New-York daily tribune., 1863-11-25
about COO yards from Sumter. in line Of battle Ihe
lending monitor got ngrOnnh.

leading monitor got aground.
| The enemy's fire returned by heavy cannon
aiding from Fort Monltric and Batteries Marion pee
and Rutledge Snliiyans Island, and Fort Johhso,
and Bait ~ Smkins. on Janess Island About a;
o'clock the monitor which was aground got ahoat ahu
moved or not however without being severely injured
Observations made with good glasses showed that ef
smoke stack had been perforated in two places ana hef
tnrrct in flrcc two Of which were above hcr porthos
and shot in her pilot box. Another monitor had
smokeack perforated and the turret struck IN Two
diiIrrent places ly i2 o'clock they had all gone Dack
two Of them. at least, in disabled condition The oh
era returned in the afternoon and fred lew shots az
Sumter after which left for her anchorage while
the other remained of Cummingss Point Oh usual
picket duty.
The heavy and unusual firing early in the morning
brought out large numbers Of our people some under
the impression that the enemy had commenced gen
erni attack No report Of any casualties reached us up
to = late honr Monday night.
nag Of truce from the enemy toward Sulliyans
Island about O'clock Monday afternoon, anu was met
-nc of our boats. The Of We did not leaih
Dat ii is reported the cncmys communication was re-
fused in accordance with orders roi headquarters 10
receive no more flags Of truce.
The sheling Of Fort Moutric Friday and Saturday
was very heavy from battery Gregg and for few hours
Saturday terrific But few shells fell In the fort
The monitors, though occupying their usual position,
had been inactive. excepting whenever fred upon from
the fort they Immediately returned the fire but took
care o further OIL The casualties were one man
Killed.. Major JAS. McCauley, in preparing to go from
the fort another battery, had his carriage struck and
Of his horses killed On Sunday neither the moni
tors nor the Morris Island batteries opened on tho
fort
The mortar ,hclne of Fort Sumter continues severe
and without any lnt.rrnssion. from CUMMINGS Ioh
batteries During Saturday night the mum per OF rned
shots fired az 49, Of which 81 missed and PIG mortar
shells of which 20 missed On Sunday 10 riHed shots
fired Of which missed. and 80 mortar shells, Of
which IL missed.
TIE CURRENCY.
In The Richmond Uhig Of Wednesday last we
find letter from Alexander II. IL stuart, esq explain
sI. sla
the currency. addressed by him short time since 70
Nr. Armstrong. The propositions oi MI 3 are stated
with great ciearncss and supported with consuninate
ability. The first thing 10 he done Is 10 stop the issue
Of treasury notes Unless this be done az rther
action upon ihc subject Is evidently ynn for II Is the
rcduhaey ~ the currency that has raised prices -
their present fabulous hight and that having occasohch
M. depreciation In the rst instance, renders It's dOWn
hill march inevitable ~ the volume increases. The
circulation is now $4,000 ooo-the treasury issres
81. 90 40 month-in year We shan have crcula
ton of q, 30 600 COO barrel OF -four now sells for
-JO IA. price will keep pace with the increase OF
volume and dimnution in value OF the curroncy-ih
year a barrel II -four will cost sloo. Everything con-
inres to 60 up In the ratio No Government on
earth can stand such system There must BE- radi
cal reformation arc done for. IL belongs Ia Con-
gress io make the reform. II must not shrink from the
task u do IL speedily. and II must do II efieciualy
Tie printing press having been stopped. tho next
hing is 10 retire all the outstanding treasury notes.
