Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-03-04
THE LATE TREASURER COURTS.


the Legislature to inquire why the soldiers were
not paid in Treasury notes, as directed by the Con-
yention but were paid in Confederate notes. 1t
forms q pamphlet of 81 pages. Wepublish these
reports in full on the preceding page. Accompany,
ing them, are legal opinions OF B. +. moore ana
Thomas Bragg, in defence of the Treasurer and ad
dressed to him; and the testimony of Mr.. Courts
himself. and of several brokers and others, who
bougbt and sold bonds issued by him, and Of Maj.
A. NJ. Lewis Paymaster
The evidence appears to us to sustain all the po'
ssons of the Majority Report. Mr. Courts admits
that he received ordinary currency, Chat is, Con-
federate notes. for which be gave eight per cent
bonds at par :" that he borrowed ordinary currency
| from banks &c, for eight per cent bonds ut par;
that he could have gotten premium for the bonds
if he had thought he had authority to se--Qn his
annual report he admitted that he did sell 81 AGO.
OOO and realized premium on them OF near Sfo,-
OOO) Que of his attorneys argues in substance
that he had right to sell that amount, but no right
to sell the remainder If that be SO, and as to 1t
we are not sufficiently informed to express an
poinion, it is certain that Mr.. Courts had only to
inform the Convention that the State was losing,
and the brokers were making hundreds of thou
sandso dollars for want of that power and 1t would
have Teen granted to him instapter.\ Without i'm
putting to Mr. Courts the slightest want of personal
integrity or the slightest participation in these
, enormous. gains of the brokers-for we have no
idea of any such criminality-we must say that IN
4 Duty in not applying for authority to realize for the
State this large amount of 1922, 2O7, which went
, into the pockets Of the brokers'
: The testimony of Maj. Lewis, the Paymaster,
y shows that he was in the habit with the knowl-
edse and by the request of Mr. Courts, Of receiv-
ing Confederate notes and giving orders therefor for
W per cent. bonds at par One broker IN hate'gh
= testes that he got three quarters Of million OF
q bonds at par by such exchange, and MIR. Lewis
q himself names seven other persons or banks with
=. whom he made similar exchanges. 1t is not pre-
- tended that either Mr.. Courts or Mr.. Lewis made
any money by their operations but it is apparent
. tina. Maj Lewis received from these brokers funds
that were worth less than the State securities he
exchanged for them and that thereby the State was
Ia great loser and the creditors Of the State nclu
ding the soldiers, were paid in funds less valuable
than the Convention intended, and. less valuable
than the brokers' received
just here it is proper to remark, that Mr.. Court!
a. alleges that he had no authority, under the ordl
nance of the Convention, to sell the bonds. II
which the committee make the conclusive reply
that he had no authority to issue per cent. bond
~, for any purpose except in redemption OF Treasury
n. notes. 1t cannot be pretended that many of thes
" transactions of Maj. Lewis had any connection wit
the redemption of Treasury notes. Treasury note
the were not used heard o. in many cases, but tn
,na bonds were issued in exchange for Confederat
,m notes. If the ordinance could thus be dsregarae
to the disadvantage Of the soldiers and other eta
creditors, and to the advantage OF brokers, why NJ
,,,v also to the profit of the State?
n: y The legal opinion of Mr. Moore may possibly
id applicable to the case, but confess we are NJ
Fov lawyers enough to see it. and that the only conc
sion we can arrive at from careful reading OF 1t,
.ht that it is only meant TO "muddy the waters"
e. draw off attention from the real points. He sa
A. one thing however, that nobody will gainsay, vi
tho that it was right receive the premium OF 81
tired 0oo on Inc ocaus svu ~ Ssa, r;a
Aueh 4 hos OCT Of uranium viii
might have been realized by the sale OF the renal
ats. der of the bonds. :.
a.; Mr.. Bragg also devotes large portion OF
49,: opinion to tie defence of the transaction Wnicn
suited in securing the ~, oeo 81 premiom 3:
concluding that he could not be wrong in deienol
that which no one called in question But ne g
=, farther than his associate and far more able col
N sci, and contends that the Convention gave
Courts no power to sell the bonds. That point
n,s think has been sufficiently met :,
~ M As to the Minority Report of MIR. Foy, we I'M
~ that decidedly more plausible than the opinion
If either of his COUNSEL yet it fails to remove the
ower press,ons produced by the testimony,
had Mr. Foy makes one very remarkable mistake
# his The Majority Report enumerates per cent Dol
slant to the amount of S. $780, issued and dispose
morn. at par by Mr. Courts between March 1862 and
!. caIl- cember 1862. Of this Mr.. Foy says
,ed in This statement the undersigned believes is
nd Le tended to include, aud does include, the wi
ever amount of eight per cent bonds issued during
III fell time by Mr.. Courts
master Now Mr. Foy had only to turn to the docum
;. ~ nr,nted with the Governors Annual Message,
rvsrd hibt Az to see that Mr.. Courts, himself, sho
life directly the reverse Of this to be the fact CT
,ora of Courts there shows that between March and
and TENDER he issued s. o96, 500 eight per cent b
est On besides those which he sold for 900 prem
: face and it is not denied that between September
ii the December he issued further bonds to the anoa
er had ST. 33, 05a lhese SUNS n,aAe W 49,.
f nOSed at par, EJCCUSCVc VI LuooO oON ~
hon,h # ID really surprising that Mr.. Courts and hi
IA and torneys shouio nave "''o"'o " ~ ~
is mis-. garing error as this. 49,,
taken The conclusion to which dispassionate men
medical probably come from reagls ..'s IT,; na
~ ING corruption-no such suspicion attaches to
nd hs but that if he had possessed the naf OF that
ID mas. cia skin and ability which have been esmt
shea him he would have taken care that the State 81
ainuer' realize the $685. Of premium on the bono
gallant Of which went ins1eso inso .n' p''N'~
l. G. acknowledgements ooss''e''