many of the banks protesting violently against the whole scheme as being ruinous and beyond their ability to carry it out that their vaults were now already tilled with the suspended paper of their failing customers, and matters were growing worse and worse, and they would be unable if they went into this arrangement, to breast the coining storm. To all which Mr. Chase coolly re plied, that i; they did not sustain the government at once, they were all ruined without waiting for the coming storm. Suffice it to say, the banks finally greed to lend the $150,000,000 in instalments ot fifty millions, provided that after advancing the first ! instalment, it might be left optional with them ! whether they would take the additional instalments ! at the several times it had been agreed upon they j should be paid. To this Mr. Chase readily assented, knowing as he was assured, that after they had paid the first instalment they would be unable in the ex- I isting state of things, to get along without making the others. The banks then further insisted, hoping that the second and thud instalments might thus not be needed or required ; that the Federal Gov ernment should prosecute the war with vigor and effect, and bring it at once to a speedy and effectual termination. A resolution to that effect was adopt ed by the consent of Mr. Chase, and after that func tionary lett New York for Washington, a committee was appointed, at the head of which was Mr. Ste vens, to go to Washington and lay the resolution before the President, and to insist that the govern ment should carry it out speedily and in good faith. The New fork and Philadelphia Banks carried out their contracts in this matter in good faith. ' The Boston Banks snapped off a portion of their engage ment with the New England country banks, insist ing that they were bound by the highest considera tions of patriotism, to share with them in this great financial risk. The banks have taken the second instalment, and the third and last instalment is due and payable in January next. This they will take too; and this will be the end of this great financial arrangement, for which Mr. Chase has received so much credit and praise in the newspapers. Mr. Chase, although the abiest man in the Lincoln Cab inet, was found to be an imbecile by the Wall street financiers. Mr. Stevens was the master spirit of the arrangement, and but for him it never would have been carried out. And if it had failed the Bank of Commerce would have been ruined. As it is, he has succeeded in postponing the day of ruin to all of the banks until the first of January, 1863! There are now a large number of persons residing in the South, and citizens of the Confederate States, owning stock in these banks, whose monies are thus seized and used by the Federal Government in carrying on this nefarious and unholy war against the South. The question is often asked and it is a very natural enquiry "How long will the war last?" We answer, that it wiHfcterminate in 1862, with a recognition of the independence of the South ern Confederacy, unless the Federal Government can receive aid from abroad. And there are obvious reasons why it will be so. The only money which the Federal Government can command will be the fifty millions of dollars which they will receive from the banks in January next. This will soon be ex hausted, and the banks will be unable to furnish any further aid. Private capitalists have enough of the government securities, and will make no fur ther investments in them. They too, are becoming clamorous for peace, for fear the national bankrupt cy which certainly is rap dly approaching will ren der their securities worthless and involve them in one common ruin. Treasury notes will not answer for exchange, and will therefore be worthless to the banks, and commerce will be at an end. They must have money gold and silver else universal bankruptcy will ensue ; for even now their treasury notes which have been on interest at 7.30 are sel ling rapidly at a depreciation in New York. The banks with this wonderful drain upon them by the government, the numerous failures of their cus tomers, the vast amount of suspended paper, and the total disruption of the commerce of the country, and with nothing to give them exchange, must of themselves, necessarily fail and become bankrupt The Federal government at present have no credit abroad, and how can they in this condition of affairs get along V The practical tatv$ of this state of things is better illustrated by the following abstract. The amount of the national loan that has been voted by the Congress of the Unitedigtates isfvery large when compared with tjiedtn of the debts thvltna tion has borne hitherto iivits history, when Wfrwere all united, and they