Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-12-16

'"o"sut W. suitable occasiop to Rannual re-
port to that body Of the operal Ia ep.rt.
ment; and we have before us 81 con;ea Of
which have been printed and laid q he desks Of
members. -
The receipts Of the public fund sfhs year end
ing September Both. 1868, amount II 81, aos, 44o.-
o. which. together with the bslane das this fund
on the soth September, Of $Etza61s %, make
$l176o,s7s 90. The disburss6en III the same
period were tls lots, s22 81, leaving 8 hand onthe
LIST Of October, 1851 400 90. Tk2f6eipts Of the
literary fund for the same period 30, 7sa "a,
and thssdisbursements 1881 ,5sl IN These large
receipts and expenditures Of ths S6,ic fund are
mainly on account Of the milihfy Ablishment
maintained BY the State for the pasf s.of Clothing
troops and purchasing supplies. 81
Statement A is an interesting and valuable table
prepared by Mr.. Worth, showing lsotal amount
Of State bonds issued, date Of ssue when due. DIV
what authority issued, and Tor what ppspose. The
whole amount is $2l, la2, 30, and his amount
$s,e49,5o0 were issued presiousl to the goth
Of May, 1861, and are known q ~ aid COUPON
and registered bonds. The perid II which the
bonds Of al kinds viii fill due mi "a 1854 TO-
1898; the amount, however, vhia1 n asaae.
fore 1882 is small, aud will be eaaii rosided for
BY the sinking fund 'sss'sss y.
The whole amount Of the State debt Is $96, &c.
4s4 80, as follows: Bonded debt $2T. GEO. treas
ury notes in circulation $685., 1928 90, Coupons
unpaid 81, 1856 1873, temporary loans $60s 42s. The
whole amount of State treasury notes issued Is S..
2s5,075 o5. Of these $l,so5, 24e Ii have been
funded or otherwise Withdrawn from circulation, leav
ing the above amount in circulation, Of which S..
l46,o43 80 are of small denominations, and unfund.
able.
Mr.. Worth has issued as few treasury notes as
possible, but has used Confederate currency In all
his transactions when not positively directed by the
Legislature to pay OUT treasury notes. The result
is that while the treasury notes of other States are
only at par, North Carolina unfundable treasury
notes selling two for one, and the
fundables at $50 to 260. In this, as well as many
other respects that might be mentioned; he has ex-
hibited eminent judgment and ability IS fnsncier;
and it is fortunate for the State that she has such
an officer in this crisis We make the following
extracts from Mr.. Worths report :->,.>
THE STATE INDEBTEDNESS.
Exhibit A, shows the bonds outstanding against
the State for what purpose by what authority, and
At what date issued, when due and amount, The
amount Of these bonds is $2l, 900, but in this
sum is embraced 81 500 600, deposited in England
rs collateral security for the delivery of cotton.
which the State has contracted to deliver there
The State has purchased and has on hand cotton
probably worth rs much, at the price agreed on, as
the debt We owe in England. The first class of
bonds mentioned in this Exhibit amounting to $685.
600, do not find mentioned in the reports Of nv
predecessor. They are overdue, and was not
aware that they were in existence until number
time they fell due | am unable to state, not having
been able to find any entry in the Office showing
the date of their issue, or the number and amount
issued They are registered bonds and aud in
the Office book in which the holders Of these bonds
gave receipts for the semi annual iAtssalfP-f tom
which it appears that the total amount of them was
100000. The books show the psymsnt.of $sl7,.
600, leaving unpaid $4,000.
Since the LIST Of January last have sold to the
banks, siz per cent bonds falling due January lst
1885, at par, to the amount Of g. 665 500 in pay
ment of this amount due to them for temporary
loans and as means of supplying the Treasury
in January and February last, l sold to the Com.
missioners of the Sinking Fund, at par, out of the
same class of bonds, to the amount Of $s79, 500
and to others at an average premium of 81 per cent
to the amount of $4,000. =
The income of the Sinking Fund will probably
be much more than sufficient to pay the bonds fal.
ling due in 1864 and 1865.
The Farmers Bank and the Bank of Washington
say they have invested as much of their means in
stocks as their charters authorize them so to- invest
The latter bank through its president assures me
Of the willingness Of the bank to receive The bonds
of the State if its charter were so amended as to
authorize it. The latter expresses preference thai
the debt remain as it is, but says if compelled to
take payment in Confederate currency or the bonds
of the State, that the latter will be preferred,
made known to the Banks of Wadesboro'. thu
Miners and Planters Bank and the Branches O
the Bank of Cape Fear at Salem and Washington
in the early part Of the year, my readiness to pay
them in Confederate currency or the per cent
bonds of the State, at par at their option, and re
Gently repeated the notice. The Bank of Wades
boro' postponed in the first instance, to make AM
decision and does not respond to the second notice
One of the directors of the Miners and Planters
Bank has lately assured me that they would shortly
present the note held by that Bank, and take Stat
bonds, and the two Branches of the Bank of Cap,
Fear, upon second notice to them some weeks ago
reply that the subject. has been referred to tn,
principal Bank, from which have received no an
swer. All the other Banks have accepted the Stat,
bonds in satisfaction Of the debts due them fol TEN
porary loans, amounting to 81 665 500; the Branch
Of the Bank of Cape Fear in this city, fled ! pro
test, which was communicated to you at the Extfs
Session in July last
Exhibit F, shows the amount Of Treasury note
fundable LIST January 1856, or not fundable 81 Oh
which this Department has been authorized toissna
the authority under which they have been N,
be issueds their class; when redeemsblef th
amount Of each denomination authorized to 6s issu
ed: the amount which has been issued, and til
amount which may still be issued. The notes
which the Treasurer is still authorized to ISSUE ar
as follows:
F.; Notes fuudable at pleasure Of holder, 8 3e3,Ss5
/ Notes fundable LIST January, 1885, 1856, $50
Notes of 81, 50 and s., not fundable, 1850, 800
Notes of less denomination than 81, .3l9, 164 9
$4,5ss,6as 8
Since the 18th February last the Treasury bsin
amply supplied with Confederate money colleete
from the Confederate government and other sources
have deemed it inexpedient to increase the indeb
edness of the State by the issue of these note
excepting where required to do SO. to certain conl
ties in possession Of the enemy, under the act prt
vidng for the wives and families Of soldiers in u
army and the denominations less than one dollal
which the necessities of business required (
change As they all command . considerable pr
MUM over Confederate notes, if we're to pay the