The New York Herald Newspaper, November 15, 1862, Page 1

~ THE WHOLE NO. 9560. ———— NEW YORK, SATURDAY, NOVEMBER 15, 1862. THE TIMANCES, OF THE NATION. Now Plan of Publio Credit and Curreney. M/moria! of the Merchants and Fi- nanciers ef New York, . Ree Ren Ree To Tus Cononsss or tun UniTeD SraTEs OF Axgnica :— Your memorialists respectfully represent that ‘the financial affairs of our government require to be so aystematized as to command the contidence of the comntry in the administration of the business Whe Treasury Department. That the system pursued by the head of the Treasury of iseuing irredeemable demand notes, Oertificates of indebtedness, seven-thirty bonds, and certificates of deposits for short loans, is accumu- Tating an enormous demand debt that will soon ereate an uncontrollable alarm among business men, if it does not totally destroy the national credit. It appears, from statements made by the chief of the Treasury, that only sixty-eight millions of eur r public debt have been funded in twenty year Donds since the rebellion commenced, and that the Treasury depends upon temporary loans to supply all the funds required for the expenses of the government beyond the income from revenue and taxes. It is not possible to invent a more hazardous plan of finance, to provide money to pay the cur- rent indebtedness of a great country involved in asf expensive and -protracted war. Against this extraordinary practice your memorialists respect- fally but earnestly protest. It is a custom among business men as well as governments to make short loans when money is dear, and long loans when money is cheap. But the Treasury reverses thiscommon practice. For, while money has been cheap beyond all precgdent @aring the last eight months, the Treasury has made few twenty year loans, and has restricted its Borrowing to loans of an extremely temporary character. The only reason we have heard assign- ed for this plan of national financiering is that ‘this war must be of very short duration, and that when it ends our twenty year bonds will bring a great premium. Your memorialists are not able to fix the time when peace will be restored to our eountry; but they do say that’ it is a matter of mathematical certainty that, if peace is restored within a few years, a demand for money will spring wp in all departments of trade, manufactures ‘and commerce to so great an extent that the Brice of money will rule higher than at any former period of our commercial history ; and, when money is thus in demand, can the Trea- gury expect the capitalists of our country to di- vert their funds from these natural channels of basiness to invest in six per cent bends? ‘The time when the Treasury could have funded Six per @ent bonds at par, to the extent of five bandred millions, has now passed away, not soon to return. The paralysis of trade, which destroyed busi- mess and the demand for money, and threw it back upon banks and capitalists, is disappearing, and speculation, trade, commerce and manufactures are gradually creating the sume demand for capi- tal that existed before the rebellion. Thus it be- @omes necessary to resort te some other means of @btaining money to carry ou this war and meet the wants of the country. It should be remembered that our condition as @ people is different from any other. It is a well kmown fact that we have no large capitalists that ean absorb any considerable amount of new sec! sities. Our capitalists heve their money invested fm bonds and mortgages, real estate, State bonds, bank, insurance and other local stocks. It would be extremely injurious to the interests of all @lasses of our people were these securities and properties forced upon the market to raise money to invest in government bonds at any time; but especially would it be so at a time when trade, commerce and manufactures shall, after the peace, again ask for the facilities which @an alone be obtained in an easy money market. It is also an important fact that the greater por- tion of the available capital of this country is employed in trade and business, and is thus used for the profit it will earn, instead of an annual‘in- terest upon revenue securities. This condition of our country is known to us all, ‘and is the practical demonstration and evidence of the intelligence, enterprise and thrift of our people; and hence we esteem those evidences of debt most valuable that possess the most converti- ble character while they contain the intrinsic merit of certain value. In consequence of these facts and conclusions, your memorialists desire to present to you a sys- tem of American finance which will conform to the condition and genius of cur people, and which will make the burthen of ahcavy debt bear as lightly as possible upon all interests, by adjusting it to the shoulders of traders, bankers and capi- talists. In our country “money” fs that artiele which the federal government should declare to be a Jegal tender, and the public will take this money so long as trade and business may demand ft. Trade will employ money se long as the use of it will produce a profit greater than the amount of interest paid for its use. When we wish to float more money than can be profitably employed in trade, we must make it bear anfinterest, or it will depreciate in current value. It is not the quantity of bonds bearing interest ‘that creates inflation or over issues, but the large quantity of irredeemable bills forced upon the public as currency that bear no interest. The principle we now propose to embrace in our national finances we trust may be the one that will preserve the credit and life of the nation and alleviate the fears of those who consider a na- tional debt an unmitigated evi. Your memorialists therefore respectfully request you to authorize and direct the Treasury Depart- ment to issue coupoo bonds, having