had the advantage of the South ern cotton, tobacco, &c. It is pretty generally Con ceded now that it is an impossibility to raise aoch an amount of money. The amount does not indeed appear large when compared with that of other countries, as follows : POPULATION. DEBT. United States, 31,408,110 $610,000,000 Great Britain, 35,101,000 8,679,649.284 France, 36,039,364: 1,508, 186,087 Holland, 3,487,617 580,227,615 Austria, 311,411,309 1,103,398,241 In the figures for the United States debt are.em braced the old debt and obligation, as noted by Mr. Chase at the Bank meeting in New York, at $111,-' 000,000, the new loan $250,000,000, and the exist ing note debts, making together $010,000,000, of existing funded debt, or rather more than that of Holland, with a population about equal to the State of New York. The English debt is about $100 per head of the population, and the French debt $40 per head of the people. There is this difference between the debts of the United States, and of the govern ments of Europe, viz : that the former are payable within a period of twenty year's, and those of the latter not at all. Again, the United States debt bears 7 per cent, interest, while, the English bears 3 per cent, and the French averages 4 per cent. Thus, the United States debt pays annually $42,700,000 interest. If the whole amount is paid at' the end of twenty years, the amount to be raised in that time will be $1,464,000,000, or $854,000,000 interest money, and $610,000,000 principal. In the same period the English will pay $1,111,700,000 ; and the French $1,204,500,000, or thus: U. States pays on debt in 20 years, $1,404,000,000 Great Britain pays " " 1,111,700,000 France pays " " " 1,204,800,000 We thus observe that the United States, assu ming the pew authorized debts as issued, at this moment, arc under a heavier burden of debt for the next twenty years than either France or England. Now, it must be borne in mind that this sum is the war expenditure of the United States, as estimated by the Secretary of the Treasury, for one year. I saw in the Raleigh papers that the estimated ex penditure of the United Slates was $1,200,000 per diem. Mr. Chase estimated the expenditures to be $2,000,000 per day when he was in New York ; at least such were the assurances of his friends who declared that he so stated them to be. This would make the annual expenditures of the United States seven hundred and thirty millions of dollars, and the annual interest $51,100,000. With the present debt of the United States, the account of that gov ernment for the years 1861 and 1862 would stand as follows : Present debt, $610,000,000 Interest for two years, S5,400,000 Debt for 1802, 730,000,000 Interest for one year, 61,100,000 This will make the debt of the United States at the end of two years, paying as they do, a rate of in terest at 7 per cent, the enormous sum of one bil lion four hundred and seventv-six millions and five hundred thousand dollars, ($1,476,500,000.) These figures will be found to be "under the mark" wUi'n we consider the vast armaments, the immense num ber of troops, ships, and "all the paraphernalia of war" which that government is daily bringing into active service. And this is the more readily ac counted lor, when we consider the nature and char acter of the contest and the war which they are waging with the South. For it is well remarked-in an able article in the London Bedew which I was pleased to find published in your paper : " the South can act on the defensite without a ruinous cost of money the North cannot act on the offensive with out incurring liabilities that will break the back of the Republic. A thousand men defending their own soil, are equal to ten thousand men who carry fire and sword to invade them. All experience proves it and when the country to be invaded is as large as five or six great European monarchies, the invader should remember the fate of Napoleon in Russia, and pause ere he commit his fortune to so desperate an enterprise." The largest portion of the Dutch debt pays but 2J per cent, hence the an nual charge is seventeen millions. It will thus be seen that the mode of borrowing by high interest and short loans makes the United States already by far the heaviest taxed country on the face of the earth in respect to debt. If we add to these public debts the enormous load of corporate and private debt, the interest on which eats daily into the pro ducts of industry, we shall come to understand why with the semblance of such immense wealth, the United States have really less capital than any oth er country. The people have been in the habit of living up to their incomes. If they have produced largely, they have consumed largely, and have lived under a load of debt which leaves them