Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-03-03
Treasurer Court. and Treasury Notes.

severely censure the General Assembly for not re-
| electing him; while one of the committee sees in
this management nothing to blame. As the COM
mittee have been accused by the friends of Mr.,
Courts of unjust disposition to blacken his nsn
cal reputation, it is proper to look at both sides of
the controversy, so that the public may be the
better able to form their opinion of his conduct.
No one, so far as we know, has impeached Mr..
| Courts honesty or Integrity do we believe
that he erred deliberately or wfully. But while
| we may cheerfully concede that he thought he
pursuing the proper course and acting for the best
for the State still it is apparent that from good
nature, disposition to oblige his friends, and
want of financial forecaste and Skill he has lost to
the Soats large amount of money which has gone
into the pockets of brokers and others, and which
the people will have to make good by additions to
their already heavy taxes.
49, FIRsT-THE LAW.
| In December, 1861, the Convention passed ian
ordinance to provide for the raising of money for
the support of government, and for the issue of
Treasury notes for the purpose of paying the public
debt and purchasing supplies for the military forces
| employed for defence in the present war; and for
other purposes" This ordinance authorizes the
Treasurer Ito issue Treasury notes not exceeding
three millions of dollars, the exigencies of the
public service may require" Section 8 provides
"that said notes may be issued by the Treasurer in
payment Of any warrant in favor of public creditors
or for the purpose of paying military officers and
troops in service, for the purchase of supplies
for such troops, and for payment of coupons upon
any bonds hitherto given or hereafter to be given
or for any other demand upon the Treasury by per-
r-Ho L.
payment at par" &c. Section 8 ordains "that the
holders of Treasury notes issued under the author
ity of this ordinance, may have the same funded by
request to the Treasurer to give in exchange for
them bonds of the State" &c. These bonds were
to be six per cents, and the notes likewise to
bear interest
The notes issued under the above ordinance being
! Of large denominations Zone hundreds and ffties)
they did not circulate; and it being thought that
the fact of their bearing interest interfered with
their circulation, by an ordinance passed January
| 25 1862 the interest was discontinued
Section of ian ordinance to provide for the as
sumption and payment of the Confederate tax"
provides in order to raise means for the payment
of said tax, the Treasurer shall issue Treasury notes
funda5le in coupon bonds bearing per cent in
terest. Section directs the Treasurer "to apply
the Treasury notes to be issued in such manner
may be necessary to the payment of said tax" &c.
1t being apprehended that the very large issues
OF Treasury notes might cause them to deprecate,
on the Goth February ordinance passed "to
provide for funding the Treasury notes of this State
and for other purposes" Section l provides that
any Of the Treasury issued or hereafter to no
issued under the ordinance of LIST December, 1861,
or under the ordinance last mentioned, may be
funded in bonds barring per cent interest
eYr GOV. BRAGG IN ERROR.
Section of this ordinance provides "that as the
exigencies of the public service may in the opinion
Of the Governor require before the lst January,
1868, the Public Treasurer is authorized and re-
CURED issue other Treasury notes aforesaid not
exceeding in amount the further of 81, 500, 600,
and the said notes shall be prepared, signed, and
issued as in the said ordinance ratified the first day
of December, 1861" Gov. Bragg interprets this
section as follows: "And section GlLOWs further
issue of 81, 100000 of Treasury notes to be pre-.
faced prepared? signed, and issued as in the Or
dinance ratified LIST December, 1851" "Author-
izing and requiring" is stronger expression than
following"
IAN ordinance to make further provision for the
Public Treasury" provides that the Treasurer oe
! authorized to issue 100000 more of Treasury
notes.
The above is a summary of the law on the subject.
THE EVIDENCE, OR WHAT Mr.. COURTS
! 1st In his testimony before the committee, Mr..
Courts states that lie received ordinary currency for
which he gave per cent. bonds at par" again,
Mr. Courts says, ~ think | could have gotten
| c.. bonds \ NV adypr.
Using them, but did not think | had authority
der the ordinance of the Convention to Sell"'
I'd. Lancaster & Co., of Richmond state that
per cent bonds Uers sold at prices ranging from
lOl4 in March, to l20 n November, and 1l6 in De-
cember 1862
Sd. The committee show that from March to De-
cember 20, 1862, 81, l29, 800 of per cent bonds
were issued at par If they had been sold at pre-
MUM they would have brought 1922, 2C7 more.
4th. Several gentlemen testify to the above state
| ment of Mr.. Courts, but exOnerate him from any
charge of fraud.
WHAT THE LAWYERS SAY.
Mr.. Moore seems to think that the public creditor
was entitled to the Treasury notes, if he wanted
them. Thus he says, in regard to using the State
Treasury notes p payment of the dues of the State
creditors it is clear that the great fear of the Con-
vention was that they would depreciate; and hence
it is provided, in the first of said ordinances that
however used in dscharging public dues, they shall
not be passed under par but if the public creditor
will receive them at par, lie is entitled to hena if
the public exigencies require them to be issuedL"-
But Mr. Moore does not say that Mr.. Courts had
right to exchange per cent; bonds for ordinary
currency. Gov. Bragg does not agree with Mr..
Moore. He aPplauds Mr.. Courts for giving bonds
for ordinary currency but says he had no right to
sell them for ordinary currency. Gov. Bragg thinks
the chief object of the Convention to get money
to borrow by paying per cent. interest," and that
| hnrn hnarn