twenty years to run, of the denomination of twenty, fifty. one |, five hundred, one thousand and five thou- and dollars each, bearing an interest of four and ‘one half per cent, and tv make such bonds a legal r. Your memorialists represent that these bonds will be taken and held by all classes of our ee and especially by merchants, traders and manufac- turers, to a very large extent, and that the intro- duction of these bonds will iniuce business men to ‘use more capital and less personal credit in their business, because surplus capital invested in these interest paying bo will still be money in the hands of the holder. We propose four and one-half per cent interest because we find, by a careful estimate of eurrent values, that four per cent would five per cent too igh nd that four and one-half r cent, with the legal tender clause, making the nda money, wi make a merchantable as wellas legal par value. This will cause them to be freely used in the general busixess of the country in place of bills of exchange, bank credits and individual ecceptances. Another important advantage will flow from this system of finance. This rate of interest on govern. ment bonds will not so seriously depreciate mort- gage securitics oF the current value of real estate as the rate of six and seven per cent now being paid by the ‘Treasury upon its issued bonds. nd, again, these bonds, being money, bearin interest, will soon take the place of as well as absor! the irredeemable demand note, because these bonds will possess all the characicristics of money and bear interest. By adopting this system the Treasury will not be compelled to ask another loan; for, as these bonds will be a legal tender, the Treasury may use them as other money in payment to public creditors, Thns will the national credit be protected against dishonor, to which it is now exposed by the plan of de: 1 notes and call or short loans, It is probable that these bonds may be absorbed in the business of the country, without materially affecting values, to t xtent of more than one thousand millions within six months; and, by allow- ing a short time to bring about a proper apprecia- tion of the value of this new money, bearing inte- rest, and gradually placing the bonds into the hands of the public, it, is not unlikely that two thousand millions may be profitably taken in our country. ‘ By issuing these bonds, that willtake the place of the irredeemable demand note, the Treasury will be enabled to resume specie payments within ninety days from the time these bonds shall be offered to the public. Hf the public shall require the government to continue the issue of demand notes of denomi- nation less than twenty dollars, then provision should be made to redeem such notes in specie at the eee. This plan will keep such iseues within proper limits, and will notin any degree affect bank issues, because those institutions, like individuals, may use the bonds and notes of the government in place of ecie. [1 Congress shall adopt this system, aud thus make all its funded. promises a legal tender, it will be placing the credit of the government where it should be-—above all other credits in our country. These propositions bring the obligations of the government down to two kinds—one being a time promise, eee | twenty years to run and bearing interest; the other bearing no interest and payable on demand in specie, both being a legal tender. This system of credit will make as simple and perfect a plan of American finance as any states- man can desire to see established. Two thousand millions of four and a half per cent bonds will require ninety millions of dollars to pay the annnal interest thereon, whereas the present rates paid onthe bonds of government, of six and seven per cent, will demand one hundred and twenty millions. Thus to all the other advantages Berciaetes stated is added a saving of thirty millions per ah- Mae of interest on the debt of two thoasaud mil- ons. Your memorialists, &c., &e. NEWS FROM BURNSIDE’S ARMY. Reports from the Army Headquarters, Hxapquarrens Any ov THE Poromac, Warnrntox , Nov. 14, 1862. A rebel brigade, which has for several days been recon, noitering our position on the Rappahannock, left Jefferson this morning for Culpepper. General Pleasanton’s cavalry drove their rear guard from Jefferson. ‘There are indications that the rebels are about evacuat’ ing Culpepper. Stonewall Jackson ts said.to be etill hovering about Chester Gap, with uot over 40,000 men under his com- mand. We have a force on his front which prevents his coming down on this Pde. All is quiet here to-tMight. Stonewall Jackson in Motion—Confidence im General Burnside, &c., d&ec. . Wasnincron, Nov. 14, 1862. Ove of the Hxratp’s correspondente, just arrived trom Harper's Ferry, reports that Stonewall Juckson has moved his forces from the vicinity of Front Hoyal. The march was made on Monday and Tuesday lust. His army is now encamped at Pewtown, seven miles from Winehestor, cu the Romney turnpike. His force is variously estimated at from t ty-five to forty thourant, Ail agree that he has with hitn forty pieces of artillery. A report is current that the Union pickets between Al- exandria nd Fairfax Court House we'o attacked this af- yernoon, but up te this time there hus deen no coufirma- ‘ion of the rumor. Advices from the headquarters of the Army of the Potomac state ihat the hellef prevails that Gen. Buruside will meet the expectations and hopes of the army and of the eonntry. A large number of officers of all ranks have rejoined their commands, in compliance with the recent peremptory order of Cen. Malleck. Part of Geveral Sturgis’ comraand occupied Warrenton Saiphur Springs on Tuesday morning. The force upon the Rappahannock at that point is deemed sufficient to pre- vent any tnterference with the revonstruction of the railroad