Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-03-05

AN ORDINANCE
To prorids for Funding the 7ssa.ury Notes Of

AN ORDINANCE
To proride for Funding the Trsasxry Notes Of
North Carolina and for other purposes,
/. Be it ordained, &c., That any Of the Treasu.
~ notes issued or hereafter to be issued under the
ordinance of this Convention, ratified the LIST Of
December, 1861, directing the issue of three mil
lions of Treasury notes, as well as those issued BY
an ordinance of the present session, entitled AN
ordinance to provide for the assumption and pay.
ment of the Confederate Tax" may be funded at
the will of the holder in coupon Bonds of the State
to be prepared by the Treasurer, and payable 20
years after date or sooner at the pleasure of the
State and bearing interest at the rate OF eight per
cent per annum, payable mi-annually at the
Treasury, or in six per cent bonds Of The State pay
able 30 years after the 1st Of January, 1862 inter-
est payable semi-annually, exchangeable in Treasu-
~ notes at the option of the holder, from time to
time, until the Treasury notes tall DUE said bonds
being OF the denominations of $500 and 500 in
equal portions.
2. BE 1t further orllained That all taxes due to
the State or to counties and for school purposes or
taxes for the poor and all payments for entries Of
public lands, and all other dues to the State, and
all fines and forfeitures for the use of the State or
counties, shall be paid in Treasury notes Of the
State or of the Confederate States or in the notes
of such Of the solvent Banks of this State as shall
receive and continue to receive and pay out as
uoA'SJ '>S Pea .hS AiSaouiy NOttS VI IlIS VI
in gold and silver coin; and it shall be the duty of
the Treasurer to issue instructions to the Sherts
and tax collectors In the several counties on this
subject and 1t Shall not be lawful for any Sheriff
or collector to receive taxes in any other funds than
as directed by the Treasurer under this ordinance
8. Be it further ordained, That all the Treasury
Notes funded in Bonds, or paid into the Treasury
for taxes or other public dues, may be re-ssued IN
payment of the debts of the State, or in exchange
f., hop1 nc
of the holder at any time before the notes fall due
Provided, That the Treasury Notes issued to pay
the Confederate tax Shall not be used to pay the
debts of the State; and the Treasurer and Comp
troler shall each keep an account of all notes re.
issued, and those re- funded in bonds from time to
time and the date of such transaction, and parcu-
larly noting the interest on each bond when taken
up, and the amount of interest due on each bond
when exchanged for Treasury notes, and in all cases
shall charge the party receiving such bonds with
the interest due at the time of delivery.
4. BE it further ordained, That as the exigen-
ces of the public service may in the opinion of the
Governor, require before the first day of January,
1863 the public treasurer is authorized and required
issue other Treasury Notes as aforesaid not ex-
ceeding in amount the further sum of fifteen hun
dred thousand dollars and that the said notes shall
he prepared signed and issued as in the said orli-
nance, ratified on the first day Of December, 1861.
5. Be 1t further ordained. That the aggregate
amount Of said Treasury Notes outstanding at any
one time, and of the bonds given in exchange for
or discharge of Treasury notes aforesaid, shall
not exceed the amount of such notes authorized by
law heretofore, in this ordinance
Be 1t further ordained, That it shall be the
duty of the Treasurer, as soon as convenient, to
issue Treasury Notes of the denominations of five,
ten and twenty dollars in equal amounts, instead Of
and to exchange for, any Of the Treasury Notes
heretofore issued, not bearing interest of the de-
nominations of fifty and one hundred dollars, on
the application of the holders of said notes; and
when so taken up or exchanged, the said notes Of
fifty and one hundred dollars shall be cancelled and
the same shall he noted by the Treasurer on his
books and on the books of the Comptroller.
7. Be it further orduined, That if any one shall
falsely, forge, knowingly pass, offer to pass,
any false forged, counterfeited paper purporting
to be Treasury Note bond of this State he shall
be liable t. Indictment in the Superior Courts in
the county in which such offence may be commit
ted, and on conviction thereof shall suffer all the
pains and penalties according to the 18th section of
the 34th chapter Of the Revised Code.
8. Be it further ordained, That in addition to
the Treasury Notes heretofore ordered to be issued
it shall be the duty of the Treasurer to issue one
million of dollars, in small denominations, to wit :
four hundred thousand dollars in the denomination
of two dollars, four hundred thousand dollars in the
denomination of one dollar, one hundred thousand
dollars in the denomination of fifty cents, fifty
thousand dollars in the denomination of twenty five
cents twenty-five thousand dollars in the denomna-
ton of twenty cents, and twenty -five thousand
dollars in the denomination of ten cents, payable on
the first day of January, 1866 to be used in lquda-
ton of any claims against the State to persons will
ling to receive the same, but not to be funded in
bonds of the State but shall be receivable in pay
ment of taxes or other public dues; and he shall
keep an accurate account of the issues, from
time to time, made under this section of this or
dinance
8. Be it further ordained, That no bank receiv-
ing the Treasury Notes of this State, as contem-
plated IN the second section of this ordinance shall
be required to receive, or have on hand at any one
time, more than two-Gfths of the capital stock of
such bank in said notes.
10. Be 1t further ordainea That so much of the
act of the General Assembly, entitled ian act to
provide ways and means for the defence of the
State" ratified September IS, 1861 as authorizes
the issue of one million dollars of the denoIpna-
tons Of two dollars one dollar fifty cents twenty.
five cents, twenty cents ten cents and five cents,
and also the ordinance of the Convention, ratified
December l, 1861, directing the issue of three mil
lions of dollars of Treasury notes, and "the ordi.
nance to provide for the assumption and payment
of the Confederate tax" we'll as all the issues Of
Treasury notes and bonds under said act and ordi
nances, are hereby ratified and confirmed.
II. BE 1t further ordained, That in the event of
the inability of the Public Treasurer or Comptroller
to sign the Treasury Notes authorized by law to be
Issued as speedily as the demands on the Treasury
may require, then it shall be lawful for either o.
| them to employ some discreet person by and with
the advice and consent of the Governor to sign and
| countersig n the said notes. whose names shall be
published in the newspapers in the city of Raleigh
~ Be it further ordained, That this ordinance
| may be repealed OF modified by the General Assem-
bly,, but as not to affect any transactions had OF
! rights vested under the Same, previous to such
modification or repeal.
From the Fayetteville Observer