The New York Herald Newspaper, July 18, 1864, Page 2

2 $$ FINANCIAL AND COMMERCIAL. Bray, July 17, 1864. ‘The past week has been ove of unusual excitement in ‘oancial and commercial as well as general circles. The rebel invading force sweeping over Maryland, capturing ‘towns and raiiroad trains, destroying bridges, cutting tel- ‘egraph wires, interrupting the ordinary communications with Washingtov, and even storming its defences were ‘@venia well caiculated to distarb the public mind and ‘produce the gravest apprehensions and most lively in- ‘terest and anxiety, To these may be added the presence of the new Secretary of the Treasury 4m New York for the purpose of negotiating @ loan with the banks, and the uncertainty of the result, as well as the sevore stringency in the money market and 4s effect upon speculation, particularly on the produce exchange, the ravid fluctuations tm the price of gold and the un-ettied feeling which consequently prevailed—a combination Of exciling causes raroly to be met with io 80 short. a space, ‘The policy of Mr, Fessenden has ‘occupied a large share of the attention of Wail street; but the result of \his week of negotiation with the Associated State banks docs not appear to bave been very satisfactory Hoe bas rejected the proposition to make them depositories of government funds to the ex- Sent of their loans ; but it is said they are still willing to credit am with a loan of filty miliiops on seven and three-tevths non-legal. tender interost in currency beare |’ ing Treasury notes, convertible at maturity tto gold bearing bon ts or on bonds direct, the loan to be payable in instalments as soon as the resources of the banks will permit, but the time of paying such instelments to be extended s muchas the authority and requirements of the Secretary will allow, Ht 4s sugested by the banks, and we believe par- ‘tially acquiesced in py Mr. Fessenden, that jo ‘the eveut of his accepting the proposed ivan, in- vatead of drawing directly upon the banks, be ‘whould issue drafts upon the Sub-Treasury, which the Assistant Secretary should endorse and make pay- able either at the respective banks in their turn or at une specially acting for all, It ie boped that by ‘theeq means the banks would be spared the necessity, io ‘the majority Of cases, of paying the drafts in greenbacks, be ho'ders contenting themsolves with depositing them to the credit of their own bank accounts ia lie of legal tenders ‘The iact of Mr. Fessenden having returned to Wash- Yogton without concluding a definite arrangement with the agsociated banks leaves the public mind in doubt as to the ovurse he intends to adopt, and this exercises an dnjarious ipflvence upon commercial interes‘s. It is, ‘Mowever, believed, as we sigiled yesterday, that be ‘wilt place a loan on the market of 7 2-20 convertible reasury notes or bonds, glowing a quarter per cent dis- ‘count to all who subscribe for twenty-five thousand dollars ‘worth or more. This wil tend to reduce the ba: dep 6 ts and prolong tne tightness in the money mark The old banks will vot be favorably affected by this, and ‘would, of course, prefer controlling the governmert foans themse'ves, if terms such as they are alone in a position to lend cm could be arranged with the Treasury. U pon the policy of extending the same facilities to the ‘State bamks as are possessed by the national banks we bave already expressed ourscives 8» fully that it is uo- necessary to advert vo it, tursher than to remark tmat we consider Mr. Fessenden, by persisterce in this course, will have a much barder road to travel in pro ‘viding the ways and means than be would have with the State banks as bis aiives, and we regret, for the sake of the country, that he should have proved himself such a strict constructionist as to igcore general utility because of @ lexal techvicality. The country does not want a mere but a statesman, at the bead of the Tressury, and if Mr. Fessendea would avoid being a failure, like bis predecessor, be will have to adopt a bolder and more liberal policy, and disconnect himself entirely from these experimental resources which have entailed upon the nation so much disorder. Jt is proper to say that the ‘propositions’ published ‘by two of our contemporaries, and which are said to have been banded in printe ‘orm to Mr. Fessen- den of bis arrival bere, as expressive of what the asso- ciated banks were willing to do, were vot authorized hy ‘the latter conjointly, but are supposed to have had their origin ia am obscure corner of a certain secret chamber -f koow pothingism occupying @ high position in Wall street. In view of the visit of the Secretary and his probable Policy, a meeting of national bak officers in this city ‘was bold ca the 12th instant, at which tue following was submitted :— As we understand the acts of Congres; now ‘the authority of the Secretary to burrow money resis. 