The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-06-23
CIRCULAR FROM THE TREASURER,

| Jonathan Worth, Esq, Public Treasurer Of
North Carolina, has issued the following crcula,
to the Sherits and Tax Collectors in this State:
TREAsuRER's OFFICE,
Raleigh, N. Co. June Ii, 1868.
To the Sherts and Tdr Collectors Of Norh
Carolina:
Under the act of the Confederate Congress o.
the 23d March last, relating to the funding oil
Confederate Treasury notes, these fundable notes
are divided into three classes:
l. Those dated prior to December LIST, 1862.
2 Those dated between LIST December, 1862
and 9th April, 1868.
g. Those dated on and after 9th April 1863
|. The first class is fundable in per cent. bonds
until the lst August next, after which they are
not fundable at all.
Tie second class are also fundable in per cen,
bonds until the 1st August next, after which they
are iundable in per cents.
The third class are fundable for one year from
the first day of the month printed in red ink
the face OF them in per cent bonds; after which
they are fundable in per cents.
The faith of the Confederate government is
pledged for the ultimate payment of all Of these
issues and all of them are receivable in payment
of taxes and other dues to the Confederate gov
ernment at any time.
AT the time this act of Congress passed, the
cheapeued its value, and the further issues which
were unavoidable, were likely to produce ruinous
depreciation.
The policy of Congress to remedy the present
and prospective evil, seems to have been to d.
minish the amount of circulation, and the plans to
effect this end were:-
l. To induce the holders of the Issues then out,
Ito wit, the first and second classes,) to fund them
by the LIST of August next, by allowing till that
date liberal rate of interest.
2. To have a new issue out, the third class, by
the first day of August, fundable at higher rate
of interest tha"the old issues, which would depre-
ciate the value of these old issues, thus operating
the holders of the old issues to fund them, both
by the hope of gain and the fear of loss.
3. BY the collection of tax which it is sup
posed will absorb one hundred and twenty five
millions.
4. To prevent future redundancy of the curren-
cy by limiting the issues to fifty millions per
month, and supplying the army with provisions by
a tax in kind
The Legislature of Virginia. with view, as l
presume, to cooperate in carrying ont the views
of Congress, and to protect her Treasury, imme-
diatey passed act providing that only the third
class of issues should be received in payment of
taxes cue to that State; and recently, the
Banks of Richmond, no doubt with the same OBJ
jecs, have resolved not to receive deposit the
issues of the first class. The Banks of Peters
burg and Lynchburg and of the other Southern
States, so far know, still receive all the issues;
but whether they will continue to do so, after the
LIST of August, l have been unable to ascertain.
The second section Of ordinance No IS, Feb
ruary session of our Convention, compels you to
receive any Confederate notes in payment of taxes
and gives me no power to forbid you to receive
any class of it, and it may turn out that the eff
feot of the act Of Congress may be to make one or
both the first mentioned classes of notes uncurrent
after the first Of August, whereby the State and
County Treasures may be supplied with unavail-
able money, the Governor, with the advice Of his
Council, has ordered an extra session of the Gen
eral Assembly to convene on the 3Oth inst, to
cons ider and decide what ought to be done in the
premises.
II is expected, therefore, that you will abstain
from collecting taxes in the old issues until the
action of the Legislature shall be known.
In the mean time there should be no panic
among the people on this subject. All have
opportunity to fund till the first of August, and
to pay the large tax to the Confederate govern
ment in these notes; and if the General Assembly
should decide to continue to receive the second
class which will continue to be nearly as good
those of the third GLASS; after the 1st of August,
the people will not be incomnoded materially, in
paying the State and County taxes; and it is hop
ed that the issues of the first class will be nearly
all absorbed by funding, and in paying the Con-
tederate tax.
This full explanation is made to enable you
clearly to understand the subject, and to explain
it to others
Until you receive further instructions, you are,
therefore, advised to receive only in payment of
State and County taxes, the Treasury notes Of
this State the notes of all the Banks of this State,
gold and silver coin, and Confederate Treasury
notes dated on and after 9th of April, 1868, and
the interest bearing Treasury notes of the Confed
crate States. Very respectfully,
JONATHAN WORTH,
Public Treasurer.