Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1861-12-11
REMARKS OF MR.. ARMFIELD,

NJ lddkin, an the Contention, on FritHy, 2Sh
Noo., on an amendment he had altered to the
ordinance for the relief Of TIE tcants Of the
Treasury. The amendment proposed that the
Treasury notes Issued should bear no interest.
Mr.. Armfield said: lie had waited to the very
last moment possible, hoping that some one else
would offer this amendment, or one to the same ef-
feet and relieve him from the necessity of doing so
but 20 else would move in the 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 interest allowed these notes
would not pass at par among the people, or be
taken by The capitalists in exchange for their mon
eys now boarded in our banks-but why so? The
bank bills of the various hanks of the State passed
currently among our people at par, and they bear
no interest you could get specie for them and al
though the law allowed a man to recover interest
on his bank notes, after demanding specie at their
counters, yet this provision was in fact, almost nu-
gatOry: for few men had the temerity to incur the
displeasure of of these powerful corporations,
he might almost as well throw himself before the
advancing wheels of the car of Jugernaut The
credit OF the State was surely as good as the credit
Of the banks.
The gentleman from Alamance had alluded to the
fact that there were already in circulation in the
State or would be in q short time one million Of
Treasury notes, authorized by existing laws, and
bearing no interest. 1t must be obvious to every
one, that new issue of three millions bearing six
per centum interest, will depseciate the notes al
ready issued; for who would take as currency a
bill bearing interest when there other bills
or notes in circulation. issued the security,
bearing interestg But the gentleman from Ala
nance had said the million already issued and soon
to be issued, bearing interest is to consist Of
small bills which intended to answer the ordina
ry purpose of change in the crcuation-whilst
/ thNca 1870 pn1 k,yN e
larger denomination, and should therefore bear in
terest He 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 class of men, who, so far
as his observation went had laid their country
der no peculiar obligations since the present struS
gle fer our independence began. Would you have
two ctrrences-one for the rich and one for the
poor? If this ordinance passed in its present ferm
The State would pay $900O of interest upon these
| $4,000 900 Of Treasury notes, and who would re-
| ceive this splendid bonus of your liberaity? 1t
seemed to be admitted by the gentleman from Ala
nance that it would not be distributed to any great
extent among the masses of the people; fer they
would use currency mostly the notes which bear
no interest and even when those bearing interest fell
| into their hands, they would not in passing them,
calculate the interest accrued for months and days
! SO that this splendid donation from our already
! over-burdened Treasury would enure almost ell
tirely to the benefit of spectators and capitalists
| who would buy up these notes and hold them un-
| til their maturity. .
J But. says the gentleman from Alamance, the or
dinance allows holders of these notes to fund them,
and turn them into State bonds bearing interest,"
/ he proposed to Obviate that difficulty by offering
an amendment at the proper time to strike out that
clause also He believed that the patriotism of the
people was sufficient to keep these Treasury notes
/ in circulation at par without one cent Of interest
Ii we were at peace and had an overfowing Treas
ury he would vote as cheerfuy as any one, to al
low interest on Treasury notes, but we were en-
gagged in fearful struggle involving every dollars
worth of property in the State liberties our
existence as people-all classes must make sacri-
ices and he assured the Convention that the masses
were prepared for it only few of the deYouring
capitalists Of the land were holding back and count
ing their six and their ten per cent against the lib
erty Of their country. To such nen he would vote
no bounty, give no gratuity- specially when il
would have to be wrung by the tax.gatherer from
the patriotic masses who had already sent thirty.
five thousand brave men to the battle field . - s.