1B ‘the (ollow ing ttems:—$33,000,000 United States stxes of 4881, $127,000,000 10-40 loan, $400,000 000 ubder the recent act ($200,000,000 of th 8 can be used im 7-20 Trea- «Gury Doles, interest tu currcucy ), $80,000,000 tempcrary: “deposits and certificates of iudebtedness without limit. With this chart bofore us we can but come tothe con- Clusiog that the Secretary must, ater. borrow: ‘as much ag the market w ili bear, resort to the $200,000 Of 7210 notes, and the oly difficult question is, Bow far to push lous cn ihe long gold interest bonds before iofusing @ portion of the 77-10 notes, Sdould av effort be made to supp'y the Treasury -0n foresd sales of long bonds, the beid-ra of the tormer willsoun be on the market, and will uedersell the ‘Ament, no matter what price the Secretary may fix. ll therefore be judicious to use long culd interert donds only to the extent the people will tske them with pertect dreedom , and we copc~ive it of litte sccount a8 to the rate of interost tu be fixed on such bonds. The people will take a five per cent bond rapidiy if they believe no axes are t0 come afterwards, they will tske a six per Jot of equally good It appears to us thut the Sec: ‘s option under the laws 16 £0 limited that he srenecearame fimancisl for movey at once, and yy will come to Dis assist ance abundantly ; the: Resolved, That we highiy ‘the weight resting e ernment. apd that ebiluy. Resolved, That, in our opinion, bis great resource for people, and that the banks pad — FT wae fap be b nds of tte can ovly io placing t gov: te the bands of bona Ade holders that to imspire come forward with all their money we must inspire public confidence. carried that the two resolutions above be seotiments of this mecting, and that Mr. is, tbe chairman of the meeting, be permitted to ex- C2 aie the Sccrotsry of the Treasury, if, bis opinion, it is expedient to do so. The stringency in the money market has been a source of surprise to somo, considering that the amount of cur- mency afleat exceeds eight bundred and sixty millions of dotiars, about one nundred and sixty millions of which is do State bank notes, thirty millions io national bank notes, four bundred and fifty millions in greenbacks, two bundred millions im interest bearing legal tenders, tn- Aended for circulation, and nearly twenty-three millions ‘0 (ractional currevcy. Prior to the suspension of specie payments there were in the States now open to our commerce only about one hundred and forty millions of bank notes snd an equal sum in coin, The amount of greenbacks at present held by the ‘banks io this city is only ton millions, in addition to forty millions of five per cent legal tender notes, while those of Philadelphia are reduced to eleven millions of ( tenders and the rest ‘brougbout the country are imailariy situated in proportion, ‘This scarcity of green- backs is Chiefly attributable, as we explained on Friday last, to their grest diffusion and retention among the | ‘people, partly owing to a disposition to board, and partly ‘to the necessity existing for every individual to provide Bimeel{ with 8 larger sum of money to defray the ordi ‘mary expenses of life than was formeriy requisite. It ie ‘epirit which pervades all classes wherever there ts afew unéred thousand dollars capital at command, on the produce -bece running very ve tended materially to this diff sion 0: money ‘The remedy thus be diminished, and much of the surplus would fad ite way te the banks here, The latter would then be Aa 0 posttion to greatly tecilitate the action of the govern- ment in raising (he sinews of war, ane the nation would profit soverdingty. ‘The statement of the public debt issued om tae 19th Inet, end signed by Mr. Harriggtoe, the Acting Secretary Of the Treasury, saforme we that (be (otal amount thes ene §1,796,033,509 34, of which $8°4 169,819 67 beers in- Gereat ta, ooin; $400 890,010 31 interest i currency; $870,170 09 on which interest hes ceased, ant $530,828,- Ld mo interest. The unpaid requisitions are stated at $86,667,000, and the amount in the Treasury at 922,114 608 78. ‘The rapid decline in gold on Friday from 256 to 242 (the lowent figare bulietined at Gtipin's Exchenge, how ‘over, being 244), from which It as rapidly reacted to ik, tad much to Go with ‘*" manic ta the produge market, and therefore with the. resovery of gold we ‘were prepared for the strengthening of prices for pro- duce. on Saturday. Although, we calculate the current prices for produce at the standard for gold, the ‘various commodities are not selling unusually high, there is po real cause for those prices being as bigh as they | abou are. But the mere fact that there is a foreign market open 6 speculators at a profitable rate of exchange Mark's will prevent any coosiderable and permanent de- cline in ‘prices, especially Mr. Fessendes intends to follow im the footateps of Mr. Chase. But all @ansac- tions in this department of commerce ought to be, for the bark, 374 tons, sake of the community