bridge. General Pleasanton’: cavalry is restivg from its recent arduous labors in a strong position, where it will be use- ful to prevent a flauk movement of the enemy. ‘The recent bold raid of the rebels at Markham station created much surprise. It was perpetrated by the Se- yeoth Virginia cavalry, The men paroled there will be sent to the rear. ‘The railroad to Warrenton js in running order and under admirably energetic management. Movements of Jackson and Gen, Htll— Skirmishing Renewed. Bartimoun, Nov. 14, 1862. A special despatch, dated Harper’s Ferry, to-day, says it is believed there that Jackson is between Winchester aud Harper's Ferry. Parties from Winchester and our scouts ull report that Jackson passed through Winchester on Monday, and tha: Generaj Hill followed him on Tues day. Skirmishing between our pickets and those of the rebels has been resumed during the last few days, and three of the First Maryland cavalry have been captured. Genera! Siocnm, who commands at the Ferry, ts fully awake to the positiow of affairs, aud has a sufficient force, Tho rebel cuvairy seouts ere sull said to be on this side of the Blue Ridge, but beyond picking up stragglers and capturing a few suticrs’ wagous, have accomplished nothing. A Contravand’s Statement of the Designs of the Rebels. Hanrer’s Fenny, Noy. 14, 1862. A contraband has made bis way here, who states that ho has overheard high officers in the rebel service stil remaining in the valley conversing concerning a plan oi operations they purpore to undértake very sherily, Ac cording to thie negro’s statement, they are to wend a strong body of cavalry to makea raid betweon this point, Burpside’s army, amd the Potomac at Washington, attack. ing in detail all the small Tnion forces they can reach at Leesburg and elsewhere, and in the meanwhile to send a force of mfantry and artillery to hold Sigel in chock, or, if engaged, to prevent him from tuterfering with this proposed cavalry raid. IMPORTANT FROM TRENTON, mn Rrrnnnnnnnwn Arrest of Two of Gen. McClellan aft Officers—Uther Members of ‘His Staii to be Arrested—The Charges Unknown, &c. ‘Tarytox, N. J., Nov. 14, 1862. Lieutenant Colone! A. P. Colburn and @apt. J.C. Duane, of the engineer corps, both belonging to the staff of General McCleMan, were seat to Washington this nférning under arrest. It is aid shat the orders were received by an officer of the United Staves army in this city, and that the persons famed repaired at once to Washington to place them- selves at the disposal of the authorities. ‘A report provalls hore that other mombers of General MoClellan’s staff are to be put ander arrest, ‘The charges against thorn are unknown, A large number of the citizens of Trenton and others are paying their roepects this morning to the recent commander of the Army of the Potomac. ‘The State Street House is thronged with persons anxious to greet him, despite his wish to romain perfeetly quiet. A deputation are en their way from i’btiadolphia to pay him their respects, The War in the Southwest. St. Lapis, Nov. 14, 1862, it js rumored that General Binie will take the feld in « fow days at tho head of his brigade. General Carr has been ordered to assume command in thie distriet in place of Goneral Davidson, who immedi atoly takes the fleld at the head of the troops in the south- eastern portion of the State, Advices received at headquarters state that Genoray Schotield i rapidly recovering, and the probability is that be will immediately again Aseame command in pergon, IMPORTANT FROM NORTH CAROLINA. General Foster’s Recent Movements and Their Results. The Losses Sustained by the Union Troops. THE TAR RIVER NAVAL EXPEDITION. Destruction of the Rebel Salt Works at Wilmington, &., &e., &e.} Our Newhbern Correspondence. . Newumnw, N.C., Nov. 9, 1862, General Foster's Expedition a Partial Snccess—The Fight at Wilkiamsion—-The Rebels Abandon Their Works wear Hamilton—The Advance to Tarboro— Reconnoissance- Large Rebel Force Awaiting the Arrival of the Unien ‘Troops—A “Hair” Breadth Escape of @ Rebelb—Difficul- ties of the March, «te. Your correspondent reached this city to-day, in the United States steamer Massasoit, with a special megeen- ger from Goneral Foster's army, the sume having been at Williamston yesterday morning, and under ordors’ to mareb for Plymouth to-day, and thence to embark in transports for Newbern. This forward movement, with General Foster com- manding in person, has been entirely successful, that ig as regards reaching certain points and places. Yet the main object of the movement was to capture two rebel regiments and some artillery that had been sent ont to attack Plymouth, also for recruiting purpores. Owing to the inefficiency of one of our colonels, who was an acting brigadier general, and who delayed the expe- dition twenty-four hours, the rebel regiments escaped our vigilanee. Before reaching Williamston we bad a’ fight by moon, light, which lasted nearly an hour. On the rebel side there were engaged parts of three regiments and two pieces of artilleory—all this on an elevation and bebind intrenchments, In this little fight the Marine Artillery, Belger’s battery, a portion of the Third New York ar* tillery, and the Massachugetts Forty-fourth (part of Col. Stevenson's Drigide), were enga; ‘The Marine Artillery and Belger’s battery behaved aa- mirably. Lieut. Keath, of the Signal Corps, crossed over a deep creek and signalled to our army from almost in the midst of the rebel fire. ‘When we neared Hamilton the rebels abandoned their intrenchments, nearly a mile long, on Rainbow Piluffs. The first flag to float over them was that of the Signal Corps, undor command of Lieutenant Laylor. We then adwanced to within éleven miles of Tarboro. From (bis point two reconnoissances were made—one by Major Gerrard, of the Third New York cavalry, who met the rebels in