impoverish ed. Directly active production ceases from any. cause. At the close of the Revolutionary war, the 3,500,000 people (about the same as the present population of Holland) owed $67,000,000, and the weight of it nearly crushed them. They managed to pay a part and the amount in 1812-15 was raised to $127,000,000 which was paid off in 1835, after twenty years of the highest prosperity, in which vast capital was produced and consumed. Since then the country has run riot in its prosperi ; ty. ' The extravagance of every class of people has been immense, so much so that cash capital has not increased at all. The most eminent economists of I France place the metalic wealth at $800,000,000, i mostly in the hands of people who have earned and j hold it. The metals have in ten years produced $050,000,000 as one item of wealth, and that added to what was before in the country should have given $800,000,000, but it has all been exported in exchange for tea, champagne, silks, &c, that have been consumed. The whole amount of specie, plate, &c, now in the country is not over $250,000,000. They have magnificent houses and furniture, fcc, but no money. The system of annual production circulation and consumption of wealth in the Uni ted States has come to an end, and pinching pover ty treads fast upon the heels of profuse expenditure. There is no basis for a large government loan, and this is known in Europe. The only resource they have is taxation. The idea that England went thro' the French war by means of loans, is, although gen erally entertained, erroneous. The following table shows the amount of money raised in England each year of the war by taxes and loans and the price of the 3 per cent consols in each year : WAR REVENUES OF ENGLAND. Taxee. Loans. 3 per ctt. 1793, 18,300,799 4,669,677 74J 1794, 18,084,445 13,471,841 664. 1795, 19,657,993 29,336,097 66J 1796, 20,780,269 39,904,878 604; 1797, 22,103,862 32,098,780 50J 1798, 27,936,271 18,258,384 50J 1799, 34,542,476 20,086,139 59J 1800, 33,069,776 22,850,785 634, 1801, 33,725,497 36,553,878 61 i 1S02, 36,145,510 27,550,449 7o 1803,. 38,172,302 11,960,523 57i 1S04, 45,771,860 15,303,846 56!4 1805, 50,348,263 25,340,751 58f 1806, 54,484,400 21,957,102 61J 1807, 59,156,580 15,578,923 62J 1808, 62,198,996 12.071,154 66 J 1809, 63,457,349 23,795,946 68 1810, 66,704,985 21,606,721 67 1811, 64.915,471 26,058,615 634; 1812, 63,758,859 36,171,659 58i 1813, 67,869,302 52,335,045 584. 1814, 70,712,654 39,085,136 66 1815, 71,900,006 39,836,866 58i Total, 1,044,999,985 606,978,795 These quotations of stocks were in the currency of the day, which was depreciated in 1813, 30 per cent as compared witb gold. In 1812, for 58 in paper 100 of slock could be bought or for 45 in gold, which was a dear rate for the government The amount borrowed was nevertheless always most of the sum raised by taxation. It is obvious at once from an inspection of the table, that without the taxes the government would have failed. The United States have this year undertaken to raise by loan a larger sum that was ever attempted by Great Britian with comparatively no taxation whatever. The United States will soon have no credit at home, and being deprived of the Southern products they will have no credit abroad and her people will not submit to the onerous taxation which will become so obvionsly necessary for the prosecution of this war. .We may, therefore, naturally infer that this war is hastening to a speedy termination, and that another summer will not find a live Yankee on our Southern soil or coast. What they intend to do, they are bound to do quickly. Ar.d if they do not take $ood care of themselves, the bone-fever of Charleston will not wait for them until the Fall. If I hSC not tried your patience, it will give me pleasure to submit to you my views of other inter esting points in this anomalous controversy, the ag gressive spirit of which has compelled a great peo ple to rise as one man in defence of their homes, their liberties and their lives. J. W. B. GREAT FIRE IN CHARLESTON. The following particulars of the destructive fire in Charleston, S C, of which we had time simply to announce in our last, are gleaned from the Mer eury of the 12th and 13th instant: This morning dawned drearily upon a night df terror and disaster. About 9 o'clock last evening the alarm rang out, calling the citizens to quell the beginning of a fire, which, in the subsequent extent and rapidity of its ruinous sweep, will compare with the most terrible conflagrations which have ever visited the American continent. The wild work of the flames, and the immerse destruction of property which has thus far taken place, is chiefly attributa ble to the sudden and unfortunate change m the weather, which occurred