at large, reduced to a strictly legi- timate basis, end speculstions should be confined to what people can neither eat nor drink. As the stock merket is @opendent upoa the course of the money market and Mr. Fesecnden, and as the latter is éntirely uncertain just now, we defer bazarding an opinien upon the immediate | tous, and a future; but it is safe to say that railway sbaves are about the cheapest things that can be bought, the difficulty, carry them, ‘The following were the quotations of railroad and mis- collaneous shares at the close of each of the past four weeks:— 4 ur Sted 62 bash, 68 The following are the quotations of government secu- rittes:— Sune 25. July8. July9. July V6, 106 104 104 “ea Registercd 6’s of 1881 Coupon 6's of 1881... tive-twenty coupon State stcoks were quoted as foliows:— Missouri 6's. . «+ OF North Carolina 6" "8. ses> S14 California 7's. Ohio 6" Virgints 6's The foilowing pational banks have been authorized from July 9 to July 15, inclusive:— Lecation. Capitat. +Roofkord, It 000 ‘ock ford, fanstield, Obie «-Haverbiil, Muss. Aggregate capital. 20,000. Previously reported. 227°66,715,200 Increase of capital of banks previously author. {20d WAAC... reereeeseeeee +++ 11,192,359 Whole number of banks to dato, 682, witha total capital of .. A case bas been receutiy of this State from which the public will be able to see how small the chances are for stockholders to realize, even in payiwg mining ¢ mpanies, to say nothiog of the hundreds of bogus conccros which have their nets spread in all of the princtpal cities of the fon. It appears that the Nevada Water or Gold Stining Comping was incorporated tu 1858, ucder the laws of this ‘ a ete i Benes 795 tons, asbip, 1,429 tons, from Bic to @ Between Hinvro and. Bordoamsy. eal if ili S35 i ! brig, ba. . 6d.; @ Brit! Boia potesions boa back, i i i! Ht Hf iy h suger, 68c., | a8 3 a 2 i Spirits turpentine at $3.60 a8365 lor Freuct urd $5 600 $3 05 for Amenicsas Steck, 2.000 bier Hoste quick, Tar quiet. socks 8,000 Prime city pitch $28 60, cash, i 1%, was quiet at Suc. & 40c. for Obio end 37v.a 43c. for Rate. Cheese was in good demand at 18c. @ 23c. for common to prime, Petaroieum.—Recotpis, 2,369 bbie. The rie in got started exchsnee, aud this enabled shipners to taste hold, which they did in right earnest, and bought freely at sterdily advancing prices throughout the day. Crude was particularig activ higbor prices by about likewise more activo, and bomuual; it fs oot higher, or , thongh free was totally hot. much, tha bonded, being vory dull, whie bonded was wanted for ox- port. The kales were about 10,000 @ 12,000 bbls. crude, nearly ail for export, at from fic. to 530, but molnding some for August at 4c. a 58c. ; 5,000 do, refined, in bond, oe 8de., for light straw to white, and 860. for white. Rice.—We quote rates of 25 bags Patna at 16: Svaan,—The market was extremely duil, and So note salos of only 155 hhds, Cuba sugar attrom 210, to 22%0. Refined is dull, bet firm Ssupe.—Glover was scarce and firm at l7c. a 186. Timothy higher: sales mrastiy at $4 Rough flax cou- ; Unues scarce, Linseed bes advanced; sales 2,600 begs Calcutta at or about $25 cash. i E H t if | ii eet li i rt z l li nei il cif is i Sst z i 2 tg if PH [ : is t 5 3 7 § i § Y lt it i H f if 3 Sek | i F s H a i i ‘ iy # H SE zt 4 & . Ls i of t | i Gi of logal tenders are distrivued consequence ‘be! wr Hid l ey te interest to proe:er fluence. Tho couniny Dae beon made rich and is rich io due to Furope, and by the tpone and adjust debt pro of the woll known law of equilibrium provisions of all kinds and gold will gratually but certainly fall from this time, aud within six months thero will bea Tatiow.—Sales 85,000 ibs. inferior to good Western at | 16c. a 183¢0.—a dectine. Wurskey.—Receipia 942 dbis.: market a shado tirmer: sales 1,500 bbis. at $1 63 a $1 64 for stateand $1 65 a $1°66 tor western THE NATIONAL FINANCES. Letter from Mr. Silas M. Stillwell to Sccretary Fessenden. New Yore, July 12, 186> Hon, W. P. Fessevnxy, Secretary of the Troasury:— Sir—Your accession to the Treasury Department will justify me tomyself in !aying before you a few facts as to the system on wbicb, in my opinion, you should ad- minister the Treasury :-— First—Pay all government creditors in legal tender Rotor, bearing interest or otherwise. Second—Ailow all holders of legal tenders to invest in State, and) that its financial business is transzoted | 60ld bearing six per cent bonds at par. in this ety, while fornis, ander the charge of a superinterdent. business of the suporiatendeat is to sell water to miners to enable them to wash out ‘te property w in Cali- Third—Lovite all the banks to come to the Curroacy Bu- The | reau and receive currency for six por cent government bonds. Pourth—Make every baok that receives currescy for Ite capital is five hundred thousand dollars; a large | bonds ® Goancial agent, to sefl bonds and to collect and majority of which