Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-01-11
The Convention---Treasury Notes.

from which we make the following extract:
"This body Of able men meets again on Monday
week, the 20th after having mingled with ther con-
stituents for more than a month The Delegates
will re-assemble, advised that much more is expect
ed of them than they have yet done. Inc people
of this State expect and desire that provision snail
be made for the election of Lieutenant Governor
Past experience has clearly shown the absolute
necessity for such an officer.
Provision should also be made, if not for annual
elections at least for annual sessions OF the General
Assembly This we conceive experience has also
shown to be necessary. The business OF legislation
at the time the system of biennial elections and
biennial sessions was adopted, was one thing. The
necessary legislation for North Caroline now is en-
tirely another thing. We should certainly have
regular annual sessions, perhaps limited 10 certain
number of days. and we will not disguise the TACT
that we greatly favor annual elections. W nave
become satisfied that there is more conservatism
with the people themselves, than with ma orty of
the politicians, who manage to get into positions OF
power as legislators, and civil and military OH
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 as 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 ifany while those for annual cleo
tions 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 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 on
rba 1act aorT tha
ror as soon it assemblies. 1t was stated at the
tme as objection to the interest that the Banks
and capitalists would absorb all these notes. and, in
the end themselves realize the interest; but now it
appears that the Banks and capitalists 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-
ciay the smaller notes-they would soon circulate
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 suSt-in 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, 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 We are glad to learn that he is now issuing, and
has been issuing for weeks the notes bearing date
on the day they are paid out, so that the interest
begins run in the hands of the holder. OF course
| 10 bN-a
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
would be injurious to those institutions, 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
year two they would be sought for and laid by for
the interest. We have as much confidence as any
in the Banks Of this State; but We know of no cur
rency which is intrinscaly so good or so safe as
treasury notes, for the whole property of the State
is pledged for their redemption and have idea
that North Carolina will disgrace herself for all gen.
eratons by refusing 70 pay her honest debts.
In reply to the suggestion of the Patriot that the
interest should be stricken off from these notes we
| would say t,Iat 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 without inter-
est and that the public credit be sustained with
four millions in circulation without interest on any
&c hall Io Al
to see the interest stricken off But State credit is
delicate in its nature Even slight shock some
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 long possible {;
for if the latter should fail from any cause, our
efforts to achieve independence would be serious
! ly embarrassed. There two main sinews of
war-the sinews Of men and the snew of money.
We must have both. 1t may be that the State will
find it necessary to issue her bonds at eight per
cent, with coupons attached There is large
amount of money in the country, but the difficulty
is in commanding it. 1t is not expedent at present
to increase the 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 may escape, if possible, that depreciation
in paper issues which is so apt to attend follow
all serious and prolonged revolutionary struggles,
like the one in which the country is now engaged.
CoIN.-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 Enquirer
says there was no necessity for any purchase, as
the Treasury supplied with enough to meet the
interest then due. The Enquirer appears to speak
more directly for the government than the Eran.-
liner. The latter has made other and more DAM