Weekly standard. [volume], December 18, 1861, Image 2

About Weekly standard. [volume] (Raleigh, N.C.) 1858-1865

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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)