force, had two men ki . and retreated without further joss. ‘The other reconuoisssnce was made to within five miles ef Tarboro by Major Fitzsimmons, of the Third New York cavairy. At these points the rebels were found to haye massed a large force, with reinforcements constantly arriving; therefore % was deemed impulitic to attack them, Be- sides, infront of us was an extensiveswamp. The wea- ther indicated raia. H we had crossed this swap, in a!) probability we would have Jost ail our artillery, as the swamp becomes impassable after a®twelre boars’ rain. By asystem of strategies! inovements we made guod our retreat to Williamston without the Joss of a man, and even before the rebeis knew whet we were doing. On our return to Hamilton, Captain Wilson, with com- pany H of the Third New Yerk cavalry, charged into town and took four guerillas prisoners, with their horses. One of the men is acaptain, The guerillas threw awi their arms. As Captain Wilson caught up with the last gnerilin—both going as hard as they could on horseback — he stretched out his hand to seize him by the bair, when to! what did he hold in his hand but eswig. Captain Wilson was s0 amused and surprised at the oceurrence, and so take up with looking at the wig, that he allowed the prisoner to escape. Williamston is a vory pretty little town. the imbabitants bave leit it. a Hamiiion is aemalier piece than Wiliametom. It was entirely deserted on the approach of our troop! Major Gerrard, with his battalion of the Third New ry and Allis’ ilying arullery, reached Wash . C., yesterday, in tour hours and @ balf direct iamston. This department is unquestionably in neod of at least two brigudier generale. On our return march the weather was very severe on the troops, Jt kept snowing and bailing for eighteen hours, One rebel female said she knew the Yaukees were coming, because they brought their snow and cold weatber with them. Almost all of ‘Te Lossea, In the course of cur late advance on Tarboro we had six killed and tou wounded. Kilied—Third New York cavalry, 2; Forty-fourth Mas- eachusetts, 2; Twenty-iourth biassachusetts, 1; Marine Artillery, 1. Wevnded—Forty-fourth Massachusett#, 8; Marine Ar- tillery, 2 Lieut. 5 the Ing. tebbine, of the Forty-/onrth, was wounded tn Reconnoissance on the Tar River. OUR WASHINGTON CORRESPONDENCE. Oy Boakp Uxingo Staves Gusnoat Norma State, WASHING: y ve, 1862, Within the last few days Captain Greenwood, while in charge of this litte craft, made two recounoissances to within one mile of Greenville, on the Tar river. Om both occasions we engaged the pickets and advance forces of the rebels, repulsing them. e We captured a few horses, took a couple of prisoners and destroyed some property as a military necessity. Destruction of Wilmington Salt Works. OUR NAVAL CORRESPONDENCE. Ow Boarp Unrrep Starks GuNvoat Exus, Noy. 1, 1862. ‘The Expedition to Destroy the Works—The Worl: Done by Boats’ Crews—The Rebels Open Fire—The Gunboat Re plies and Silenees the Rebels, dc. . We left Bogue Inlot on the morning of the Sist, and ar- rived in the waters of New Topeafl Inlet on the afternoon of the same day. Three-quarters of a mile up the inlet Captain Cushing came in sight of extensive salt works, probably the largest on the coust, certainly large enough in the extent of their operations to supply all Wilmington with salt, with some beside for the use of the rebel army. In less than an hour aad a half the whole works were destroyed, principally by fire agd powder, There were destroyed two light . used to convey salt up the country and biing down wood im return latter to keep their salt works going. ‘To do thie we had to land in two of the yeseels’ boats, ‘at a long distance irom the gunboat, Just as our party was returning the rébels opened fire on them with ar- tillery from adil), about one mile off. The rebeis tried hard to sink our boats, and their tiring was exccilent. Imme- diately the gunbcat opened on the rebels, silencing yheir artillery -and scattering their infantry, both of which were it plain sight, even while they were retreating. On our wide theré was no lors. What the rebel se was we do net know. NEWS FROM WESTERN VIRGINIA. Attack on the Rebel Camp of Colonel Imboden—-The Rebels Routed and Dispersed—© Large Quantity of Army Supplies, dé Waswinotom, Nov. 14, 1862. The following has been received at the head. quarters of the army in this city:— Haapqearrens, Cincinnati, Nov. 12, 1862. Major General H. W. Haniecx, General-in-Chief, Washing ton— General Kelly, on the 10th inst., attacked Colone! Im- Doden’s camp, eighteen miles south of Moorefield, Hardy county, Va., routed him eompletejy, kiMing and wounding many and capturing his camp, fifty prisoners, a quantity of arms and 4 large number of horses, cattle, hogs, wa- gons,&c. Tho rebele wore entirely dispersed and Ged to the mountains, H. @. WRIGHT, Major General Commanding. Interesting from Kentucky. Lowmvinam, Noy. 14, 1868. completed and traius are ‘Tho bridge at Frankfort | crossing. ‘Tho deaths in the twenty-eight hospitals of this vity and vicinity for the last week were sixty nine, Rumors provail that a considerable force ef rebels are at Big Hill, sixteen miles southwest of Richmond, ky. Fire in Portland, Me. Portiaxp, Nov. 14, 1862, 1. Grant's spice factory and Ira Winn’s machine shop en Union street were totally destroyed by fise thie evening WEW YORK HERALD. IMPORTANT FROM THE SCUTH. | TWO DAYS LATER FROM EUROPE. General Lee Going Into Winter Quarters. eee Richmond in Possession of an Or- ganized Gang of Cutthroats. The Charteston Press on Recognition and Peace, &e, &e, &e Files of Char'eston papers from the 3iet ult. tothe 4th iust., inclusive, have been recetved, They contain nothing of especial interest. Howell Cobb, with his brigade, bad been ordered to re- port to Beauregard, at Charleston, A sale of forty-six negroes, principally women and children, averaged $508 each. Complaints are made of attempts, under cover of authority, to rob free negroes of their blankets avd car- pets, The Mercury says the South should not encourage their expectation as to recognition. The Courirr discusses the evils of peace, remarking, in ‘conclusion, ‘If we permit them to impese apon us again with their false professions, the Yankees will do us in- Sinitely greater injury after the war has terminated than they ean do us while the couiiict is going on.’ Lee Going inte Winter Quarters. {From the Grenada Appeal, Nov 5.) Ricnwoxp, Uct. 23, 1862. ‘There is a talk of General Lee's failing back to within a Tew miles of this city for his winter quarters, and it is quite poerible that a change of position may be adopted, for Teasons connected with the question of supplies and trans- portation, This would leave the country uorth of us again to Yankee deprodations, but it must be recol- lected that all the mischief the wretches could do in that region has aready been accomplished. ‘The whole face of nature has already been made desolate by them, all the mansions have been pillaged, all the granaries cMptied, and certainly potbing has been done since to repair the ruin. No crops have vecu sown in the fields blighted by Pope, the returning fugitives have peopled tho solitude whieh he made and cated not a ‘peace’ but a conquest. So that the mere fact that the withdrawal of Genera! Lee would a second time expose that section to hostile ravage, would be of no consequence. We have no city news. Garroting, burglary, drunken- ness, in spite of the Provost Marshal, and ail manner of villany areon the increase nost alarmingly, and provisions aro copstant!y advancing in price. Flour is $25 a barrel here, in sight of the largest mills in the world, and but- ter is difficult to obtain at $1 50 per pound, Rucuaionp, Oct. 24, 1862. Richmond is now worse than Naples, worse than Bal- timore was when Winter Davis was the Wilkes of the Ping Ugly swell mob of that lawless city. No one thinks of going inte the Cimmerian streets after nightfall without arms. A large and well organized gang of cuithroats has “taken the tn.” in wait at almost o We ever: cor iggy well provided with slung shots, billies, bra:s knuckles, nd oll the other devilish implements of mischief which ity highwaymon uses to disable his victims, and they attack evnry body that walks alone, oftentimes gentlemen whien attended by ladies. Tuat they are not found ont is matter of grave reproach to the city police. But this corps $s so small that they can do jittle for the protection of a city spread over an immense surtace of ground, aud without @ light from one end of it to the other. That so numerous # gang can infest Richmond at all, walking the strects in the day time, without ostensible means of support, and doing nothing whate is a proof of the palpable inefficiency of the conscript law. Why these men are not enrolled by the proper officers (for they caunot possibly Dbegexempt) passes all comprehension. But a promenade down Main street any day will show you bundreds of idlers, fashionably cn , with overmuch tawdry jewelry, sporting watch chains that might and should hang them, for, beyond ali doubt, in those groups at the corners one sces the very scoundrels that rob bonest citizens after dark. & few nights ago the police made a descent upon ‘one of the dens or cribs of the gang and captured sixtecn, who were taken to Castle Thander. There are, pro- babiy more than twenty times that nomber in the city, and unless something is done to pub a slop to their outrages soon there will Le a private patrol @nd some hanging done at the eg 4 po ite sinpromytu. ‘The firm of Haxall, Crenshaw & Co., of this city, has a @ontract with the government for grinding wheat into flour, upon which they make a prefit of between five and ix thonsand dollars daily, 1 heard yesterday that they bad refused an offer of five hundred thousand doliars for the contract. The immense atnount of wheat required to keep their wheels going has raised the price of flour to twenty-five doliary a barrel. Wheat will be five dollars a bushel here before the Ist of January, Letter from Holly Springs. {Special correspondence of the Grenada Appeal.) Houiy Srnixoe, Migs., Oct. 21, 1862. ‘Dhe ting of trace which arrived hereon Sunday was “done up” in style. A colonel and a captain, rigged up in a plenitude of gold lace and epantetter, without rogard to expense, eomiortably housed in a fine carriage, drawn by four milk-white horses. The object of the seems to have been general; avowedly to sce about the treatment their prisoners were roported to have reeerved at our hands, aod ® remonstrance againstghe style of fighting adopted by our partisan rangers. This is tho reported business upon which they came. I would wager an apple-toddy that I can give @ better reason than the above:—Tbe general of Teutonic cognomen either wanted to know our position since the Duttlo of Corinth, or be sent them with a view to cou ceal his withdrawal from the, position he nas so obsti nately heid. i The ofticers were very courteoux, even their intercourse; and, we doubt not, re- erdvy with confirmed ideas of the fact that my is not only annihilated, but that we are really “doing us well as could be expected.” Ihave read the letter of your correepondent “Observ- er” yelative to the Corinth fight, and appreciate his eour- tesy. Without intention bere or hereafter to argue the, matter, | would simply say that we understeod the plan of the ongegeinent differently; and that the list of casu- alties being larger inone wing of the army thaa in the other js by no means @ criterion of the results attained. Orthodox generals deem it @ scienee in war to accomplish the greatest reeuits with the smailest lors. jew yoeterday of General Rust's