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By J. A. SELBY, ? GOLtTMBIA, S C,, FRIDAY, MAY 12, 1865. VOL. 1-ISO,
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'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
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
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
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
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
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.
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