Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-12-04

declaring the military subordinate 10 TIC civil P0"S'
Lies oyer-ordered to be printed.
Mr. Ruffin u resolution requiring the State Liora-
| 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 resolution requiring
| the committee military affairs to consider Tue
! propriety of adopting some 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. ~, take recess until p NJ, meet al
4 p. NJ and adjourn at discretion was then read
Mr.. Graham opposed its adoption at present, ana
moved to lay on the table.
This motion being temporarily withdrawn, Messrs
Sanders and Biggs urged the passage Ct the res
outon 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 T. NJ,
and adjourn at 8 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 until to-day week.
The resolution introduced on yesterday calling on
the Adjutant General for information concerning
troops now in service, was adopted.
The hour having arrived the President announced
the order of the day, viz: the Ordinance for the
the substitute proposed by the committee.
Mr.. Woodiin moved TO postpone the special or
DER and take up for present consideration the ordi
nance concerning salt"
Messrs Rufiin 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 frst, the or
dinance for the relief of the TreaSury-SscORd tho
ordinance proposing the manufacture of salt on the
Sc: cOaSt-and third, the ordinance for Suppre>Sng
oppressive speculation. lie concurred with the del
esate from Buncombe as to the importance of taking
immediate action the subject OF salt; but as the
Treasury needed funds now, he hoped the ordinance
on that subject would be at considered perfect
ed so to suit the Convention, if amendments were
necessary, and passed He would vote to issue
Treasury notes, though such legislation would seem
he vi0lave of the provisional Constitution of the
Confederate States; but when called upon TO decide,
and compelled to decide, as he was. between a
provision in that Constitution and the credit honor
nay the very existence of the State and her army
he could not hesitate lie would vote to issue the
notes.
Mr. Badger said that other subject was COM
parable in Importance to this The wants 1f the trea-
sury demanded instantaneous action VI such ac-
de>troyed-i,S debt repudiated-its honor stained.
All other subjects should yield to this
The Convention refused to postpone, and
Mr. Rufiin exp aimed at length the scope and
scheme of the substitute proposed lie said the
subject tedious one, but claimed the most seri-
Gus attention. 1t absolutely necessary that
large amount Of money should be speedily raised to
meet the wants of the Treasury. 81, lS9, G3l were
needed to meet the current expenses civil and mill
tary for the year 1862 and the remainder of 1851
Nor was this all there should be added to this
Sl30,nOn, the principal of registered bonds which
would fall due during the ensuing year The Trea-
surer in his statement presumed that this would be
me: by the Sinking Fund. In this however, the
Treasurer was entirely mistaken, for the sums ac-
cruing to the Sinking Fund from dividends declared
on State stock in the Raleigh and CASTOR and n
Z. 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 $500 900.
Hence the sum needed for this and the next year
would amount to So 800 900 instead of the sum pre-
vioIsly mentioned. How was this to be met? 1t
was estimated that the Revenue of the State due
October next would reach the sum of $780, 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 $500, but also 500 worth of
every m@ns property. Assuming, however, the
estimate to be a correct one, $4,000 was as much
as possibly could be raised, considering the heavy
Confederate tax and the voluntary contributions
made to our soldiers. These contributions IN the
last eight months had reached the sum OS $500 OuO
and would doubtless exceed 81, 900, UUU 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 deductng 100000 for revenue a balance of
$4,000, 900 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.
000 600. The State had already borrowed So 400
600, being 25 per cent their capital and the
banks had properly refused further oan for they
could not loan with safety, upon bonds running II
months bearing per cent interest and renewal
be. The legislature had authorized the issuing of
Treasury notes (of and dollars and fractions Of
dollar) to the amount of million of dollars bu:
/ four million would be needed, as already demon
strated. He objected to the previous issues made,
! because they were made payable in six years, and
the Treasurer was instructed to "put them in cir
! culation" Indeed, the system of legislation pur-
sued by the last General Assembly was for the sole
! benefit of the capitalists. Their issue of Treasury
| EoteS was made moreover IN contravention of the
Provisional Constitution of the Confederate States
which prohibits the issuing (by States) of bills of
! credit to circulate as money The issue now pro-
posed would not be made until the Provisional Con-
| sttution expired
The issue made by the Legislature was Justly LA
bic to another objection, to which the one at pres
| ent proposed is not exposed The notes issued by
the former are payable six years hence and bear
no interest 1t was not honest to issue notes, and
make the taker lose the interest nor could it be
| done without causing depreciation in their value
similar to that which follows adulteration of gold
and silver coin and an enhancement of prices would
! be the immediate result. OF the issue authorized
by the Legislature, however $780, 00 might be alb
sorbed in the payment of taxes, and the remaining
100000 Tin fractions of 81 would supply the de-
mand for small change, infinitely better than the
worthless shinplasters with which irresponsible
corporations and individuals had flooded the conn.
try. For these reasons he would not interfere with
! the General Assembly.
t,..;a-L L. ala-- .c L.