Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1863-07-06
STATE LEGISLATURE.

Carolina, convened in their respective Halls on Iues-
day last, Both ult, in obedience to the call mace py
Gov. Vance. A quorum appearlngIn ooth branches
q Joint committee was appointed to wait on tue OoV-
crner and inform him that they were ready to receive
any communication he had to make. Gov. Vance at
once sent in the following message after the reaolng
of which the two Houses adjourned to next day:
Gentlemen Of the Senate
and House Of Commons:
The reasons for my calling you together at such an
unreasonable time, and so soon after your adjourn
ment, will be found in the accompanying able and IN
t~cresting report of the Public Treasurer.
The gravity of the question, whether considered in
reference to its probable effects upon the finances and
credit of the State, or upon the interest OF the people !
and the success of our common cause, will, | trust,
constitute an ample apology for my action in calling
you together, in which [ need not say l was unani-
mously sustained by the Council of State.
by Il recent act OF Congress, all non-interest bear
ing Confederate Treasury Notes were classified and a
limitation put on the time of funding them, as set
forth In the accompanying report OF the Public Treas
urer. By this action, intended to reduce the great
volume of paper money in circulation, by causing it to
b%etunded, the notes of the two issues referred to were
rendered of less value than those of later issues and
though to that extent it was a reputation of them,
no action would have been necessary on the part of
the Legislature had the matter ended here. But the
Legislature Of he State of Virginia, being then in Sc
cret session, Immediately provided against these is
sues being received in payment of taxes, with a view,
as was SalO, TO ala the operation OF the act OF COn-
greSs, by fastening the funding process and soon
thereafter the banks of the city OF Richmond, actua-
ted, no doubt, by the same patriotic but unfortunate
motive, declining to receive them, it at once became
a matter OF serious concern with the Treasurer and
myself whether some legislative action would not be
required in self-defence, and if any were required, it
must be soon, as the collection of the taxes begins in
July.
Ihe Ordinance of the Convention, No. %, Februa-
ry Session, makes it the duty of the Treasurer to re-
eeive these issues but if he were invested with pow.
CT to reject them, it evidently would not become him
to exercise it under circumstances so different from
any contemplated by the trainers of the Ordinance.
TO continue to receive them after this partial re-
pudlatlon OF Congress, and after the Legislature and
the metropolitan banks of Virginia had refused them,
would Of course have subjected that officer to the dan
ger of filling the treasury with notes greatly depre-
+ ciated, it might he, or perhaps entirely uncurrent.-
There was no telling how soon the other banks of the
country might follow the example of those of Rich.
mond, nor what action other States might take and
oil course It beng Impossible 10 Iund IL ali, uio f"Ceu
vehient to fund any, so long as it would pass, it might
be rushed into this State and paid into our Treasury
. Such a result would be ruinouS alike to her credl-
tors, her officers and her soldiers.
This created a responsibility too great to be borne
by the Public Treasurer, without Legislative sanction
and the matter is therefore submitted to you.
After a careful survey of the situation, l confident
ly recommend you to provide for the continued re
ception of these notes, as the safer and more honor
able course. So far no other State have tollowe
the example of Virginia, and No Banks. outside Q
Richmond, in the whole Confederacy, have refuses
them. Our example may have a most happy lnf1u
ence upon the contemplated actions Of others. N,
more deadly blow could be stricken our cause thai
the reputation Of our currency. And that the hon
est, old-fashioned, debt-paying State of North Caro-
lima be among the first to dishonor the money pal
her citizens for their substance and her soldiers TO
their blood, is something | should regret to see.
If one issue of the Confederate notes be good, the
all are good, since the same honor is pledged for thel
redemption. 1t is exceedingly dangerous 10 take tn
first step towards. dishonoring in the slightest degrees
. our enormous voNsfne of paper currency. The &C
ton of one forces the action of another, when it a
stood firm the public credit might be saved. A re
fusal to receive these notes, from whatever cause an
However weighty the reason, would create among tt
non Commercial classes the most general alarm ar
vene distrust; and the want of confidence would b
come universal. The danger can now be stopped.
we fail to check it, in my opinion it will be beyor
remedy. \
The suggestions of the Treasurer in regard to tt
manner of providing against any probable loss, a
well worthy of your consideration, and | have
doubt will have great weight in your deliberations.
Desiring to detain you but a few days at this bus
and inconvenient season, l refrain from bringing b
fore you various other matters which might we'll clai
YOUR attention at a regular session. l will thereto
only call your notice to- one more subject.
The President of the Confederate States havi
called upon me for 1909 militia, becomes imports
, revise the existing militia law in certain particula
ion to facilitate their raising and equipment with
,.;h1o cposi and RI ENLARGE the list of eXemDtS