almost simultaneously with the breaking out of the fire. The mild and spring like calmness of the atmosphere during the last fort night was broken by heavy gusts of wind, which swept the dust and smoke and sparks hither and thither in blinding clouds. Great flaming bits of wood were borne in dense showers for a distance of nearly a mile in a Southwest direction, and the whole city was brightly lit up by the dreadful and widening glare. Before 10 o'clock, the fire had begun raging in several different points in the lower part of the city. The buildings in the stricken neighborhoods were mostly of wood, old, closely built and surrounded by small out-buildings of an exceedingly inflamma ble character. The fire began in Russell & Co.'s Sash and Blind Factory, at the foot of Hassell Street, and the report though a vague one is, that it appeared in three places at the same time. Crossing to the other side of Hassell Street, it has burned Cameron & Co.'s immense Machine Shops, and under the impulse ac quired at that point and the stiff breeze from the Northeast, without a sufficient supply of water ior it is dead low tide it has become totally unman ageable, and rages without the hope of being able to arrest it, except at certain strategic points, upon which extraordinary interests depend. The fire advanced steadily onward, stopping only when having reached the river, it had nothing more to burn. We give some notes of the disastrous re sults : The Catiiedkai, of St. Fi.nbah. This splendid structure, built only about eight years ago, was justly rated one of the finest architectural ornaments of our city. It was constructed of brown stone, in a very massive and costly manner. All the sacred vessels were saved. The Bishop's residence, attach ed to the Cathedral, contained a very rare and val uable library, a portion of which was saved. TnE Ciiiculau Church. The site recently occu pied by the Circular Church was formerly, in the memory of many of our old citizens, the locus in quo of a brick church, known as the " White Meeting." It had its origin co-evally with the settlement of the city in 1080. On the 25th May, 1806, the new building was opened for the first time with appropriate religious exercises. The new building was circular in form, and 88 feet in diameter, in 183S, the addition of a lofty spire, 182 feet high, added to the appearance of the building. A few years since, the church was entirely reno vated, at an expense of $20,000, rendering it one of the most beautiful and consistently arranged of our city places of worship. The Cumhf.klaxf Stkeet (Methodist) Cutitcn. This was a plain, substantial structure, affording commodious apartments for their large congregation, with galleries and basement rooms for a very large slave membership. It was swept away in the great fire of 1838 and re-built soon after. It is again en tirely destroyed. ot. Peter s (Episcopal) Church, located on Logan street, between Broad and Tradd streets, was a neat and well arranged edifice, with ground floor and galleries. The congregation is quite a full one, and it has been for some time past under the rectorship of the Rev. Mr. Prentiss. It is entirely destroyed. Tue Fiuexds' Meeting House. This unpretend ing structure on King street, South of Queen street, was burned to the ground. The St. Andrew's Hall, This well known and historic building, in which the Convention of the People of South Carolina held its sittings and agreed upon the Ordinance of Secession, on the 2Uth of December of last year, is now in ruins. The walls are standing, but the interior is entirely consumed. Institute Hall. This magnificent Hall, the largest, in the South, is lost to us, and we feel sure that it will be seriously missed connected, as it was, with the popular heart, by the fact that, within its walls, the first uprisings of the people ol Charleston in this revolution had utterance ; and, more than all, because the Ordinance of Secession was ratified there. The office of the Southern Express Company was burned to the ground, and a large quantity of mis cellaneous goods was lost. The Express office will, we learn, be re opened in Meeting street, opposite the Charleston Hotel, in a few days. The Savings Bank is a sufferer to the extent of its convenient office ; all the papers, books of ac counts, records, &c, were saved. We regret to hear that the Treasurer, Henry S. Griggs, Esq., who re sided on the premises, lost all of his household fur niture, and a portion of a very valuable collection of paintings, which he had been collecting for some years. The Apprentices' Library is we learn a total loss. To no one will this be more distressing than to the octogenarian gentleman, Dr. Jos. Johnson, under whose care the society has been for so many years. In