in, by Major ral Lovell, commanding the First corps of the army of West Tonnesseo. This ig tue Second division of the army, aud is composed of those veteran Yrigades formerly under the command of Generals Rust, Villipigue and Bowen. They made a handsome appear: ance, and are ready for the next tight, jam afraid the commandant here, Colonel Orr, has po respect tor “patriots.” A patriot brought in three or four barréls of the ardent on Sanday last, and commenced selling it—just for accommodation—at the moderate and truly patmotic price of forty dollars per gallon. (the liquor had cost him ninety cents a gation.) After filling his purse to the extent of about $1,750, Colonel Orr foand it out, and immediately seized the remainder, turning it over to the modical department. If Colonel Orr's course were adopted in reference to all other ‘+patriots,”’ the Face would soon become extinct,and tho poor sdidier benefited thereby. Your Lonisiana readers wi be pleased toknow that Vateon, of Tensag parish, who presented the wv ment that well known battery called the Watson artidery, who has served with it during the war, has been appointed chief of ordnance of the First army corps, and i new Major Wateon. He is a true man, a ceurteous gentleman, and deserve that can be rendered to that class of our citi ‘ho of their riches havé contributed ‘without liggit to our cause, ‘The weather continues cool, clear, windy and fine. A frosty-broath occasionally works |ts way in between the woollon and one’s exterior cuticle, constituting a forcible remiuder that wiuter is coming: that thocsands of our braves arc tru:lging along without socks and uther widixe pensables, ond that our Southern maidens and matreps cae now begin their labor of love to alleviate the soldiers’ wants News from Nevada Territory. MESSAGE OF THE GOVKRNOK TO THE LEGISLATURE. Say Francisco, Nov. 14, 1862. ‘The Legislature of Nevada organized on tho 12th. ‘he Governor's message recommends that the Territorial government take $500,000 stock in the Central Pacific Rajlroad Company, which proposes to construct a railroad from Sacraments to Washoe. He says that during the past four months the peopie have paid nearly $1,000,000 monthly for transportation of morchantise from Caiifor- nia, end that railroad communication would reduce the freight tax three-fourths, causing such developments that & read would pay from tho mcreased business. From the best information attainable, the estimated monthly produce from the Nuvada mines is $1,000,000, and they will hereafter produce as many millions as we can pro. cure machinery and labor to work them, it boing, in the Governor's opinion, the richest mines in the warid, « incaloulabie oxtert, and perfectly inexkaustibie t Th jew Jersey Senatorship. ‘Trnwtow, Nov. 14, 1862. ‘The friends of Genoral Wm. Cook, tho ablo Chief Bn- gineor of the Camden and Amboy Railroad, do not hes! tate to say that he will be tho successful candidate fop ‘United States Senator from New Jersey. General Wm. Cook is a graduate of West Point, and served for some years inthe Fourth regiment of artillery. He has been connected with the Camden and Amboy Railroad ahnost from ite commencement, THE EUROPA AT HALIFAX. British Estimate of the United States Navy. An Iron Privateer Steamship at Sea. The English Cabinet to Consider the Proceedings of the 290. EARL CARLISLE AGAINST INTERVENTION. England, France and Russia Allied on _ the Greek Question. Garibaldi in the Hands of Se- venteem Surgeons. DEATH OF PRESIDENT LOPEZ, OF PARACUAY, de. &e., a. Ree ene Raurax, Nov. 14, 1962. The steamship Furv,.«, Captain Moodie, from Liverpool at two o'clock in the afternoon of the Ist, via Queenstown on the 2d instant, arrived at this port at half-past eleven o'clock last night. Her dates are two days later than those already received. ‘The Europa hag seventy-two passengers and £1,000 in specie. ‘The United States steamer Tuscarora arrived at Lisbon on the 25th of October from the Azores, ‘The Paris Bourse was cloved on the Ist of November. There was no political news of impertance from London on the 2d instant. ‘The steamship Persia, from New York, arrived at Queenstown on the afternoon of the 31st ult., and at Liv- verpool at ten minutes to ten o’clock on the morning of the Ist inst. Another Pirate Out—Great Britain M suring the Strength of the United States Navy—The Lord Lieutenant of Ireland Against Intervention—Our Cause Before a Debating Club—The Aristocrats Again Repudiate Democracy. The ship Jupiter, from New Yosk for Antwerp, reports that ehe was spoken by an iron Confederate privateor steamer off Sable Island. ‘The Fnglish papers have very little to say on American affairs. The London Jimes draws attention to the immense in- crease of the American navy, and says that nobody can refuse the federais the credit of resolution and canstancy, in spite of their defeats and discouragements, in fighting out the game which they are engaged in—a game which everybody wees must be a losing one. It then dissects the naval efforts which have been made, aud says that upon tho whole the new federal navy has been design- ed with so peculiar and exceptional an object that it is hardly safe to draw any general as lessons an example, The (Northerners wanted a fleet, not to encounter the fleet of the enemy, but to take, on the in- Btant, and keep possession of an uncontested sea, They required gunboats for the navigation of the rivers and | flotiilas to co-operate with the army. These neseseities of position they net ouly discerned but accepted without an honr’s delay, and the result certainly does them credi’, as it has indeed done them service. Measured, however, by Europeay standards their squadrons can hardly be re- garded as effective, unless we are Ww preswine that other nations have cxpended upon their navies a large amount of superfluous