Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-03-13
MORE MODEL, FINANCIERING.

There is much reason for full and free discus
sion of the manner in which the finances OF our
State have been managed by the late treasurer
The Legislature very properly thought It exPedlent
to examine into one item OF that management, II
for no other reason to justify its action IN eectIng
another than Mr.. Courts to the office OF treasurer,
which action had been assailed with exceeding bit
terness by politicians who are opposed to the ma
jorty of the Legislature with the absurd pretence
that the. State would be ruined 10y dispensing win
the services of Mr.. Courts We have thought 1t
right to Justify the action Of the Legislature on the
grounds first that the Governor of the State hasa
right to have the officials who surround him-hls
Cabinet as it were-friends, and hot aVowed ana
active enemies; second that Mr.. Courts, with. ad-
mitted personal integrity and gentlemanly deport-
ment is not and can be possessed OF that grasp
of intellect proper for the place; and that MT.
WORTH both by experience and intellect Is lar
better qualified for the position.
We propose to call attention to still another evil
dence in addition to- those heretofore given of the
want Of that financial ability for the asserted pos
session of which Mr. Courts has been so prodlglous-
ly guffed
ly, that Mr.. Courts had right to sell the State
bonds at premium, instead OF giving them at par
to brokers. But he thought otherwise to the great
advantage of the said brokers, and the equally
great loss of the State If he had come to the OPP
posite conclusion, if he had asked the ConVen-
ton to give him the express right to sell, not only
might the State finances have been the better by
1920, 600 ofpremium which he could have obtained
on the bonds Sold but the State Sinking Fund might
have made operation by which its capital would
have been increased s So 900 anRts annual income
increased nearly $4,000. Wearrive at this con
cusion thus The Sinking Fund held, and still
holds We suppose, S45Q,010 of State per cent
bonds Of the old issue which has been in great de-
mand in the Richmond market at about 80 per cent
premium. This stock could have been sold for q
premium Of 35 O00 thus increasing the capital of
that fund to $685., 900. Now il Mr., Courts had al
lowed the Sinking Fund to have 1886. 900 Of his 8
per cents at par instead of confirming his favors in
that line to the brokers' they would have produced
annual interest to the Fnnd of SAC, 800, instead
of S27 900 of annual interest realized OH the
$4,000 of per cent bonds.
We see from the printed Reports OF Mr.. Courts,
that Judge Rufin, who is Chairman of the Sinking
Fund Commissioners, obtained some Of the s per
cent bonds for himself (probably through the
agency of q broker) thus showing that he was full
ly aware of the opportunity Of making so advsnts-
geOus an investment. And it is a reasonable infer
ence that he would have made like investment for
the Fund if Mr.. Courts haG afforded him the oppor
tunity either by issuing the Treasury notes sell
ing the bonds. But Ne did neither, it was proba-
bly, not in the power Of the Sinking Fund Board TO
make arrangement every way desirable and
profitable. The addition to the State finances would
have been very large, amounting in ten years to a
net gain, counting premium and compounded inter
est, Of some $350,OOQ. Upon the States credit the
effect would have also been very great and as the
custodian oil those finances and guardian Of that
credit It is astonishing that Mr. Courts failed to
cure to the Board so splendid an oPeration.-Fdy.
O5SeFrer