addition to this, the doctor is, we believe, him self a sufferer by the conflagration. Camehon & Co.'s " Phcskix IitON-woKKs." This extensive foundry and machine shops is again in ashes, being the second time in the last ten years that its energetic and popular proprietors have been visited with lire. The entire premises arc in ruins. including large quantities of shot, shell, and other ordnance stores, ready for delivery to the Confede rate States ; amongst which were valuable and im proved machinery for rifling cannon, making per cussion caps, &c. The powerful steam fire engine, which was prominently at work during the confla gration at different points, was built at this estab lishment. One of the most gratifying incidents of the fire of Wednesday night was the zeal manifested by our Slaves in their cllbrts as firemen and laborers. The entire colored population, male and female, worked most earnestly and not unfrequently masters and their staves could be seen woiking together in re moving the household goods and valuables. We noticed one instance, particularly, where a white haired old body servant was giving way to his feel ings sobbing bitterly at the loss of the "family mansion, whar we ben libra1 all our lihes." 'Ae following is the course of the fire from Cameron's Foundry : On East Bay the fire extended, on the East side from the residence of Mr. J. S. Bird, to the coi ner of Market street. On the West side from Mr. Geo. Kinloch's to the South-west corner of Market St., inclusive, was destroyed. On Pritchard street Ihe property of Mr Jno. Tor rent, Mr. Tavel, Mr. Artope, Mr. Cordray, and oth ers, was consumed. On Market street, from East Bay to Church at, South side, was destroyed. On Anson street, East and West side, from Claus sen's Mills, South, sundry buildings were destroyed to Mrrket street Clausse'n'a fine Flour Mills-were most fortunately preserved. On State street, or. either 6ide, the flames spread destruction from Market to Cumberland. Cumber land street to Meeting, including its elongation, Horlbeck's Alley, to King st, is in ruins. Church street, from tbo corner of Market to Cumberland st. is also burned. Linguard street, with its sundry little tenements and many occupants, was com pletely destroyed. Meeting street on the East side, from the Ice-house near Market st, to Mr. Kenne dy's, tailoring establishment, opposite the Mills House, and from the Theatre on the West side to the Mills House, is in ashes. This range, included the Circular Church, Institute Hall, Theatre, Ap prentices' Library, Palmetto Savings Institution, j"id the fine residences of Dr. ftodrWet Dr TV .iwm or. norm. Ihe .Tin fortunately escaped with little dam Mnnan nln.i . m -m . "-u.se mos; ige. bM North side, East of Meeting st to fc sta of the Sisters of Mercy near Mazvck street o1 the South side from Meitzler's Globe Hotel ''f"'V,'n Sra The fine buildings owned by the Sisters of M were most fortunately preserved by the Z, uous efforts of the firemen, whobW m buildings for this purpose. p ertl Arnl,dlA iilwn.l r a. tt ... oncci. Hum me ui.itarian Pi the East side, and from Mr. Thou. Rva,, ; ' nn est side, to Queen, was destroyed. ' " 00 "'C King street, from Horlbeck's f ley, on .i Southward, save the buildings on each cornST8118 destroyed on the East side to the Quaker MVcie House, on the West side to Mr. Melcher's kt5 near Broad street. "J, Broad street was destroyed-comniencin witv St. Andrew's Hall on the North si,lt. t lh" 1,h dence of Dr. Wragg, inclusive, corner of F tr'" street. In this range are included the fine res,' of Bishop Lynch, George M. Coffin Mr J i' n ward, Postmaster Huger, Miss Bowman Johni9" rens, Dr. Mazyck, Capt. Rotledge at ' j fr ncll. On the South side the BWd F. Levy's, opposite the Cathedral, to Mr Sealm! extensive West end, destroying aU, save the h standing on the corner Jf New street nd Hugucnin's brick residence below Savage ' 1 Mazyck street, from Queen to Broad rJ , West, is laid low. ' l"1M '""1 Short street, running from Mazyck Mr. Franklin, was laid in hsIu-s ihe'i,,:,.,.: ., . K) ,r ..i.;....i' ..,',:., ; ' "e "lcnanils icaiuentcs vi w I, suiuuieton, Mr. .'lihiv , oine rave. ".j .ui. , miauls. T . ... uuBin street was entirely destrovttl .3 it: TO . . i 1 ept one uwciung on me ,ast sine, near Tradd. BCW street and lavage street are left . land mark, save the bnck chimneys ol thehai I " dwellings which recently adorned that section. The residences on Tradd street, Logan to Sav on either side, with Greenhill, Limehouseand CoiS cil streets, are, with one or two exception, mZ nunc 1 ' 11 10 A GOOD CIIAiNCE TO BUY CLOTHIK AX AIR PRICES. Clothing of all the Diffe rent r:i,t.s AT HARDIN G'S. THE STOCK IS WEU ASSORTED (fXAiX AND LAllOK SIZK . UKS CAS BK WlTlio.) WKZfn 9t'mmis Tin: last week the luJJuwmq Garinenla; a 500 BUCK and OOhOKlill CLOTH KIIOCK CO Vi'S- 200 Fil"?"l5CA'SSIMEKE BUSIXIWS COATS-from 100 LOWER PRICED BUSINGS COATS-fn.m In $7 50. 