NOTES FROM AMERICA,

West Coast Times, Issue 303, 12 September 1866, Page 5 (Supplement)

NOTES FROM AMERICA,

(by the special correspondent of the tiaies.)

THE INDICTMENT OF JEFFERSON * ' DAVIS.

THE GKRAND JURY FIND A TRUE BILL.

Philadelphia, May 18.

After a year of close imprisonment in Fortress Monroe, at the mouth of the Chesapeake Bay, it has at length been determined that Jefferson Davis shall be tried for high treason against the United States by a jury in a civil court. The trial and place of the trial are definitely fixed, and should no untoward event occur it will be held early in June before the United States Circuit Court for the State of Virginia. This Circuit Court consists of Chief Justice Chase, of the Supreme Court, and District Judge Underwood, of the State of Virginia, both of them extremo Radicals, who have on many occasions expressed opinions of Mr Davis's guilt. This Court ordinarily sits at Norfolk, but in order to give it jurisdiction of the case a special Act of Congress has been passed permitting it to sit at Richmond, and to remove such objections as Chief Justice Chase has heretofore urged against the trial, martial law has been removed in the State of Virginia, and- so far as military power is concerned the Court is perfectly untrammelled. The counsel for the Government in this case are believed to be the United States AttorneyGeneral, James Speed, of Kentucky ; Mr John H. Clifford, the AttorneyGeneral of the State of Massachusetts; and Mr William M. , Evarts, of New York city. For the prisoner the counsel already selected by himself are Mr Charles O'Connor, of New York city, and Mr William B. Reed, of Philadelphia; and one or- two others will, perhaps, be joined with them. This trial will prove one of the most important ever held in- this country, andwill be watched with absorbing interest by the entire community. If> it is a' fair one — for owing to reports of packed juries, &c, many people have doubts of its fairness — it will settle one of the most doubtful points of United States' law — what treason against the United States really does consist of. •

To get the case properly before the Court an indictment has been prepared, submitted to a grand jury summoned at Norfolk, and by them found a true bill. The indictment is a curiosity in its way.

It states that Jefferson Davis, yeoman, being an inhabitant of the United States, and owing allegiance and fidelity to the United States, " not having the fear of God before his eyes/nor weighing the duty of his said allegiance, but being moved and seduced by the instigation of the Devil, and wickedly devising find intending tho peace and tranquility of the said United States of America to disturb, and the Government of the said United States of America to subvert, aud to stir, move, and incite rebellion, insurrection, and war against the United States of America," committed the crime laid to his charge. The crime is said to have been committed on "the 15th day of June, a.d.

1864, in the city of Richmond, in the county of Henrico, in the district of Virginia aforesaid," and is described in the following curious style :—: —

"• He with force and arms, unlawfully, falsely, maliciously, and traitorously did compass, imagine, and intend to raise, levy, carry on Avar, insurrection, and rebellion against the said United States of America, and in order to fulfil and bring to effect the said' traitorous compassings, imaginations, and intentions of him, the said Jefferson Davis, he, the said Jefferson Davis, afterwards, to wit, on the said 1 5th of June, A.n. 1864, in the said city 1 of Richmond, &c, with a great multitude of persons, whose names to the jurors aforesaid are at present unknown, to the number of 5000 persons and upwards, armed and arrayed in a warlike manner — that, is to say, with cannons, muskets, pistols, swords, dirk.s, and other warlike weapons, as well offensive as defensive, being then and there un-

lawfully, maliciously, and traitorously assembled and gathered together against the said United States of America, and then and there, with force and arms, did falsely and traitorously, and in a warlike and hostile manner, array and disperse themselves against the United States of America, and then and there, that is to say, on the said 15th day of June, &c, in pursuance of such their traitorous intents and purposes aforesaid, he, the said Jefferson Davis, with the said persons, so, as aforesaid traitorously assembled and armed, and arrayed in the manner aforesaid, most wickedly, maliciously, and traitorously did ordain, prepare, levy, and carry on war against the said United States of America."

