Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-08-20
LATE NORTHERN NEWS.
Prisoners ut Richmond.
LETTER FROM COL. CORCORAN.

LATE NORTHERN NEWS.
Prisoners ut Richmond.
LETTER FROM COL. CORCORAN.
RICHMOND, Va, July 81, 1861.
Capt. James &. Rirker:
My DEAR CApTAIN.-l know you will regret
to hear of my being here prisoner of war
The circumstances connected with the affair are
easily told. My regiment was twice engaged
during that hard contested fight on the 2lst ult,
and left the field with the thanks Of Gen. Nc.
Dowell for their services. drought them off in
admirable order having formed Z square, to de-
fend against the cavalry who were advancing. /
moved in the square until reaching wood,
having to pass through defle, and over very
broken ground had to march by flank
until reached the road, where we got mixed
up with two other regiments, who were rctlr-
ing in disorder. I soon ordered q halt 10 con.
meet our line, and scarcely had my nnand
been given, when the cavalry Of the enemy,
were seen advancing, and immediately inc
other regiments went over rail fence into the
field and mine with them. | dismounted (my
horse being woundedD and followed into the
field, took the colors ard called out TO rally
around it. My voice was drowned amid the
roar of the cavalry carbines and the discharge
OF artillery; consequently only two officers,
Capt McIver and Lieut.. Connolly, with nirc
privatcs, were all had. This Gela, caused
our arrest The cavalry surrounded us ut q
small house which | WAS about to use Us o
means of defence, and made prisoners Of my
gallant little band. Many others were made
prisoners in the same field and immediate vi.
cinity, who had fallen down from exhaustion
making total of prisoners .from the Sixty
ninth Of thirty. seven, who arc all here, and a
list Of whom send that you may publish for
the information Of their friends.
We lost many brave and manly spirit oil
that day, which fills me with the deepest aor.
row. Ny beloved acting Lieutenant. Colonel
Haggerty--was The FIRST who fell and | aln
fearful about Capt Mcaghe:, who acted rs
Major, as l have not seen him sirce the fight,
nor any person who could give me any ia!or.
nation. Ny Imprisonment. is deeply embi,ter.
ed from the want of knowledge Of the fate Of
my beloved soldiers since my last sight Of
them.
There are about forty officers here, amongst
whom are Cap;s Manson and Parrish, Lieut.
Irwin, john Whyte, Ives and Canpbsl!, Q! the
Seventy.nintb; Lieut.. Gordon, Second United
States Dragons; Drs. Powers and Connolly,
of the Second; Drs. Noryal aud Mckletchy, Of
the Sevcuty.ninth Lieut. Goodcnough, Of the
Fourteenth Regiment, of Brooklyn, and Capt.
Griffin, OF the Eighth, New York.
There are about six hundred prisoners IN
this building belonging to different regiments
the Second, Eighth and Seventy first, New
York, and Fire ZouavcS. Iscnd you some lists,
publish them for the benefit Of their friends.
Give my love TO Mrs. Corcoran and all friends,
and believe me your sincere and attec,ionatc
friend, MICHAEL CogcoEA3,
Colonel Sixty.hnth Regiment, n. y. S. N.
washiugtoa Correspondent Of tie y. y. Evening Post
EXCHANGES OF PRISONERS.
There is difference OF opinion among prom
nent men here in reference to an exchange OF
prisoners. It's generally understood that The
government holds that il cannot enter into an
arrangement with JeE Davis Tor an exchange
Of prisoners withoa. recognizing to certain
extent his so.caird government. Il this Is to
be the final settlement Of the question the re-
bcls can possess an important advantage over
US. While VIC allow prisoners 20 so FREQ upon
taking an oath Of allegiance, they will keep
our men taken by them in prison, or will put
them at work upon rebel enlrenchments. 1t
is claimed by some. that it is impossible to
avoid in great war like this The recognition
Of belligerent rights as belonging to tte rebels.
England in the revolutionary war admitted Us
to possess certain rig hts, and did NOT hang ev-
cry prisoner taken or try him for treasen.-
There is very strong party here which faVors
a policy which shall, if possible, d!yest the
war of some Of its worst features. \ member
of Congress expressed the whole argume n:
in sentence: "Concede to them" said he,
"certain belligerent rights, and then let US
proceed to thrash them out Of their treason y
From the New York Courier des Etats Cnis.
TIE FINANCES OF TIE GoVERNMENT--IssC OF
PAPER MONEY.
Since the 1st of January, 1S47, gold and sill
yer have formed the only public money of the
United States. The Federal treasury has &C
cepted no other medium, and has been bound
in its return to make its payments in specie
This system, which had become the basis ot
the prosperity Of the Union, and at the came
time the safeguard Of It's finances, has virtually
ceased to exist. Communications from Wash
ington inform US that in receiving their pay
last Saturday, the members Of Congress re-
ceived $50 in gold and the balance in treasury
notes, bearing six per cent, payable in two
years. The same mode Of payment, it is add
ed, is to be- applied to all the employees Of the
government; and later, By necessary conse.
Quences to all those who have business with
it. 1t the reign ofpaper money which is be
ginning.
Hitherto, the treasury note had been asSimi.
lated in its emission TO the government stocks.
They we're issued on certificates Of $l00 each,
and the Federal treasury received the equiva.
lent in specie, which served 10 make its pay
ments conformably to the law. HeEccforward
it will no longer be So Treasury notes be-
come circulating money with which the ad.
ministration pays its creditors, whether they
will or no, which it causes to enter into the
circulation precisely like bank note, and
which is consequently exposed to the same
chances of depreciation and discount as the
latter
This, then, is what is about 10 happen:
The first payments operated by this ncw
measure will be in treasury notes OF q large de-
nomination, not less than $50 each. These, in
passing from hand to hand, will necessarily
reach holder who will be obliged TO change
them. He will seek to DO SO at bank, and
there will begin the sale OF discounts, the limit
of which it it impossible to forsce. The bank
will have to gl7e in exchange either god or lis
Own notes, which amounts to the same thing,
as they arc convertible into specie on presenla-
tion 10 exchange them at par, therefore,
would be equivalent 10 the banks Surrender
ing its specie without profit; for the six per
cent interest which the treasury notes bear
cannot be considered as 4 substantial cornpcn-
sation in the present crisis. The necessity OF
protecting its specie reserve will therefore i'm
pose upon the bank an extreme caution, which
in ttln Fots,3 n n
discount, and this in turn will go on increas.
ing in proportion to the increased influx of
treasury notes into our institutions OF credit.
The intervention of money brokers will then
accelerate still further the course Of depreca.
ton, precisely as at periods of financial crisis
occurs in the case of commercial paper.
We arc not obliged even to speak upon mere
supposition; for the fact to which we allnde
has already commenced to display Itself
Treasury notes are now quoted IN "ali street
hr1o IF bOUpvpr thp