Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-12-11
REMARKS OF MIR. ARMFIELD,

Of ladkin IN the Conrention, on Friday, 2Sh
Mr. on an amendment he had ctsred to tic
ordinance TOR the relief of TIE acants IF the
Treasury The amendment proposed that the
Treasury notes Issued should bear interest.
Mr.. Arlufeld said: lie had waited to the very
last moment possible, hoping that some one else
would offer this amendment, one to the same ef.
feet and relieve him from the necessity of doing So
but no else would move in tine matter, sense
of duty to his constituents impelled him to ask the
sense OF this body upon the question of issuing
these Treasury notes without interest. He said
that it had been urged by the gentleman from Ala
nance, that unless inter est allowed these notes
would not pass at par among the people, or be
taken by the capitalists in exchange for their
eys now boarded in our banks-but why so! The
bank bills Of the various banks of the State passed
currently among our people at par, and they bear
no interest yon could get no specie for hcm and al
though the law allowed man to recover interest
on his bank notes, after demanding specie at their
counters yet this provision was in fact almost
gatory for few men had the temerity to incur the
dispeasure of one Of these powerful corporations,
he might almost as we'll throw himself before the
advancing wheels of the car Of Jugernaut The
credit Of the State surely good the credit
Of the banks.
! The gentleman from Alamance had alluded to the
fact that there were already in circulation in the
Treasury notes. authorized by existing laws, and
bearing no interest. 1t must be obvious to every
! one, that issue of three millions bearing six
per centum interest, will depreciate the notes al
ready issued; for who would take as currency a
bill bearing interest, when there were other bills
or notes in circulation, issued the security,
bearing interest? But the gentleman from Ala
nance had said, the million already issued and
to be issued, bearing no interest is to consist Of
| small h;lc which ipton Id tho
ry purpose of change in the circuation-whilst
those proposed by this ordinance are to be of q
larger denomination, and should therefore bear in
terest lie thought that therein lay the gist of the
whole matter These small notes were the curren
cy Of the poor. The larger ones would pass into
the hands of capitalists-a class Of men, who ia,
as his observation went, had laid their country un
der no peculiar obligations since the present strug
gle for our independence began. Would you have
two currencies-one for the rich and one for thu
poor? If this ordinance passed in its present form
The State would pay $500 600 Of interest upon thes
$4,000, 600 of Treasury notes, and who would re
ceive this splendid bonus of your liberality? 1
seemed to be admitted by the gentleman from Ala
nance, that it would not be distributed to any grea
extent among the masses of the people; f r the,
would use as currency mostly the notes which bea
interest," and even when those bearing interest fel
into their hands, they would not in passing them
calculate the interest accrued for months and days
So that this splendid donation from our alread
over-burdened Treasury, would enure almost en-
tirely to the benefit oaspeculators and capitalists
who ", , would buy up hs notes and hold them
But. says the gentleman from Alamance, the o,
dinance allows holders of these notes to fund them
and turn them into State bonds bearing interest,"
Lie proposed to obviate that difficulty by otferin
amendment at the proper time, to strike out tina
clause also. lie believed that the patriotism of ii,
people was sufficient to keep these Treasury note
in circulation at par without ont cent of interes
II we were at peace, and had an OVERLOOKING Treas
ury, he would vote as cheerfully as any one, to
low interest on Treasury notes, but we were er
gagged in fearful struggle involving every dollar
worth OF property in the State our liberties ana on
existence as a people-all classes must make sacr
fees, and he assured the Convention that the masse
were prepared for it; only few of the devourn
capitalists of the land were holding back and coun
ing their six and their ten per cent against the iii
, erty Of their county,. To such lien he would vol
no bounty, give no gratuty- especially when
would have to be wrung by the. tax.gatherer fro
the patriotic masses who had already sent thirt
five thousand brave men to tho battlefield.
I'd. The Coon SnE,xSt,aaAny one was speaking
l. Of another in thel this af n Peter the Great. he
u first listened to hks" for ysand then interrupt,
g him: us there nspporteekesd, "a fair side also
the character o. Ne pesih Of whom you arc spea
> ing! Come tell me what good qualities you ha
kaA nk~us~x Gs.-y