pains, We can de in twelve months not only what the Americans have done, but five times as much, by pressing into the service every species of craft and setting every building yard to work without sting or Scrutiny, We could very soon multiply by a cousiderable figure the number of ships we have in commission; but their quality would remain much the same as they are at present. Professor Cairnes had been lecturing at Dublin on the present American revolution. He holds that the success of the North means, if not immediate emancipation at least the immediate arrest and ultimate extinction of slavery, while the success of the South means the estab- Ushment of slavery on a broader and firmer basis. ‘The Lord Lieutonant of Ireland (Earl Carlisle) was pre- sent, and moved a vote of thanks to the lecturer. He deeply deplored the civil war raging in America and en” dorsed the neutratity of the British government. The celebrated Debating Cieb of the Cambridge Uni- versity—“The Union’ —kad been engaged for two even- ings in discuasing tho American question. The question pnt was, in effect. as follows:—'*That the cause of the Nort is the cause of homan progress.” The proposition wag negatived by a vote of one hundred and seventeen to thir- ty-three. It was noticed that the eldest som of Earl Ruseell spoke against the proposition. Mr. Bentinck, member of Parliament, in a speech at a public banquet, bad denounced American democracy and the Northern States as its exponent, The London Glebe of the Ist instant says that the Eng- lish Cabinot will probably give, shortly, expression to iis views concerning the proceedings of the privatuer Ala- bama. Great Britain. Enr! Russell, in reply to the City of London Garibald) Committee, had stated that the only means lie could pro- porly uve to obtain the withdrawal of the French troops from Rome consisted in making friendly representations to the goverament of the French empire. He added tha, such representations bad not been wanting on the part of the British government, and that similar representation, should be made whenever it might ecem necessary of expedient to make them. ‘The Duke of Newcastle was euffering from rather an alarming attack of bronchitis. ‘The yreat exhibition was to close the day the Furopa left Liverpeo!. There was to be no formal ceremony on the occasion, but the great chorus of the Sacred Harmo nic Society would sing the national anthem, “ God Save the Queen.” On the last shilling day the receipts fell a litte short of £70400. The total number of visitors who have visited this exhibition exceede slightly the number of those who visited the exhibition of 1851—being over six miltions, It ie reported that the guarantors will Lave to defray but a very triflimg deficiency. The Queen of Bugiand commenced holding a privy coun- cif on the Ist inst. The London Army and Navy Gaectte sxys that no bre vot will be bestowed upow the Prince of Wales en his at- taining bis majority. Brance. - La Pranee believes thie Chevalier Desiigra has ex- pressed to M. Droayn de I’Huys the regrets felt by the Turin Cabinet at the circular of Geacral Durando having been addroesed to Franco, and that the explanation was well received by the Freach government, It 1s asserted that France will formally reply to the circular, ‘The Paris Bourse elosed firm with an advancing ton- deny on the 31st of Octwbor. The reutes were quoted at 70f, We. Italy. ‘At a consultation at Spezzia, touching the wound of Ga- ribaldi, seventeen surgeons wore present. An examina tion of the wound was made with the tnger and probe, which caused much suffering to the patient, who bore it resulutely. The surgeons found it impos. gible to find the ball, but came ¢@ the opinion that it was still in the wound. A_ repetition of the examination will be requisite to ostablish the position of the projectile and to allow of its extraction, if possible, without serious injury, ‘The geueral stato of Garibalai’s health is satisfactory, and it is believed that ‘no important surgical operation will be required, PRICE TWO CENTS. Spain. The meeting of the Cortes has been fixed for the lat of December The Marauis of Duoro ia the goverument candidate for the Fresitency of the Sena Russia. The government has diseoyered 4 centra) revolutionary committee at Warsaw, under the presidency of General Mireroslawsk). The prineipal aim of the committce ap- peared to be to collect regularly imposed taxes for revo- Jutionary purposes, Electicns tn G: La France say England and 2 eH wore fixed he 16th of November, 8 that an wnder sanding belween France, sia, has deprived Gi Tuirs of their importance for Europe, and that each Power wishes to respect the treaty of 1856. La Presse says that the departure of tio French fleet for Greece has been delayed by reason of the understand- ing come to by the three great Vows, who have to apply the principle of non-iutervention to ‘The provisional government of Greece, forme’ odor the Presidency of Senator Bulgars and otber member it, have given assurances to the representatives of (tx three great Powers that the revolution shail be com- fined to Greece, China. ‘The British Minister in China formally reports the atop. page of tea by the Chinese authorities until the inca@aa- ed transit duty shall be paid to release the teas #0 de- tained. A gunboat was gent to Tan Kan, which seized all the mandarin and war junks and the custom house officials, reteasing, ut the same timé, all the teas detained. A despatch of Karl Russell's appreves of the measures taken, 4 Brazil. Additional advices by the Brazil, mail contain the nouncement of the death of Senor Lopez, President of Paraguay. His son, Francisco Lopoz, provisioually ile the vacancy caused by his father’s death. Commercial Intelligence, THE LONDON MONEY MARKET. The funds on the Bist of Octoher were firmer, having recovered from the depressing effect of the unexpected large advance of one per cent in the Bank's minimum rate of discount, There are rumors of a new loan, amounting to £2,000,000, being asked for by the Otte rn. ment. The demand for discount is rather lighter. AMERICAN SRCURITING, Baring’s circalar reports the murket (or American seou- rities very dull (Oct. 81), but railway stocks and bouda are firm, It quotes Erie shares S744 4 3834; LMlinois C tral, 4434 a 43% discount: United States ives, 63 a 65; Mussachusetis fives, 89, Maryland fives, 70; Pennsylvania, fives, stuck. 