is owned by three individuals, who } PAY the revenues and debis of the government, exercise supreme control over the affairs of the corpo. | What will these simple ruler eifo ? ration, and elect trustees, or a majority of them, who are Gigposed to favor the interests and do the bidding of First—Ease io the money market. Sccond—Concert of action between the goveromentand the three principal owners. The sale of water has | the banks. netted the company since its formation over seventy thousand dollars a year in gold, or fourteen per cent on Third—A rapid and continuous sale of boads. To carry this out you must boldly pay out “ legal ten- the capital stock. ne-fifth of the stock, it appears, is | °FS."" Allow me to illustrate:— held by various outside parties, who have not yet re. Gold is money from being stamped a “legal tender,” ceived any portion of the income; and the case was | Pépor is now money beciuse made @ “ legal tender.” ‘brought on bebslf of the holders of this one hundred | old is for export, paper for home use. thouracd dollars worth of stock, who avorred that 1n conseS quence of the combination among the three principal own- _ Why is gold quoted higher than legal tender paper ? ‘This must arise (rom an adequate cause, Government ers, who have divided tbe profits among themeelyes, the | Paper bas not depreciate below bank credit or any o:ber minority of the stock is rendered valuelesr. The plaintiffs | CTedit in our country. How ts it, then, depreciated ? could get no redress, because the court bad 00 jurisdiction ‘What credit is better ia the market? Tt is not that our over the property in California. Credit as a government oras individuals cr corporate | It thus appears that there ie no legal protection for ‘bodies has depreciated, but that some spéctal cause | minority stockboiders in property is out of the State. A miping companies whose men can combine | ating supply and demand, has, in this disjointed state which, according to the laws of political economy regu. together, and, by securing a bare majority of stock to | O oUF political affairs, like a wandering o“met,-disturbea | any ove company, can a; propriate its profits to them- seives, anid Teave the Dalance Of the stockholders in the | lesser capplied. This ie, not elected by Position of Frop’s fox under the grapevine. ‘When we consider that the people of New York and | for cotton. other cities bave nearly three hoadred millions invested in mining companies, whose real property is beyond the jurisdiction of the courts, and (hat dozens of new corpo- rations are being created. every week, we think it our Guty to warn the public of the dangers that follow iavest- | sdequete cause for the ments in such doubtful enterprises. The foliowing abstract of Peensyivania company reports ‘the natural order of supply and demand. Cotton is no cy; bet @ demand tigen are eoussueatip mach bigher ar fa price. Bat we haye been told that the abundance or city Of labor controls the price of Isbor, and the ice Of labor influcucts ‘the pfice of the prolucts of bor. We havo taken 2,500, of the Isborers for the armies and for the support of the army. Cao this be done without advaucing the price ot labor? ‘This sao Advance im. the prices of all the Products of labor in our country, but it ia. not a sufficient cause for the advance in the price of go'd. Then what this demand for gold beyond the ordinary sup- ‘Want of cotton very seriously taiuences for sitk, fax, wool, dec. , which shows the ccal tonnage for the season as compared witb | piy? the corresponding time last year:— 99,916 46,881 52,250 19481 993 40. ‘Treverton.... 20,579 Ta)... eee coos 5,085,399 4.516765 623,032 —The supply of coal the past week has been short from the Schuylkill region; but the tom for the season is quite full, and now reaches the very large aggregate tonnage, for the middle of the summer, of over Ove millions of tons, The increase over the tonnage to corresponding time last year is something over half a million of tons. CITY COMMERCIAL REPORT. Sareroay, July 26—6 P. M. Arnes.—Recoipts, 65 bis. Small sites at $13 60 0 | Pho $13 75 for pote, and $16 60 for pear! Baraparcrrs. —Receipts, 15,888 bbis. flour, 575 do. corn ‘meal, $1,082 bushels wheat. 