Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-01-15
The Convention...TTeasury Notes.
The last Greensborough Patriot has an interest
ing article on the subject of the State Convention,
from which we make the following extract:


tirely another thing. We should certainly have
regular annual sessions, perhaps limited to certain
number of days. and We will not disguise the fact
that we greatly favor annual elections We have
become satisfied that there is more conservatism
with the people themselves, than with majority of
the politicians, who manage to get into positions Of
power, as legislators, and is civil and military OIL
GERS. Time has proved that the tendency of power
is to leave the many, and fall into the hands Of
few.
There is no money saved to the State by biennial
sessions and we have annual elections any way,
to elect other officers biennial elections for members
OF the Legislature nothing to the peace and
repose of the people, So the reasons for biennial
elections are few fany, while those for annual eec
tlons are many and imposing"
The Patriot also mildly censures the Convention
for its indulgence in "much speaking" 1t says,
we cannot think that so much talking and explain
ing are really necessary to enable such Convention
of learned gentlemen to comprehend each subject
matter that is presented, before voting"
The Patriot also says it trusts the Convention
will see the it committed in giving interest
the last issue of Treasury notes. and correct the er
ror as soon as it assemblies. 1t was stated at the
time, as objection to the interest that the Banks
and capitalists would absorb all these notes. and in
the end themselves realize the interest but it
appears that the Banks and capitalists are the last
to take these notes. and their refusal to take them
is operating to hinder their circulation among the
people generally. This shows the difference which
sometimes exists between theory and practice. If
the Banks would take them without regard to in-
terest and pay them out in the same way-espe-
o1lx- fhoyx rIafo
through all the avenues of business and meanwhile,
no matter what reverses might happen to cause,
the interest which will certainly be paid at maturi
ty, would sustain the notes at least at par. But
the Banks say their customers will not take them.
Have they tried them? Mr.. Treasurer Courts, hav-
ing on hand few of the notes of the larger size,
antedated, issued them FIRST and charged interest
on them, as the ordinance authorized him to do.-
This-though no fault of his-no doubt operated to
check in the outset the free circulation OF the notes
but are glad to learn that he is issuing, and
has been issuing for weeks the notes bearing date
on the day they are paid out, so that the interest
begins to run in the hands of the holder Of course
no interest should be charged by any subtreasurer
when he pays out these notes. for if the Treasurer
charges none, none can be due
1t is not expected that the Banks will take these
notes and hold them for the interest. Such course
would be injurious to those institutions, as these
note have no coupons, and the interest cannot be
collected until the end Of four years.
We believe that if these notes could get fairly to
the people, they would cirulate rapidly without any
computation of interest; and that at the end of a
year two they would be sought for and laid by for
the interest We have as much confidence any one
in the Banks of this State; but we know of no cur
rency which is intrinsically SO good so safe as
treasury notes. for the whole property Of the State
that North Carolina will disgrace herself for all gen.
eratons by refusing to pay her honest debts.
In reply to the suggestion of the Patriot that the
interest should be stricken off from these notes.
would say t;,at no member voted for interest with
any other view than to render it certain that the
notes would sustain themselves in market and in
circulation. If it shall be generally thought that
the notes will answer every purpose withopt inter
est and that the public credit can b. ,y,,' with
four millions in circulation withou- 81, ..p.s my
of them we shall be as M - :,4.. ! one
to the interest str <;,, O.. Dut otate ,iedt j
delicate in its nature. slt e. au-to-ss-
times inficts an injury upon it which is difficult to
be repaired We have no gold and silver, but We
must have good paper money as long as possible
efforts to achieve our independence would be serious
ly embarrassed There are two main sinews Of
war-the sinews of men and the sinew of money
We must have both. 1t may be that the State will
find it neces ~ to es.'n her bonG, ;. ;ght pei
, -!,ay with 4. =. - ned. Iaere is q large
~. Js.n of in the couutr,, but the difficulty
is in comma. !. 1t is not expedient at present
to increase l' taxes. The people will find the Con
federate tax, in May, and the State tax, in July
next as much as they will be able to pay The
State credit then, must be relied on and this credit
while it should be made to cover all the millions
that may be necessary, should be prudently used
SO that we may escape if possible, that depreciation
in paper issues which is SO apt to attend or follow
all serious and prolonged revolutionary struggles
like the one in which the country is now engaged.
Com-The Richmond Enquirer denies the charge
made, we believe, by the Examiner, that the Con
federate Treasury had paid 40 per cent premium
for gold and silver to pay the interest the Con
federate debt recently advertised The Enquire
says there was no necessity for any purchase, Al
the Treasury was supplied with enough to meet th'
interest then DUE The Enquirer appears to speal
more directly for the government than tie Exam
iner. The latter has made other and more dam
aging charges against the government, especially
the Commissary Department. than that We shal
be glad to know that that is untrue also. The En-
gbiryr fully sndcsses Mr.. MsmmiageTs ability =
coaapst mopsrly the 6scal aif.ira 4 "a spyernusp
dprias this tging cdise Va hePs aes ~. .s.si.s