Such is the charge brought against Mr Davis,* and tho bill of indictment recites that it is found, on the testimony of James F. Milligan, George P. Scarbury, John Good, jun., J. Hardy Hendren, and Patrick O'Brien, though who these persons are no one seems to know. The Constitution recites that treason against the United States shall consist only in levying war against them, or in giving their enemies aid and comfort, and the testimony of two witnesses is required to the same overt act. It is a noteworthy fact that in the grand jury before whom this bill of indictment was j brought, although, the jurors had been selected with great care, to have no known sympathisers with Mr Davis among them, two persons voted against the bill. One of them was a Quaker from Fairfax, and may have had conscientious scruples ; the other, Robert Hodgkins, of Alexandria, carefully conceals his reasons. Mr Davis received

theMnlelligOnee of his indictment with great pleasure, for si trial is what he has long solicited, and its near approach promises him some relief from a most irksome imprisonment. Upon the representations of Mrs Davis and Secretary M'Culloch, who recently paid the distinguished prisoner a visit, many of the rigors of his confinement have been relaxed, and he now enjoys more comfort than he has had for a long time. Ho is said to found his defence upon the principle of State rights and the privilege he believes every citizen of any of our States^ has to sustain the official action of his State.

. THE STORY OF THE FAILURE OF THK MKKCH ANTS' BANK The failure of the Merchants' National Bank at Washington still attracts great attention. The Government is, of course, the heaviest loser, and the investigations now progressing both in the Treasury Department and by a Congressional Committee, show that banking was conducted by this corporation upon principles that would have set the managers of any safe concern aghast. It is thought that the results of the Congressional investigation will lead to a recommendation that no more Government deposits be placed in any national bank, but the bank interests are so strong that such a proposition will scarcely be carried out. Stringent regulations of the deposits have, however, already been issued by the Secretary of the Treasury. The story of the failure of the Merchants' Bank, as laid bare by the investigations, is one that deserves publicity everywhere. Its capital was 200,000 dollars, and its aggregate debts amount to 1,161,605 dollars 76 cents. This large sum represents the extent of its business, or rather its operations, for very little of it represents a legitimate banking business. Such being the amount of the " debts," the-" assets" to pay them ftfol up nominally to 41,962 dollars 7Q cents ; but this is only the nominal sum, for in it is included 25,347 dollars 44 cents, of dishonored aud protested notes, and 5017 dollars 20 cents paid for " furniture." It will be seen, therefore, that these assets are not of the most available character, and when the actual cash was counted it was found to consist of 268 dollars in United States' notes, and 85 dollars 96 cents in currency stamps, &c, so that the prominent point the world has for contemplation is that this • " bank" was carrying on operations to the extent of 1,161,605 dollars 76 cents upon a reserve of paper currency amounting all told to 353 dollars' 96, cents, and not a solitary of specie ! If any of the citizens of Washington had presented the bank a package of 355 dollars j)f its own notes for redemption, he would have swept out its entire cash reserve, postage currency and all, and broken the bank ! This, however, startling as it is, is not the worst development. It appears that on the 20th of April last the bank was so far gone that its friends held a consultation to save it. The bank was in a sinking condition, because it had loaned large sums to a firm of Baltimore speculators, and this firm, unless it procured more aid, would become bankrupt. The United States Paymaster at Washington attended this consultation, and there it was determined that he should deposit a large amount of Government money in the bank, and the bank should, give it to the Baltimore firm. Fully aware of the rotten condition of affairs, the Paymaster >n the following day deposited 200,000 dollars of Government money in the bank, of which 150,000 dollars was immediately sent to Baltimore , 1 00 ,000 dollars "more of Government money was afterwards deposited, and it and the" balance of 50,000 dollars were likewise sent to the Baltimore firm. These large loans could not save the speculators, however. They broke all to pieces, with scarcely a dollar of assets ; but, owing the' Merchants' Bank 714,710 dollars . The bank broke owing the Government 762,812 dollars, *and the poor Government, "!hus used by every one who chose to sport with its credit, has to pocket the loss. Such an exhibition of financial morality^as this has caused the entire national bank system of the country to be looked on with suspicion. All this was done in direct violation of the law ; but who knows which of the 1650 national banks scattered all over the country are ntn t conducted upon the same loose iprin oples?' The Paymaster concerned' in the transaction has been placed under ar"rest. ,