27,613 dc. corn, end 26,041 do, oats. The flour market reacted to-day in sympathy with (be upward turn in gold, and about 50c. of the large decline on Friday was recovered There was rather More activity, but there wes little or no disposition to | | speculate to the present uncertain state of affuirs. Sales, | 20,000 bbis. State and Western, 1,600 do. Canadian, and 900 do. Southere flour. Rye tiour qnd core meal ble busb- ols, at $2 40 for 2 42 for Milwaukee club, $2.45 » $2 46 for No iniwangte oz fi & $2 585 for tte: thor 40 prime wioter red Wester, and 92 65 for taht 88) 2 ., ona. were firm at $7 5 for Georges, and Pry, Sak backers! Eas but firm herring and to request. ‘To Liverpoo!, bj Por oouteal, 26,009 voshots puget at Wa, a Wai Hi] American, ‘000 bushels wheat at 41¢d. 0 Sd., 1,000 bbis. flour at Ey ey Roglish (celing against us indueed the retura eal end 2< Ry y Ai 1B Credits, Jas pieces Ag suspend speci Vs ins us. This ageia ratecd demand for ear produce, and. asa conseqnerte, for gold to pay debts. We must pay balances either by shloping produce ‘Or cain. If we have not a sup- ply equal to the nd for produce and gold they will rise la price. They have covtipucd to rise in price until produce and gold are up to 270. Now for the cause. Firs—We have imported this year $27,000,000 in ex- cosa of last year. { Second—Wo have exported this year $23,000,000 less * than last year. } ‘This makes o vory great difference against us in the ex- , change marko', and 18 xo adequate case for the ad fo the price ot’ produce and gold. There is an apparent | es in gold; but 1b id tbat it is more apparcat wn real, when wé find that, at the quotations, there was sent from January to June of (bts year more than $27,000,000 of gold. ‘There are two clesses of bona fide gold and exchange dealers tn our market. They aro the exporters of produce and the tmporters of fore good toget on high woribe for bite @ oreige os @ price for bilis drawn upon bis { agent a8 possible. | Uf course be will Pol the arts of the seller (o increase the price, aud, as the importer must pay for hig goods in exchange 0: go.d, tue produce sbip- very naturally wishes to put up the price of geld. Arte of these two ciasees are used (or their own foterest, ard thoy should be left to fight it ont in their own way. ‘ine Ireasury at one time interfered and furaished ime importers with gold be ow the market exe which very serious'y injured the produce trade, our commercial debt shall be paid or otherwise ted produce and gold wil rena When our } t. Every otter demand isimore ouminal than ren} | 86 may be seen by tho price of oiber metals. 1 ir, tin, Ke. advanced ove. gold. Go! Of 1860 tban any other thing. Nor hasthe high price of gold jojured the coustry. When this war commenced ‘Ue States of Missouri jilinbie, lowa, and part of several Other Stater, found their best market at New Orleans aod on the Mistissippi river. When this market wes taken away tho ruling their products would not ‘the transportation to the Eastern At the same time the lack of busi- festern railron ber with deb, and Is, toge' ee had 80 thoroughly des No coat io the tocks aod. bonds or t sas had cost the value, money were also di merchasts aud others In the great West to New the Bast, and the price of farm produce was. ‘ont faint of speedy payment, ments were suspended a d ‘At the gold and i i fee i iH ae 78 i i i Ail g Es Rf $ Hil il ii i H ia X M1 teal venders bearing a i @riit down to the seaboard legal tender currency waald New York with as mucy eor- tho Minsiselopr My fo the Easvern-eapitaiists and others | The Lehigh low | at the au oaay Aud Om I0 wins of ¢ ton the diference in favor of the consumer aud dettor of more to titty per cent, e rules, which I think should govoro the action of the chief of tho Trosaury may bo sumed up vrielly:— First—Borrow no dank credit. Bank credits are recondary, and are based upon legal tender paper Why pay interest toa bank and give them the mouey of the nation, ard take their paper promises thitare not money? Your predecessor cume to this city some tine sinve aud disturbed the movey macket b/ mi jain with tho New York banks to give them an interest ot five por cent for teal (endorse t interest. Ary creditor of tho goverument would pre or money bearirg an interest of omo per cent to money Dearing no interest. Second— more logal tenders, with or without in. terest, and pay out votbing but legal tenders or bank notes secur Dy government bounds io the Curreacy Bureau. Thu d—Make depositaries of all banks that deposit bonds and take curreucy from tbe Treasury; author 70 these Danks to sell government bonds at par and collect Ube stamp tax of the government, Fousgh— lice the bonds of the government for sale at par io all parts of our country wher itablo agents can be fund. These simpie rales, if invariably adbered to, will fur. nish the Treasury with all the money the coamtry Wilk need in addition to its receipts from revenue and ‘. 