Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1861-12-04

eigners, was transferred to the legislative COIL
mittee. q
Mr.. Thomas, of Carteret introduced a resolution
misunderstanding party spirit during the war, ana
declaring the military subordinate to the civil power
Lies ovur-:ordeyed to be printed.
Mr.. Ruffin resolution requiring the State Libra
rian to transmit complete set of the Supreme
Court Reports to the department of Justice OF the
Confederate States. Adopted under the suspension
of the rules.
On motion of Mr.. Ellison, leave Of absence for
three days, was granted to Mr. Smith OF Halifax
Mr. Battle of Wake, offered a resolution requiring
the committee on military affairs to consider the
propriety of adopting measures to induce IL
months volunteers from this State to enlist Tor the
war; Lies over one day.
The resolution introduced on yesterday by Mr..
Sanders requiring the Convention to meet daily at
10 o'clock, A. NJ, take until P. NJ, meet at
4 P. NJ, and adjourn at discretion, was then read
Mr.. Graham opposed its adoption at present, and
moved to lay on the table.
This motion being temporarily withdrawn, Messrs
Sanders and Biggs urged the passage Of the res
olution in order to facilitate the dispatch of business
Mr.. Smith of Halifax moved to amend by re-
quiring the Convention to meet at o'clock ?. NJ,
and adjourn at o'clock P. NJ. This, he said,
would leave time for the committees to work.
On motion of Mr.. Graham, the resolution and
amendment were postponed unit, to-day week.
The resolution introduced on yesterday calling on
the Adjutant General for information concerning
troops in service, was adopted.
The hour having arrived the President announced
the order of the day, viz: the ordinance for the
relief of the immediate wants of the Treasury, and
the substitute proposed by the committee.
Mr. Woodhn moved TO postpone the special Or
der and take up for present consideration the ordl
nance concerning salt"
Messrs. Rutiin and Rayner opposed the postpone
ment because of the urgent necessity for immediate
action to supply the Treasury.
MeSsrs. Holden and Badger also opposed the mo-
ton.
Mr. Holden said there were three measures before
the Convention which in his opinion claimed early
and prompt consideration and action first, the
dnance for the relief of the TreaSury-second the
ordinance proposing the manufacture of salt on the
seacoaSt-and third, the ordinance for snppreSsng
oppressive speculation. lie concurred with the del
cgate from Buncombe to the Importance of taking
immediate action on the subject of salt; but as the
Treasury needed funds now, he hoped the ordinance
on that subject would be at considered perfect
ed to suit the Convention, il amendments were
necessary, and passed He would vote to issue
Treasury notes, though such legislation would seem
be vioative OF the provisional Constitution Of the
Confederate States but when called upon to decide,
and compelled to decide, as he now was, between Il
provision in that Constitution and the credit honor
nay, the very existence of the State and her amy
he could not hesitate. lie would vote to issue the
notes.
Mr.. Badger said that no other subject was COM
parable in importance to this The of the
sury demanded instantaneous action If such ac-
ton were not had the credit of the State would he
de>troyed-itS debt repudlated-its honor stained.
All other subjects should yield to this.
Tine Convention refused 10 postpone. and
Mr. Ruflin exp. aned at length the scope and
scheme of the substitute proposed He said the
subject tedious one, but claimed the serl-
Gus attention. 1t was absolutely necessary that
large amount of money should he speedily raised to
meet the wants of the Treasury. S5,lS9,G 3l were
needed to meet the current expenses civil All INN.
tary for the year 1862. and the Remainder of 1851
Nw was this all; there should be added to this
Sl5o,oOn, the princ pal of registered bonds which
would fall due during the ensuing year. The frea-
surer in his statement presumed that this would be
me: by the Sinking Fund. In this however, the
Treasurer entirely mistaken, for the sums ac-
cruing to the Sinking Fund from Dividends declared
on State stock in the Raleigh and CASTOR, and n
e. Railroads would be at once required to pay debts
due said roads for transportation OF troops, &c
In addition to all this the allowances made by the
Board Of Claims would soon amount to $500, 600.
Hence the sum needed for this and the next year
would amount to ST, 500 900 instead of the sum pre-
vously mentioned. How WAS this to he met :! 1t
was estimated that the Revenue of the State due
October next, would reach the sum of $500, 900
but this he thought too large an estimate because
the existing revenue law not only exempted from
taxation those whose property in aggregate value
did not amount to 5000, but also $500 worth of
every mans property. Assuming, however the
estimate to be a correct one $3.50 900 was as much
as possibly could he raised, considering the heavy
Confederate tax and the voluntary contributions
made to our soldiers. These contributions the
last eight months had reached the sum of $500 COO
and would doubtless exceed 81 900, 900 by the close
of 1862 for our people were determined that, come
what may, oar gallant volunteers shall not suffer.
The sums allowed by the Board of CLAIMS would
ultimately amount to million of dollars and az
ter deducting $780, for revenue balance OF
81, 2OU, 600 would still remain to be provided iur-
1t was indispensable 20 the credit and honor Of
the State that speedy provision be made The
money must be had. All were agreed as to that.
1t was for the Convention to consider the best
means of raising it. The banks could not supply it.
| The banking capital Of the State amounted to S.
| 100000. The State had already borrowed g, 400
600, being 25 per cent. on their capital, and the
banks had properly refused further loan, for they
could not loan with safety, upon bonds running l!
months, bearing per cent interest and renewa
ble The legislature had authorized the issuing o
Treasury notes (of / and dollars and fractions o
| d
four million would be needed, as already dcnon
strated He objected to the previous issues made
because they were made payable in six years. ant
the Treasurer was instructed to "put them in cir
culation" Indeed, the system of legislation pur
sued by the last General Assembly for the sol
benefit of the capitalists Their issue of Treasur.
Eotes was made moreover in contravention of tn
Provisional Constitution of the Confederate States
which prohibits the issuing (by States) of bills O
credit to circulate as money. The issue now pro
posed would not be made until the Provisional Con
stitution expired.
The issue made by the Legislature was justly liza
bic to another objection, to which the one at pres
ent proposed is not exposed. The notes issued b.
the former are payable six years hence, and bea
no interest 1t was not honest to issue notes, all
make the taker lose the interest, nor could it b
done without causing depreciation in their value
similar to that which follows an adulteration Of gol
and silver coin and an enhancement of prices woal
be the immediate result OF the issue authorize
by the Legislature however, $so0,0o0 might be at
sorbed in the payment of taxes, and the remainin
n a.. - \ ~ 4