300 WE-R CoKf S. ,0 m 900 HANDSOME VKSTS-Rici, Velvets. RiekSilks Cm. simere and Cashmere, of all ihe various qualities. At fair prices. We tell only for GASH. E. Em HARDING. Raleigh, N. C, ifov. 1, 1R61. W-wfciwlin. J3? hgister copy. NOTICE. BV VIRTUE OF A DECREE OF THE COURT OF Equity of Wake County, at Fall Term. 1S6!, I will sell at public outcry, on Monday, the 6ifa of January next and within the hours prescribed by law. in ihe highest bid der, the Tract of Land commonly carted the u F0RESTVJLLE Tit ACT," containing about 82"! acres; und on the next day, upon the premises, lite Tract called containing about 1,100 acres, both belomrine to the esfats of BRIAN' GREEN, deceased. The properly will be sold on a credit of six months, pur chasers (jiving b 'lid with approved securities. ALSO, on Monday, ihe itb, at Forestrille, will be rented for the ensuing year the HOUSE AND LOT now occupied bv Dr. W.M. J. GREEN; and on Tuesday, the 7lh, at "l'ENNV HILL," will be sold a nam her of articles of a perishable nature. C. B. HARRISON, Adm'r. Wake County, N. C, Dec. G, 1361. 105 wisntjan.l. fj'RESH OYSTER8 RECEIVED DAILY, AT THE OAK CITY HOUSE. Raleigh, N. C, Nov. 5, 1881. 97 w&ssif. 80,000 FRUIT TREES AND GRAPE VINES FOR SALE. A PPLE TREES, FROM 1U to i.'. CENTS EACH. Apricot trees Peach " Almond " Pear Nectarine " Quince " Plum " Cherry " Fig Filbert and Nut trees MX 2d 60 25 25 .) 25 23 25 to 50 Haspbernes, Blackberries t 50 per doz. Strawberries, $1 60 pel 100. ALSO, 80,000 Grape Vines, best kinds, 25 and 50 cents each, THOMAS CARTER, Italeigh, N. C. November '22, 1801. VOl-wiswim. GEO. W. BLOUNT, ATTORNEY AND COUNSELLOR AT LAW, Wilson, N . C. , w (TILL ATTEND TO BUSINESS ENTRUSTED TO uiin in Jasn, tvilson, hdgcouibe and t &.- Counties. Feb. 21,1861. IS wAswly. BETHEL ACADEMY. T. J. HORNER, Piwkpat, THE present Principal has bad charge of this sclil three sessions, and is gratified to believe thai la' has (rivpn AltttFff srtt isfipt ion to his Mtvilltfi Mid thftl IDC sclr"'- is niw nprmanpntlv pst ihlfshi-il Hp will strive to mike thorniicrh scdiolars. and to train his nnnils to PteauT :l,;,l studious habits: and his long (fit. HTIMnwlM iMchuarasd governing a school justifies the expectation thai he will 'je succes tul in nis eflorts. The school is located in a healiby section of rew county, among a moral and refined people, so that the stu dent will meet with few temptations lo vice and W0" ralilv. branches of a sound Engiidh education. To aimi" " '" ends with the greatest ellicieocy, the classes will be and ample time devoted to examination aud lec!"-' "I"" the subject of every lesson ; and w hilst the systems rtC 'ir mended by experience w ill be strictly adhered t', Ihe' books and modes of instruction will be adapted J? latest advancement of knowledge in each of the serf. branches. A student will not be retained who tabitw? neglects his studies; or is addicted to profane swea'inf; ...T. ...t -'-- nf ;i.,,n..,.ulilv UU WIHI PUtWl" "I I..H.I... mii . , . , r ... ... . . .. j .imi.nt Parents or guardians will be advised of the cp and nrofiress of their sous or wards retrulariv ill I die aud close of each term ofteuer, if circumstances scenl to require it- , Two terms of twentj--onc weeks each, compose Ihe lastio year. The Spring term opens the 2d Monday ia Ja11' uary, und the Fall term the 2d Monday in July. :3P The price of board aud tuition is sixty dollar term. Elder J. E. MONTAGUE,! J. F. NEAL, R. I). ItUMI'ASS, Tnmt D. A. HARRIS, W. U. LAWSOX, J December 6, 1861. ow;t. TRINITY COLLEGE. THE NEXT TERM WILL COMMENCE JAN. 7, If"' The College is in full operation, with a C'"nP,5) Faculty, classes of good size, and everything teem"I thorough Collegiate education Whole expeuses for ten months, about 1168. Address the uDdersienea at " Trinitv College, V y . ' II. CKA - December 3, 1861. J GEORGE li. WILD WARRKNTON.N. C. RESPECTFULLY OFFERS HB I" vices to the citizens ,.! Kuleign """.,.,, is a Tuner and Ri i ier of wherein ten venrs experience '?') . if-a. him to guarantee satisfaction. All communicator ed to Warrenlon will receive prompt attention. Refers to Rer. Aldert Smedes, and Prof. G. I- a.r , of St. Marys College, and Mr. t.X', Dumb and Blind Asylum, Haieign, n. v.; i- -r , u J Wiloi und Prof. V. 11 Kehr, w arrenmn , - Mills, Jos. H. Gooch aud Dr. S. A. VI imams, ' if Jan. ID, loot The course of studies is designed to prepare yuift n'ro tor college, ana also to nt those who may no: expec I sire to obtain the benelits of a full collegiate couwej W i.n...l.,kU .lot;,,,..; 1m lif.. h intrant;..!,,! in I lie linllBS1)