1 bave the honor to be your obedient servant, SILAS M. SLWELL, SOUTH ATLANTIC BLGCKADING SQUADRON. of ‘essels—Fort Sumter Being Bombarded—Ttie Blockade © Pocahontas Cuptured at Charieston—Persoun! teins, & ., dec, Our NAVAL, COukisPONDaxOs. Orr Caaatesror, 3. C., July 13, 1664. ‘Tho steam sloop Pawnee, Commander Georce B. Balch, arrived off the bar last night, and this morning took the station inside the bar which was for many months oo- cupted by the steamer New ironsides. The Pawnee has done good service ever since she bas been in commission, and in the late operations in the Stono ber presencs was keenly felt by the rebels, especially during the last (bree days of those operations. Commander Baich relieves Captain Joseph F. Green of the steam sloop Canandaigus, aa sentoe officer present inside tho bar; the Canandaigua has gone to Pert Royal, The stecmer Potomake, Lieutenant Thomas L. Swaan c mmunci g, arrived bere ou the 11th, baviag left Daiti- mv con tne Tth inst. Her commanding officer reported t» the Adntical at Stono for orders, but the station as- Movements “siz00@ to ber oa €20 blockade bas not yet beso an- Boucced, ‘The pirate Florids is reported as haviog burned & bark, Off Cape Henry, on the night of the 9ib. Her presence on this coast was ancounced as probable by admiral Dabigren about three weeks ago, P ‘Ihe fire oa Sumter hes been increasing daily in seve. Fity for some time, and « large bole in the south-east face is clearly visible, Ramors of another attempt to storm it are rife, but do not appear weil founded. The schoonce Pocahontas, with sixty-three bales of cotton, and tarce hundred boxes of tobacco, attempt-d to rua out «f Charleston night of the and was caught Paty tok gt tga tond by the shaces Sheth et tee tron-clad eatsiit, atte, tee The captain of the schooner is J. married three weeks ago, and with or together with bis wi'e, biscrew aud the cargo of the schooner, went North in tho.steamer Sassa- chussetts, which left this bar om the 12th. instant. Rester attempted 4o palm himself off as a lieutenant 10 the rebel pavy; but nobody believed bm. Hester assures me that those officers who, as we were officially informed, had been placed under the fre of Put- nam and Chatéeld, ere, in fact, not uoder fro at though they are in a part of the city which was reached by our abelis some time ago. Healso says that tbe streets ja all the lower portion of Charieston are kaee dcop im rose. - Besides Hester, the Mase@tbusctts carried North a con- siderable number of naval oflicers and over two huvdred seamen whose terms of service have expired. Among the officers that weut North mher were Commauder George H. Cooper, late of the iron-clad Sangamon; Liente nant Commander Joseph N, Diller, late ot the iron-c'ad Nabapt; Liewtevant Alexander ciideil McKenzie, iate of G Hester who was bis wife was tekea the gupboat Winopa: Acting Master J 1. Gifford, lote chieffof sooute of Charleston: Acting Master Theodore &. Bal te of the O. M. Pertit; Acting Assistant Pay- wart, of the Huron; Theodore H. Has- ‘and George F. Barker, late of Bradford, late Fleet Paymaster) and Charles or vatsl Jehn 0. Cowley. Judge Advocate of the equadroa, ‘The present z tbe Eemeene Fleet Paymaster is jamce ‘atrongh. Our afftirs at Stono are ae they were before the late operations begen. The mavy did all that it undertock to do, The iron-c ade Lehigh and Montauk, the steam sloop: Pawnee, the steamer Sic! onoveb, and the mortar schooner cer passed up the river between James od and Jones Isiand, fring right and left vigopously and efiect- ively, and Opening the way forthe adwanee of the land both of there islands This wae all tbey at- idadmirably, with the 4 only two wounded. If the land works too formidable to’ be car- ried Dy storm, let not {be gatlant tare who sesisted them receive less crediton that account. ‘The Admiral has returned jo bis flag ship $0 Port Roya’. and Montauk, aswell as the Wat have resumed their accustomed ploket, duty here. The Geranium, wi of F. M, Montel’, jieto im 1 the advance, as beretotere Broadway and Fifth avenue, oot ot bY Toleven. Ufoer forced off 5 Wi rent deputed ha huioh for the a jators, three wolook yesterday morning throe was ac, and at hr swere RECT, LO ie the iron foree ricronading the monument, ¥fere wa ofieoy attempted bo arros\ them while thee wore it il a i i 4 ~ mn # ff if 8 ? 4 i i g it 38 age ll i i i i i | fi i ij 74 i i | Fort Sumter, fast stoking greemback paper and federa® stocks would rise, ta fect, Ja what their new @nance minister wants to him to make things go a little loager, and have tbe most. Jeuters somewhere, or at least someting that can toto a sembiance of military Tea B De wee Ft sae eerie of Re, Bom at Kenesaw Mint the dovestation of Onatede: it 55 *H i 3 = 3 : Charleston: “ ding Cond rect ja bea Py mes on spent uch Ia iow Fy ‘wallatreet, snd. if cmpbitious and. welt Hatin refusing to THE. WEST INDIA SQUADRON. 1 Operations, img in 1662-3, ae the .Presont—The yy sh ps attempting to rue the biockade, twenty -Ave~ 5. 