Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-06-16

explicit and thorough and contain in brief the
which rendered indispensable that the Legislature should
be convened - .... .......
TREAsURER's OFFICE
Raleigh, n. c., June l8, 1853.
To the SRe' ifs and Taz OnectOrs of North Carolina:
Under the act of the Confederate Congress of the Esd
March last relating the funding Confederate Treasury
notes these fundabe notes divided into three classes
/. Those dated prior to December lst, 1862.
3: Those dated between LIST December, 1869, and 9Th
s. Those dated on and after 9th April 1883
The first class is fundebe in ee bonds until the
ls August next after which they not fundabs at all
The second class also fnndabe in per cant bonds
until the lst August next after which they fundabe in
4 per cents q .--r..
day of the month printed in red ink the face O them
in PER cent bOnds after which they are fundable in
The faith of the Confederate is pledged
the ultimate payment Of all of these issues and all Of them
in payment OF taxes aud other dues to the
Confederate government at time.
At the time this act of Congress passed. the asst amount
of this currency in circulation had cheapened its value and
the further issues which unavoidable likely to
produce ruinous depreoSation.
The policy of Congress remedy the present and pro-
spectiye evil seems to have been TO diminish the amount
Of circulation, and the plans to effect this end
l. To induce the holders of the issues then out Ito wit
the first and second classes to fund them by the st of
August next by allowing till thAs date liberal rate Of
in terest. -- -...s. - - 81.
2 To have new issue out the third class BY the rs
day Of August fundabe at higher rate of interest than
the old issues which would deprecate the value of these
old issues thus operating the holders OF the old issues
fund them, both BY the hope of gain and the fear OF
loss. .. . - -..E.-.
g. By the collection of tax which L is supposed will
absorb one hundred and sutY;6vs'miiiops:
L. To prevent future redundancy Of the currency by
limiting the new issues to fifty millions per month"; and
supplying the army with provisions by tax In kind.
The Legislature of Virginia with view as Ipresume;
TO cooperate carrying the views of Congress- and
to protect her Treasury immediately passed act ProE-
ding that only the third class of issues should be received
in payment taxes due that State and recently,
the Banks of Richmond, doubt with the Objects
have resolved not to receive on deposit The issues Of ae
first class The Banks of Petersburg and Lynchburg and
of the other Southern States far know, still re-
ceye all The issues but whether they will continue to do
So after the Ist Of August have been unable to asesr-
tain.
The second section of ordinance No 3 February session
of our Convention compe you receive any Confederate
notes In payment Of taxes and gives power to forbid
YOU class of and II may turn utthat
the effect of the act of Congress be 10 make or
both first mentioned classes Of notes uncureut after
the first of August whereby the State and County Treas
uries NAV be supplied with unavailable money the Gov
yrnor with the advice of bis Council has ordered extra
session of the General Assembly to convene the S0th
ns to consider and decide what ought to be done in the
It expected therefore that you will abstain from col
ecng taxes in the Old issues until the action OF the Leg
In the mean time there should be no panic among the
people this subject All have opportunity TO fund
TIL the ls Of August and pay the large tax to the Con-
fderate government these notes; and if the General As
seby should decide to continue TO receive the issues OF
the second class which will continue to be nearly as soSo
people will not be incommoded materially in paying the
State and County taxes and is hoped that the issues OF
the first class will be nearly all absorbed by funding and
in paying the Confederate tax.
This full explanation is made TO en- able you clearly to
understand the subject and 10 explain it to others.
fore advised 10 receive only in payment OF State and Coun
ty taxes the Treasury notes OF this State the notes Of all
the Banks of this State gold and silver cou and Couede
rate Treasury notes dated and after 9Th of April 1885,
and the interest bearing Treasury notes of the Confederate
States. Very Respectfully,
t1 - Pa6EO Treasurer. !