Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-03-18
MORE MODEL FINANcIERING.

There is much reason for full and free discus.
sion Of the manner ID which the finances Of our
Stats have been managed BY the late Treasurer.
The Legislature very properly thought it expedient
for:no other reason 10 Justify its action in eectng
another than M Courts to the Office of Treasurer,
which action had been assaulted with exceeding Bit
terness By politicians who are opposed to the.ma-
ority Of the Legislature 0with the absurd pretence
that the State would be- ruined by dispensing with
the services Of Mr.. Courts We have thought it
right to Justify the action of the Legislature on the
grounds 6rst that the Governor Of the State has
right to have the officials who surround him-his
Cabinet as it were-friends. and hot avowed and
active enemies; second; that Mr.. Courts, with ad.
United personal integrity and genflemaBly deport-
en is not and never can be possessed of that grasp
Of intellect proper for the place; and that Mr..
Worth, both by experience and intellect Is far
better qualified for the position. f..7 =
We propose to call attention to still smother evil
dence, addition TO- those heretofore given, of the
want Of that financial ability, for the asserted pos
session Of which Mr. Courts has been so prodigious-
ly pulled. ~
We have heretofore shown, we think Conclusive
ly, that Mr.. Courts had right to sell the State
bonds at a premium, instead Of giving them at par
to brokers. But he thought otherwise, to the great
advantage Of the said brokers, and the eq,aily
great loss of the State. If he had come to the op-
ton to give him the express right to SELL not only
might the State finances have been the better by
1926, 600 of premium which he could have obtained
on the bonds solo, but the State Sinking Fund might
have made an operation by which its capital would
have been increased $l3 900 and its annual income
increased nearly $2e 900. We arrive at this con
clusion thus :: 4he Sinking Fund neld, and still
holds We suppose, S450,Oe0 of State. 9 per cent
bonds of the old issue which has beenin great de-
mand in the Richmond market at about 80 per cent
premium. This stock could have been sold for a
premium Of Sl35 00o thus increasing the capital of
that fund to $685., 000 Now if Mr., Courts had al
lowed the Sinking Fund to have $685., 900 of his
per cents at par instead of combining his favors in
that line to the brokers, they would have produced
an.annua interest to the Fnnd Of $46 800, instead
of s27 000 of annual interest now realized on the
$4,000 Of per cent bonds: ..-4
We see from the printed Reports of Mr. Courts,
that Judge Rafin, who is Chairman of the Sinking
Fund Commissioners, obtained SOME Of the per
cent. bonds for himself (Yrobably through the
agency OF broker,) thus showing that he was ful.
ly aware OF the opportunity Of making SO advanta-
geous an Investment. And it is reasonable infer
ence that he would have made a like Investment for
the Fund if Mr.. Courts had afforded lin the oppor
tunity'ether by issuing the Treasury notes or sell
ing the bonds. But he did neither it vas proba.
bly, not in the power IF the Sinking Fund Board 10
make an 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 $3.50, 600 Upon the States credit the
effect would have also been very great and as the
custodian OF those finances and guardian Of that
credit it is astonishing that Mr. Courts failed to Sc
cure to the Board 50 splendid an operatlon-Fay.
Obserrer.