4, Were capturedtand seat home to our ports as prizes. By a5 8 As Bhi H sapats tall vessels in cr: ances. applicative to ‘Cus- are 0 W go t+ sen, 1 ‘While the undersigned are aware of the importance of ‘@xportations and im «rtations by the Loalederategovera- ‘ment, aid would giadiy taciltate its operations ip. ever; Propet way, they are o° the opialva it is better tha, goveramont should conduct ite own business and ailair: fur itself. Bu, ntly of this view of the case, thoy can- Bot yield their assent t the doctrine that theCoutederate government bas acy right to impose apy such restric- ‘tions a, On the States, or ‘twein to submit to any Such terms, When to their power fo a:sist_ the Conf rate government, with State vessela, they will do go with great pleasure, but they will not consout to.do this under compuiston, ‘tbey deny tbat the provision tn the constitution which’ authorizes Congress to rogulate commerce, “*amoog the several Statess,’” confers the power to de- Stroy the commerce Of States, or to detain Stus. ves- Beis tul they conroat to relinquish 4alf their storage room to the Comeuerate goverment, If Congress has te power to plicy ths restriction upon the cum- mie:ce aud vessel: of the States, it may claim for the cunfederacy three-fourths or nine tenths «f the room, or muy deny the right of the State to cloar a vessel upon any terms, clude (Ge p wer to destroy tt or %& put any such restric. tons upon tt ‘The undersigned beg levve further to submit tothe oonside: Of aliowing the State to export produce and import sup- Plies veores wy ‘Or State use (ree Of oxport and Linport duties, ag the ujortativns are made for the public use. ‘and in furtherance o Our cause. In conside: ing’ tuis question, it is hoped not fail ty take into the wecount the ‘uct that the legisla. ot part; If not wit the States, have jussed laas ex. ‘cvb ‘ou and other property belouging to tho Con. goverment, within "he linits of th) states, date tax:and they sanmit, whether, upon prine ety and comity, apart from the want of © ustitutional power iv Congress to tax State prope is not the doty of Conzrées to exempt property, clucdng cxportetions obs by the States from. | Confederate tax:ti'n. ‘The uadersi.ned beg leave to add thst iC 13 mck thele intevtion to imptrt articles of laxury, or indeed. any articles ~ot nedessary for the pub- ke wise aud for the com ort of the troops irom thelr re- epective States, in mete gervico. J. E. BROWN, Cove nor of Georgia’ CHAS. CLARK, Governor of MisaissippL T H. WATTS, Governor of Alabam, 2% B. VANCE, Gover:or of North Carolira. : reas will 4 5 Apait, 1864. _ 7 Exgc. tt) 8 Deranimast, Mittevervitiz, 9, 1864. Ihave purchased thirty thousand ” DisDKets for the State of Georgia now in tbe islands, aid have to send out cotton to pay for them. Tue stesmer Little Ada, chartered by the State, hs beon loaded for three weeks with about three hundred bales of cotton rondy for Bea. She lies thirty miles from’ Chariestou, { ask cloatance tor her to go out now, while we have dark nights, She ts detained ot heavy exvense to the State, | solicit ap early reply. SOsRr HF. BROWN. "3 *. Fee May 1 ND, 0, 11 ‘His Excetlerey, Goveroor Baows:— wine Yue telegram oi: 9th to the Presideat, in FeIation to gteamer Ade, haw been reterred to this department. On the 12th of April a telegram was sent you stating that the 20: OF ee em ‘of cotton required (be regulations of trade should be untfurm. ore. the requirement that one half of the cargo of every outward bound vesse! shouid be for account of the Coufederate =tates can Dot be ‘23 an exception im your favor, 7th April Mr. Lamor applied for a clearances ‘or ttre pope wi arene thet shnapidas quant et ‘she complied w: NOD. C. G. MEMMNGEA, Seoretary of Treasury. Exacunivs Darantusnr, Mivixpoxritie, May 21, 1864. Your telegram of the 10th did not reach me tii! yester- day The oct of Congress to which hibits the exportation of cotton Prcductions, poss uoder such uniform regulations as shall Be made by President, has ia it this oxpress proviso: —“That g thivg in thie act shall be construed to probibit the Confederate states or any of them from exporting any of tho atticles nerein eaumerated on their own account.” oS ay one mineeeeee to the State and I pi © it on state account to pay for biiotace tor Georgie \diers, and if any surplus to apply it to the purchase of cotton. ards for the peoplo of the State, wader Gn act of the ature. r }deny your right to repeal the act of Congress by your order, cr to refuse clearance to the State under ok? rule of construction which. you ean upply to thé plain proviso inthe act of Congress. “I therefore demand clearance as a rgbt, not asa favor, and, ving for the Tight to ask it of the tate, JOSEPH FE. BROWN. , Secretary of the Ricumonp, May 23, 1864. Governor Joesrn E, BRowx:— Your tolegrom of the 2ist fost. is received. Clearance cannot be given except iv conformity with the regula- tions of the President. ©. G, MEMMINGER, Secetary of. the Treszary. Rebel Accounts from Ch: ALLEGED FEDBRAL DEPEAT ON JOHN'S 13LAND— & MONIION NEPORTED SERIOUSLY DaMagED— DESPATCH FROM GENERAL SAM JONMe. {From the Ricbmond Examiner, Jaly 12) From the ‘ollowing oilicial despatch, received yester- day from Major eral Samuel Jones, commacding at ‘Ciarleston, it will be seen tbat we bave given the esemy A most ofectual whipping at Charleston, The Genoral Robertson spoken of is Brigadier General keverly Robert- ‘non, of this city:— Cnartastox, July 10, 1864. To Generht'S. Coorer, Adjutant and jn lyf ‘Géneral:— Yesterday morning (eueral