except about $500 CO. 100 worth. This might oi course
be don. hy "A direct tax but Mr. ). thinks that would
niiprsr fs ~ npO. for circulation is too SNAIL IL
might have done when all tho business of the country
yas done by Of credit and the machinery u EN-
ploys bit viii no, answer now, when everything II
cash lie proposes tar and forced loan Of twelve pr
cent oil the property real and personn In that por
on o the Confederate states which are rtl available
r the purpose according "a the estimated value OF the
same recorded In the les, Il the United States
his estimated value l. 81 5000 specie valuation
Twelve per cent would give sjiooveO for the TAX OF
which ESQ 90 could be applied "a retiring the CIR
nj A a Ia he
In. laying Of ,h, tax and forced loan woua have
ninetils effect upon the currency. Everybody. in
stead IL tryng sLxiiic Oft their Treasury notes,
would BE- saving them and looking out for more. in order
- So nyesy ,o pay The tar: ahe demand p"inx thn'
sia.. In tt. time. the Withdrawal 81 50 large sum
from circulation would occasion scarcity Ihe banks
would forward 20 supply the dehciency ana thus
Trcesury notes and bank would be of equal value
Every article would fall In nominal price as the curren
cy appreciated and should soon ind ourselves back
M ,l ,ate we were In AZ the beginning Of the II
appear. to us that these effects arc perfectly demon
.irnhle. -
ToT tho ultimate paymen, Of the deb, thus incurred
an cauort duty on cotton tobacco and naval stores Is
proposed II has been objected 20 this that the cotton
states Would not agree To H. Ii Is easily dcmonsrabe
that would de- them 10 injury IL mas been argued
that II would throw thc greater portion of the burden
upon them. Thi. argument II founded on the assunp
on iha, the producer of the cotton pays the export
duty. This IL not true % the ia extent oil the assup
tion. Who is Tie producer il II the man VINO owns
the Lad and plants and cnl,yates the cotton To "a
c.rtrln extent Il i But this man must have slaves 10
york MS land meat and broad to feed them and clothes
| 10 hide their nakcdncss. He must have, also hoes.
pows and gins; oxen. mules, and HORSES; hogs SAT-,
barns engines. SC.
This tax. then falling first on the men who cultivated
the cotton In Mississippi or Louisiana, would rnniiy
backward and spread itself over the hos raisers and
cloth manufacturers Of Kentucky the iron-workcrs IN
Tennessee and Nirginiain word. otter every state
hich furnished the materials for carrying the work
Of the plantation Thus ifi were true that AL export
duty ie on the producer find that would be shared
by a who supplied his wants But II Is not true. abso'
IL has been said that tho consumer pays the duty as
II Is now said that the producer pays H. Both proposi
tons arr true and both false II duty be laid upon
article with which the market is gnttcd and for which
There Is little demand the producer pays Of course On
the other hand, II duty be laid ON an article which IL
yery scarce and for which there is great demand the
consumer pays II the Legislature lay tax Of two
dollars ON iour which Is greatly IN demand and scarce
the holder charges two dollars more for his -four and
the consumer pays " On me other hnhd. were .he
sane tax laid on barrel of -four and our ports being
opened the quantity should be increased until II was =
drug tie producer. being obliged to sell his Hour
at loss, would pay The tax ana nave no means o. re-
Of Southern cotton. the war has proved before The
war the planter was glad to get twelve cents for H.
Now 1t sells readily N Liverpool and New York for
se,ruvtWo cents We have therefore the entire con.
troll Of the market, and competitors India Egypt.
southern AfIicn and the West Indies have all laled.
We sell our staple always at what price we please
LAYING tie tax. Ibas II cannot au on The cotton
The amount Of cotton exported before the war was
about iOO0OO bales Of 800 poundspacl say tha, loss
of labor will reduce that amount one million. We have
still three million and duty Of 10 cents pound would
| bring $50 10000. This would pny tie interest OF
s. Op 900 go and leave us go 100000. What has been
said Of cotton II tobacco We have the control
OF the market and make Europe pay our taxes out
| Of II, Both England and France have been raising
enormous revenues of IL. Let us make them pay
| for IL Ia future.
1t il OF importance in the mean time TO pay go.
so far as We can In order avoid far possible
accumulation Of debt. The ability to pay must come
from regular and vigorous system Of taxation. But
We have transcribed our limits and must conclude with
recommending Mr. Stuarts plan 10 the serious consid.
Grafton ol the country.
FINANCIAL AND COMMERCIAL.