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' ??Hy Paper .tl-ajBtfftBt&T': "Lot. eurjnst censure" * ' j Trl-Weekly ?Bc. ? Mobibt. ' " Payable in Advine?. 1 -" ~' Attend the trnc ev?at."-S?ir h?pearc. . . ^ Payable'in Advance. By J. A. SELBY, ? GOLtTMBIA, S C,, FRIDAY, MAY 12, 1865. VOL. 1-ISO, ?_M__..1 .-. - r- ? - ? ? ? - a ?? .... -? - -r m ' '? 'THE. COLUMBIA PHONIX \ ie FPULISIIED DAILY AND TBI . W KEE LT, - BY JULIAN A. SELBY. The Daily ia issued everv morning, except Sunday, at #10 a y?ar. Tri-Weekly, Tuesday, Thursday and Saturday, at. $6 a year, invaria? bly in advance. .Single copies five cents. Advertisements inserted at 50 cents per square (ten lines) for the first and 85. cents for each eubseqaent -insertion. Peace and the National Financ?s. Now that the war ia practically ended, and wo look hack upon the vast expendi? ture of money as well as life which it has involved, we find it difficult to over-estimate the good effects of peace upon our national , finances. - It is at tne same t'me gratifying and encouragipg to find the Government prompt to profit by the opportunity of re? ducing tts current expenses by the reduc? tions which have been ordered io the mili? tary and naval service. Our four years struggle with rebellion baa already left us saddled with a registered debt of more than twenty-five hundred millions of dollars, and before reconstruc? tion is accomplished the total will probably be three thousand millions. How to manage this debt and provide for the pay? ment, o? the interest with as little incon? venience as possible, or, in other words, how to raise the maximum of taxation with the minimum of expense and burden? someness will be the great qjestion which will absorb tho attention of Congress for a long time to come, and be likely in the end to influence important political changes. Political economy is still young as a science, and before the war commenced, at least, our legislators had not made much progress in it. Our fiscal legislation was, therefore, crude and blundering, and this added need? lessly to our debt by the subtle process of depreciating the currency. A well devised scheme of taxation is of vital importance to the credit of a nation at war or bur dened with a large national debt; yet our present tax bili and tariff are a tissue of absurdities. Congress'has thus far merely tinkered with taxation; but, in the futa re, we may reasonably hope to profit hy the costly lessons of experience and do better. Every tax-payer in the country will hencelorward be interested in the fiscal ad? ministration of the country, and something better than a complex internal revenue bill, which yields, at an enormous cost for col? lection, less than two hundred millions a year, and a tariff which, in many cases, is prohibitory, or nearly so, will be required by the people. lt is notorious" that the in? ternal revciwe-uffiyers are inefficient in the performance of their duty, and thai, eva? sions of the law are almost.as common hs ;a strict Compliance inBSTt. Al! that the ! Government bas .or can nave in the way of income must come from taxation, and hence, if that is defective, tho public credit will suffer in proportion, and it is useless to shut our eyes to thc fact that our system will require to undergo considerable im provement to enable us to emerge success fully from the financial: difficulties which bave been for the last four years gathering around us. The currency is of little importance compared with the whole debt ii. affecting the credit of tho Government orlhe,gol3 premium, although its volume is excessive, the Treasury issues being nearly six" hun? dred and eighty-three and a half millions, while the national bank notes in circulation aggregate more than a hundred and twenty millions. A large portion of the former can, however, bc disposed of, when the proper time arrives, into bonds bearing say three per cent, interest. The confidence oF the people in the national securities was never stronger than at present, and after its reconstruction the repub'io will enter upon a new era of prosperity. Thus a more promising prospect for the future of our finances is openedlo'us. [New York Herald, May I. aa? 'ii H Extracts from the New York Herald. THE PAROLE OF THE REBEL TR00P8 OF THE VALLEY. Colonel Eno, of the Twelfth Pennsyl? vania Cavalry, with a detachment of troops returned io this point yesterday, from New? market, whither he had been to parole the troops of the late rebel commands of Gene? rals Rosser and Imboden. The former re fused to accede to the surrender of Lee, has taken his corpus to parts unknown, his command refusing to accompany him, and they have all surrendered. Imboden is in the far South, but is represented bj Colo? nel (/Farrell, who acceeded to the terms of General Lee's surrender. Colonel Eno paroled one thousand five hundred rebels, among whom were many officers. Tho latter were permitted to retain their side arms. TRADE RESTRICTIONS. The military authorities have so modified restrictions on trade as to allow persons beyond the military lines to come to town and obtain such supplies as they, may re* quire for preEent use. The-people who ??? .' . . .**:*.. i . .'- i .-: have, alre?dy,3.ra^rac?d^ tbe^provisions of liiis order, m making their purchases, offer ?. iii paymeut gold aud silver, whidh the owners acknowledge has been' buried since. the commer^tne?t of- the war. ' Shop dealers are purchasing or allowing in trade (rom thirty to forty P** cent."Over .green-* backs/ : ;?- , r;;-;-'-.:"'iV'": The town ls crowded with paroled rebel officers and soldiers; some of thom rea;-, dents of thu place and otLars ?fi transite for their home?. The majority of them now confess the South aubdued and the r?ar at an end,v while a* few troublesome fellows 6iiJl talk fa that bombastic, Rich? mond newspaper style, "that still asserts the. invincibility of the SoutS, and express their hopes of ultimate triumph. . Fronr present indications of the temper of the rebels and tlibir.sympathizers-, before - this country can lie assured j)f peace., very summary measures.must be taken with the disloyal tn subdue their treasonable sentir menta. MOSBY STILL AT LARGE. Mosby, is still ut large, bot without a command. It is a fact that some of .those he counted as his most trusty meneare now on his track attempting his arrest, to meet ..that retribution that awaits him. Verily, the way yf the transgressor is hard. THE LINCOLN MONUMENT.--The ar? rangements for the erection of ? monument to Mr. Lincoln ia this city are progressing most satisfactorily. Money is being sub? scribed freely in all quarters. Many public institutions, - associations, lodges acd cor? porate bodies are makiqg collections, and; subscription lists are very generally circu? lated throughout the different ofl?c?s, hotels and other places of frequent resort. It ia probable that the sum of fifty thousand dollars will be raised in a very short time, so universal ia the desire of all classes to unite in this well-deserved trib?tentela good and just man. It is contemplated . to erect a bronze statue of Mr. Lincoln on the South-west corner of Union sq'uare, opposite the eques? trian statue of Washington, for which it will be a most appropriate companion. [tiew York Eerald, May 1. The Ne>v York Herald says that a de? spatch from Philadelphia states that a plot to destroy the;-eUy by fire was discovered yesterday; bot such arrangements have been made by the civil and military au? thorities that no apprehensions are now entertained of the villanous conspirators accomplishing: their designs. te". ' .. ?< ijfcf - v.