Robertson attacked the enemy ¢n Johns isiand, near Stono, and drove tl et position, with a logs to us of over one'h killed and wounded, Last night and this won | the enemy fell back to tko'r trarsyerts near Legarevil Lyn] over to James and Morris Islands. Two Mon! aod several pg gt LO ad io the Htomo, but have been driven by our batteries beyoud » One Monitor believed seriously dam: ‘tbat 1 wallable force on the Atlantic Boabarcmect of Fort as ey aera ier eovrah da50, and oontinues se. wi there. te sm error in the bee 'e prerume “ james and TWdatesd of “and over to J trom Ji ty ‘The power to regulate commerce ducs pot 10-" the 1a§ of June, 1853, under the vigilant, active and eG clent squadroe combinations of Admiral Wilkes the blook- ade running by redel cruisers wxe éntirely suspended tid) the rebel armies woru so crippled for the necessary ‘musgitions. of war thst & was with the greatest di ity they: gould. koop e A fair poe Op TE ay By Tee of tbe Union; and our cui which bad been in Feb. at 173, was in July 1: In the very midst of our presperity aod:triamph, by reason of the destruction blockade runners, andithe consequent crippling of poogere sais, note Se nn nee tosink and.destroy-our oavy yap Tupt prac tpan the rebel.cruisers, rocalied ‘Admired Wilkes from his. command, and: court martialed bim, for Ro other apparent reason thie fis extraordioary, @m- sleacy, bravery, energy, ski!l.and devotion to the service. What bas been the-result? Ig ove short year the coas Qnd coasts from. which the- blockade 4 driven. away cntircly our ecomies. Of thirty ships to run the. blockade mot three Too rebel armen are: now nod only amply supplied. they hyve brought to tho.fietd of the Wilderness, White House and Petersburg, the new light bronze guus and for. midadie sbelig of the Freack improved light artillery of 1864, and large shipmenis of cotton are. m return daily made to Furope trom, rebel ports. In fact, the removal . of Witkes trom the command in the West Indies aed Ba- bamas has done us more injury than all the other mistakes of the administration, and it 1s time that we shoald understand the fact that bravery, knowlodgo an@ Bkill are neccesary to secure success; and, ag the incabus’ Of the Treasury hag been removed, we hope that Giteom Weiles will (otluw im thewako of the Munchausen ot fivance, ard thag our great mavigator will bo restored to his command and to his honors. The condition of the country admits of no further loss of time; and if the Pre- sident will give usithe services of Admiral Wilkes, uedee ma Ge ‘and officient Sooretary, there will be hope of sud os The Navy. LAUNCH OP THE GUNBJAT MUSCOOTA. Of Saturday morning at eight o'clock the iron double. ender Muscoota, built by T. F, Rowland, at the Coutines-. tal {ron Works, Grecnpoint, was.successfully launched, be. Pregence of a iarge concourse of spectators, She is 2 ves- sel similar in all respects to the Mohongo, which was, launcted last week from Secor’s, at Jereey City. Com- wmodore Rivggoid ropresented Admiral Gregory at the Isuneh, ‘The Muscooia was turned over to the Morgan Irom Works to receive her maohiaery, and sho will be rcedg fn about three months. OUR NSW APPKENTIOR S¥ST2M—WHO ARB BE- CEIVED—A GOOD MOVE, Brc. Tho practice ship Sabine, being duly o:mmissioned at. Boston, is mow ready jor the enlistment of apprentices to the paval service, Coys ef gcod character and desirous of entering and remaining in the United States Navy util twenty-one years of age may apply om board, accompanied by their parents or guardians, before twelve o'clock M., where they will be examined, and if accepted, enlisted. 18 is desirable to trela. up = class of boys who will meke useful seamoa and petty, officers. Bore, therefore, of vicious habits, of insuber- dinate tempers, uneootrollable by their parents or guar-, diang, will not be accepted, The following are extracts » f-om the geveral circular ot the Secretary of the Navy om, the suoject :— x BS Co ead ature bul veaael in wi Neo boy will be enlisted who is more than eighteen years of or aminati o by (he surgeon to w! assigued, is found te ont aay of t! FAritce tating an, opoe examioatlon, rt epee of wotil further my cece oe: en bere oon tore of the Brat leas, ton dollars pet weak. . It f ramored that New Leadon will be the headquarters’ Of the Sabide, and i is expected that there wil! be n rust to secure places on board of the practice ship. The line- of-batsle abip Vermont, sloop Savannah and two or teres other versels: will tm thme be attached to this practice - squadron. THE MOBILE BLOCKADE. Wreen, &o. OUR NAVAL CORRESPONDENCE. = °° ‘Userep Statue Fracemp Bastrorp, Jaly 1, 1866. Last night at eleven o'viock firing of light guos ta the: vicioity of Port Morgan, and signal lights steam gunboat Glasgow,.cur joside pi or to catch a blockade runeer, ss or gunbonts ran a bloskader ashore one Bail tlle from tho forty Swash channel wiotunei ieaee Rete $ if A iil i j iis i