65 a 67, do. bonds, 70. Congols closed on Friday, Oct. 31, at 634 a 935 for money. ‘The Stock Exchange bas .becn closed to-day (Nev. 1) in consequence of theu sual half-yearly ba!ance of accounts at the bank, Liverroor, Nov. 1, 1962. ‘The regular weokly cotton market report was forward- ed by the Nova Scotian, intercepted off Cape Race. STATR OF TRADE. Tho Manchester market is heavy, aud prices stil declining. BREADSTUFFS’ MARKET. Breadstnffs have a downwara tendency. Richardson, Spence & Co,, Bigiand, Athy &Co., and Wakedeld & Oo., veport:—Flour quiet Out steady, Wheat dull. and 1d, a 2d. lower: rod Western, 9». n 108. 1d.; red Southern, 108. a 10s, 4d.; white Western, 10s. 8d.'a lls. Sd.; white Southern, iis. @ 12s. 34. Corn easier: mixed, 29. 3d. & 203, Sd.; white, 30s. 6d. a 325. PROVISION MARKET. The same authorities repert becf quiet but steady. Pork inactive and nominal, Bacon stil! declining and 6d. als. lower, Lard firmer end 1s. higher. Tallow very dull, and 6d. a 1s, lower; quuted dis. a 478. PRODUCE MAR: ET. The broker’s circular reports ushes quiet but steady; . Od.; pearis, 33s. 6d. Rosin firmer: 6d. a 24s, Spirits turpentine flat and n quict but steady. Culfee steady. Rice quict but steady. Cod oi firm at £48. Linsved oil easier: gules at 41s. 6d. a dis LONDON MARKETS, Lonpox, Nov. 1, 1802. Barings’ circular reports breadstuffs firm but quies. Iron firm, Sugar quiet but steady. Tea tirmer: bey oa 18. 1d. Colle steady aud unchanged. im active and drooping. Tallow dull adis. 3d. Spirits turpentine dull at 125%. Rosm inacuve at 28s. for cem- mon. Linseed heavy and Is. lower, Lioseed cakes tend- ing toadvance. Linseed oil quiet at 41s. adis. 3d. Groves & Todd report beef inactive. Pork quiet, Lard quiet, bui steady. ‘THR LATEST MARKETS, LiveRvooL, Nov. 1—Dvening. ‘Tho sales of cotton to-day were 7,000 bales. ‘The mar- ket closed buoyant and prices have advanced 2d. for American over the late depressed quotations, and one half to three-quarters of a penny for Surate, Spesulatora und exporters took 4,000 bales. Breadstutts were steady. Provisions were dull. MAVRE COTTON MARKET. Havas, Oct. 30, 1662. Sales of catton for the weck, 1,000 baice, Market pomi- nal. Stock, 45,000 bales. INTERESTING FROM TENNESSEE. Reports of a vy Rebel Force at Mar- {reesboro—The Union Cavalry Doing Good Service, &e., &e. Nasuvitze, Tenn., Nov. 13, 1862. Reports concur that the enemy is accumulating in heavy force at Murfreesboro, ostensibly to rest our advance. Military authorities have no faitu that these demonstra, teas mean anything more than a cover to enable them to eouvey their stealings of eubsistence, which are said to be evormous, to the other sido of the river. The rebels will retire when our army moves up. Exciting reports touching rebel movements hereabouts may be sent for- ward; but the furegoing is the substance of our trust. worthy reports. Our cavalry is doing good service, Col. Kennett, of the Fourth Ohio cavalry, commanding the region about Hartsville, reports the capture of large quan- tities of rebel supplies, and that their foraging pasties are skedaddling as rapidly as possibie. ion of Lebanon by Union Troops and Provisions— Rebel Troopers Concentration of Rebels at Chattanoo. ey Hoy ee Nasnviitx, Tenn., Nov. 12, 1862 Major General Lew. Crittenden and staff have arrived, Part of General Crittenden’s corps, under General Matthews, and General Wood's diviston entered Lebanon , Tenn.,on the 10th, driving Morgan's robel cavalry out. They captured # largo amount of flour, bacon, wheat, boots and shoes, mules and some prisoners. On the next morving Morgan made a dash on General Wood’seamp, eight miles from Lebanon, amd captured thirty men. On the morning of the 9th Parker's brigade entered Gallatin, encountered 500 of Morgdh’s men, capturing twenty of them and once pioco of artillery. ‘All of Morgan’s eavalry'joiued General Breckinrtige at Murfreesboro, aud it t supposed left with him for Chat- taneova, whither a large rebel force ts going. It is reported, upen undoudied authority, that an tm- imonse amount of rebel arms and suppltes are collected opposite Obattanooga without facilities of trangportation across the river. ‘The latest reports place General Brockinridge’s force at twenty thousand. General Cheatham’s force of rebels is reported at Talla homa, Union Meeting—Preparations foe jonal Elections. Nasnvicne, Tenn. Nov. 19,1862. A great Union meoting will be held at the Capito, to-morrow. The Union refugecs met tm secret to-night. Their resolve is to follow the Union army, and establish Onion organizations preparatory Ww holding Congressional elee- tions. juerittas continue te attack the trains, wut undue im- portance is given to their raids. Communication between Nashville aod Loulsviile is comparatively unrestricted. Gre Toronto—Barning of the Rossin House~A Number of “ives posed to be Lost, de. ha: Tonosto, ©. W., Nov. 14, 1862, ‘Tho Rosein House, the largest hotel in Canada, wag destroyed by Gre this morning, together with all the stores and shops in the building, ‘A nombor of lives are supposed to be lost, iacluding @ man samed Graham aud one or two soldiers who were | assisting in removing the furniture. The guesta werg all! | caved. Ibe lose is very heayy, Tbe hovel is meured for 4 $90,000. fe by