Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-07-09

The . cretary OF the Treasury does not answer ms
inquiry as 10 what amount ol the issues, dated prior Il
Decem5er Ist, 1862, had been Iuuded prior to pri
%, 1868.
have been unable to obtain, from Official sourcee
any knowledge to The amount OF the issues Of the
hst or OF The second class but from the best norma
tlcn have been able TO get, think the issues OF the
first class somewhat exceeds $250,O00 600, of which
| about 500 100000 funded On and before 22d
April, 1868, leaving, of this class, ABOUT 100000 900
IN cIrcuhtlon and sQpposo that about 5000 900 900
OF the second class has been issued aud of this pre-
sumo, great amount has been funded If the State
and the banks continue to receive the cd Issues as
rency, it is Lot probable that lIrger amount than
100000 900 will be funded between the 22d April and
lst of August ard presumng that the Confederate
money tax will retire $12500000O the largest estimate
have heard, the new issues to the lst August, will
probably exceed the amount retired
Tha object Of the act of Congress- of the Legisa-
ture of Virginia, and OF the banks of Richmond was
to sustain and improve the Confederate currently, and
such, have doubt, is the wish of every bank in the
Conederacy, all of which, far as baye heard, have
hitherto, unstlfshy and parioticaly sustained the
Goverrmant. The iculty is to tie most eactual
way TO do il. | regard so much Of the plan leaves
aoar after tie lst of August several ISSUES Of
cy Of unequal Value very badly adapted to effect the
erd desired.
When the holders OF notes which have been paid to
them by the State and Coi erate officers and by the
banks as money find one class OF ii retdered uncur-
rent by of the authority which issued it when
they rd the compact, under which th received it, to
wit: lie privilege 10 demand 10 exchange for it the
bonds OF the Governmsnt beafng STIPULATED rate Of
interest changed BY the GCVernment without their as
sent, in my opinion, it will greatly damage the whole
currency Ist ad of improving it. bistrnst will arise,
which will more than 0verbaIance any bench. which
will spring from dimnution OF she currency, produced
by legislation which forces the older TO fund, unier
the penalty ct having bis money rendered r, uDcurrent
v2tw of sill these d. .fculties | ain greatly a loss
to iecouu.I what is best to he done
30 o. doubt that act such that # Virginia,
and which hrk, Conforms 10 polly of Con yress,
would anluunt 10 be fund.- d. bu. it seems
TO To bad i;tIth and in nv 0-inion wOuli
be oppressive u the lax payer aui d. re hurt
than good
While the Act o, Congress remains i'll fo c., and the
Metropolitan State aud City Continue their policy,
have idea that cnY action OF the Legislature and
Banks o this State, make the issues dated prior
to December 1862, generally current and if received
into the county and State Treasures will be the source
OF infGite fculties if not entirely unavailable If
the Public Treasurer be required to receive the old is
sues, l know equitable rule By which be can dis
burse them
No better plan has occurred 10 me than to suspend
the collection of tie county ~and State taxes to
d. finite time after the meeting of tie next Congress,
and tie collection Of the Confederate lax and in the
time to forbid all the officers OF the State
and counties to receive the old issues and to address
remonstralca 10 Congress asking Tor repeal mod
iicatiOn OF the law or provision 70 exchange the
new issues for the Old such other provision may
pro ect cur State and county Treasures from loss
Time will thus be obtained to whether the absorp
ton by funding and the collection of the Confederate
tax will not reduce tie currency 10 make the leg
islatiOn on the subject unimportaut.
Ii the General Assembly shall not approve this sug
eesOn, which make with great di1ideDce, and shall
decide to receive both classes of the old issues
in payment of the public Dues hope they will pre-
scribe some rule by which the Treasury shall be gov
erned n disbursng the different classes of Confederate
money. Is each claimant to be entitled to demand any
class of Confederate currency in the Treasury which
he may prefer Or is be to pay out the poorest the
BEST first?
If the General Assembly conclude to receive the is
OF the second class, and to reject the first to
postpone the collection of the taxes what is the Trea
sury to do with the issues of the first class now on
hand and which be must hereafter receive from Sheri
and Others who now hold such none; for the State
further recommend whatever the General Assembly
may do in the premises that the SterJ be required
before the lst day of August to pay into the Trea
sury the amount they have collected ard that the |
Treasurer may be authorized to fund all the old issues
in tie Treasury the lst day Ct August, with power
to sell said bonds afterwards, the exgencies
Of the Treasury may require.
In January last made contract with j. I. Pat |
terson Co., of Columbia S. O., for supplying blank
bonds and Treasury notee authorized by law to be is
sued. Owing to the difficulties which they aege, they
could not overcome, the blanks, until lately, have been
tardil% supplied but they are now coming forward
apidIy Most OF them have been received.
In the early part OF the year COMPELLED to sell
State bonds and issue Treasury notes. to meet the
demands the Treasury. l sold bond5 to individuals
to the amount OF $ll0500, at average premium ex-
ceedng per cent, and to the Commissioner of the
Sinking FuLd, at par to the amount OF 97l 800. On
the 10Th February last received from the Confederate
government 81 ,299,49 %, due the State for ad
IN clothing troops for the lst and I'd quar-
ters of 1925 and at other tmCs since have received
from the COned rate government for like advances for
the 4h quarter Of 1862 and the lst quarter of 1868,
81 63l III %. From these and other Of less
mag gnitude have been able to meet promptly all de-
mands the Treasury, and now have 10 the Treasu
~ $913570 in Confederate currency, and if the Con-
ederat2 government shall repay promptly the advances
of the Slate for the clothing of our troops, which l
have to doubt, do not toresee any demands
Oh the Treasury likely to require, within few mouths,
further sale of State bonds the issue OF any of
Treasury notes. except fractional parts OF dollar for
change, and excepting the amount due to counties
within the lines of the enemy under the act ma
king an appropriation of one million Of dollars for
The relief of the wives and families OF soldiers in
The army.
The Treasury was not in condition to pay the whole
Of this appropriation at on CO. without unnecessary
nc ease of tie State debt and determined to pay it
ID four equal instalments-one on demand and one on
Lst May August and November believing it would in
this way accomplish the object we'll as all paid at
)nce.
Since the Treasury, by collections from the Confed
government and other sources, has been supplied
with Confederate money sufficient to meet all demands
it, have refused to pay our Treasury notes. except
ng fractional parts Of dollar, and to counties within
he lines of the enemy, because the issue OF our notes
would have been equivalent to borrowing money when
the Treasury amply supplied Many OF the county
commissioners have urgently pressed me to pay in our
the aota due them, for the support OF the wives
md families of soldiers in the army, but as the act
peciaIy provides that the counties within the lines
# the enemy shall be pad in our notes, l have con-
trued it that the others were to be paid as other