Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-07-09

L
you various other matters which might well claim you
attention at regular session. will therefore only co
to your notice one more subject.
The President of the Confederate States having ca!
ed upon me for 1000 militia, it b comes important
revise the existing militia law in certain particulars
both to facilitate their raising and equipment with
possible speed and enlarge the lists of exemps Tor th
proper protection OF the State In regard to 1h-s
amendments will take pleasure in consulting with az
assisting your military committees.
Permit me to thank you for your prompt assemblag
at my CALL ard to congratulate you upon the improve
, condition of Our affairs, State and national.
Since your adjournment our gallant armies hav
r again great victories ard driven back will
slaughter and confusion the vast forces of the ENEMY
The danger Of suffering for the lack Of food Las hap
PLY passed away ard the goodness and mercy Of o.
has visited with harvest almost unparalleled while
the growing crops e1eryw ere promise equal bounte
business.
Let gather flesh courage from these Divine bless
ngs, aud struggle with renewed strength for the honor
and independence of the country.
Z.B. VANCE
ACccnF ANYINea DOCUMENTS.
TREASURY DEPARTMENT
Raleigh June goth, 1868
To HIS EreeAency GoUsrnor Vance:
Soon after the passage of the Act of Congress- pro
vding fr the funding and further issue Of 1reasurv
Notes, approved 23i March last and the Act of the
Legislature of Virginia, making only the Cent derate
States non interest bearing OF the denomination
|
April, 1863 receivable 10 payment of and other
public dues to the State addressed to your Excel
ency communication suggesting the proprety Of con
vening the Council cf State and submitting to them
the question whether the General Assembly ought
not be called consider what Legislation on the
part of this State, the Aforesaid Acts had rende ed
necessary.
| The Confederate Treasury Notes not b5arirg ia @r-
est issued prior TO the passage of this Act made
fundabe at the pleasure of the holder in the bonds of
the Government, bearing interest at the of per
cent for the Issues dated prior to December 1862 and
| : per cent. for the subsequent Issues
The Acts under which these issues were made, mad.
no limitation TO the time within which these notes
wtre to be presented by the holder for funding
/ The Act If the 23d March last, in effect Classified
these and others which the Act authorz I'd to he
issued and put limitation the time OF funding
them as follows:
l. The holders of the issues dated pior to December
lst, 1862, were allowed to fund them 10 per cent
bonds, at any time prior to April 3d. 1868, in per
cent bonds at any time after 22d April 1863 to and
including Aug lst, 1868 land after August lst, 1868
they not to be undable at all.
2. Notes dated after lst December 1862, and before
9th April 1868, to be fundable on or before st
August 1868, in per cent bonds ard, afterwards n
per cent bonds.
3. The Act provided for new issue of Treasury
Notes, TO be dated and after 9th April 1868 the is
not to exceed fifty millions in any month"; which
to have the month of their issue printed in large
characters the face of lhem and were to be fun
dabe for year from the lst day of ii month print
ed across the face Of them, in per cent bonds.
The primary quality of these issues, making them
fundable at the pleasure of the holder, without Iima-
ton of time in bonds bearing high rate OF interest
had tended much to give them currency, but the vast
amount OF Issues had already greatly derreclaed their
value, that supplies could only be bought with them
at extravagan prices and these prices likely to
be greatly augmented the redundancy Of currency
increased whereby the issues would become so
great that would be impossible that the Government
could pay them; and consequently public confidence in
them would be lost. The evil was the redundancy of
the currency and the high rate of interest, and
quenty any remedy could be devised it must
sary be sought in diminution Of the currency and
reduction of the rate of interest.
The policy of Congress to bring about this d.
minution
lst. By inducing tie holders to fund the currency
promptly, by limiting the time within which the fund
ing would be allowed at the rate of interest originally
fixed, and by making the first Class not fundabe at ALL
and consequently uncurrent, if not funded by the lst
August 1863 and the second Class of less value and
consequently less current than the third class thus
operating the holders fund and diminish the
rency both by motives of interest and fear of loss
I'd. By absorbing very large amount OF the cur
rency by heavy money tax.
Sd. By furnishing the army with much of its supplies
by tax in kind, and thus avoiding in future excessive
issues of currency
While your Excellency considering the expe,
6ency of convening the Council of State, and the mat
ter had become the subject of public discussion many dis
tinguished individuals maintained various grounds,
that the occasion did not warrant the expense and
convenience of convenng the Central Assembly, some
insisting that the I'd section of the Ordinance NO. 35
February session of the Convention) conferred the
Public Treasurer the power of prohibiting the Shefs
from receiving the Confederate currency deprecated in
value by the act of Congress- ard passed subsequently
to the Ordinance and that he ought to exercise this
power others maintained that the act OF Congress and
of the Legislature of Virginia would not materially af
feet the currency of the old issues and many urged that
| could make arrangement with the Secretary OF the
Treasury to exchange the old for the new issues.
did not in any OF these views, but with your
appreciation addressed letter to each of the Presi
dents of the Banks of this State inviting them to meet
me here the 14th of May last to consider the ques
tion whether after the 1st August next, they would
ceve as currency Confederate non-interest bearing
notes. dated prior to April 6th 1863 also wrote to
the Secretary of the Treasury asking him whether he
would make the exchange propOsed-whe her, in his
opinion the currency of the old issues would be iru
riousy affected by the aforesaid legislation and what
amount of the issues dated prior to December lst 1862
were funded prior to April 22d, 1868. also wrote to
the Treasurers of the other States of the Conederacy
excepting Virginia. asking them whether the same diff
Guilty existed in their States and how they proposed to
remedy it.
Most of the Bank Presidents met On the day pro-
posed At that time had not received the answer OF
the Secretary of the Treasury which afterwards came
to hand and which hereto append.
After full discussion of the subject the Bank Pres
dents decided unanimously that, at that time, it n
expt dent and premature for them to decide whether
they would receive the old issues not after the 1st
August next,
There was this difference, to the condition of the
Public and County Treasnrers and the banks. The
banks could fund any of the old issues they might have
on hand the 1s of August while the State and Coun
ty Revenues would not be paid in by the Sheriff till
after the lst of August and besides they have no