Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-07-03

power of prohibiting the Sheri omCeceiving the Con
frah currency appreciated in value by the act ct Con
ress passed subsequently, to the Ordinance, and that
he ought exercise this powers others maintained that
the of Congress and of the Legislature OF Virginia
would not materially aecthe currency Of the old issues
and many urged that could make arrangement with
the Secretary Of the Treasury to exchange the old Tor
the new Issues.
did not concur in any of these views, but with your
appreciation addressed letter each of the Presidents
of the Banks of this State, inviting them to meet me
here on the 18th of May last consider the question
whether after the LIST August next they would receive
currency Confederate bearing notes. dated
prior April 9th, 1863 also wrote to the Secretary
of the Treasury asking him whether he would make the
exchange proposed-whether in his opinion the curren-
CIV of the old issues would be inurousy affected by the
aforesaid legislation, and what amount of the issues
dated prior to December ls 1862 funded prior to
April 3d. 1868. also the Treasurers of the
other States of the Confederacy excepting Virginia ask
ing them whether the difficulty existed in thei.
| States, and how they proposed to remedy it.
Most of the Bank Presidents met me on the day pro-
posed. At that time had not received the answer OF
the Secretary of the Treasury which afterwards came to
hand and which hereto append.
After full discussion of the subject the Bank Pres
dents decided unanimously that, at that time it was in
expedent and for them to decide whether they
would receive the old issues or not after the LIST August
next. -
There was this difference, to the condition of the
could fund any othe old they might have on hand
the LIST of August while the State and County ReVcn
would not be paid in BY the Sheriff till after the LIST
of August and besides they have authority to fund
have received answers from any of the State Treas
urers excepting from the Treasurer of Georgia, whose
answer accompanies this communication From this an
it appears that the taxes in Georgia collected
inSeptember, and that Gov Brown at that time, was
disposed to take no action in the matter.
The banks of Richmond some time after the act of the
Legislature of that State, notice that they would
receive deposit after the 10th of june COneder-
nonnterest bearing notes. dated prior to December
1862 and of course suppose they will not receive them
in payment OF debts due to them The banks OF ichpond
have not gone far the Legislature of Virginia.
These banks reject only the first class Of issues while the
Legislature rejects for dues to the State, both the first
and second class of issues The other banks of the Con-
federacy far know still receive all the issues but
whether they will continue to do have been unable
to ascertain.
The Secretary of the Treasury does not answer my in
qu to what amount of the issues, dated prior TO
December LIST 1862 had been funded prior to April %,
1868.
have been unable to obtain from official sources, any
knowledge to the amount of the issues of the first
of the second class, but from the best information have
been able to get think the issues of the first class some
what exceeds $3.50 600 900, of which about S5O0OOO 900
funded and before 22d April 1863 leaving of this
class about $780, 900 in circulation; and suppose
that about $500 900 of the second class has been ssu
ed; and of this, presume, great amount has been
funded If the States and the banks continue tn receive
the old issues currency is proba@ that arg
amount than S5O0OO 900 will be funded between the
22d April and LIST of August and presuming that the
Confederate money tax will retire $l25 OOO the ar
est estimated have heard the issues to the LIST Au
gust, will probably exceed the amount retired.
The object Of the act of Congress- of the Legislature of
Virginia and of the banks OfchmOnd to sustain and
improve the Confederate currency and SUCH have
Doubt IS the wish of every bank in the Conederaoy, all
of which, far have heard have hitherto unsesh-
ly and periodically sustained the Government. The d
hcuty is to the most efectua to do it. regard
IL UGH OF the plan leaves ahoat after the LIST of Au
gust several issues of currency of unequal value very
badly adapted to effect the end desired.
When the holders of notes which have been paid to
them by the State and COME crate officers and by the
banks money find class OF it rendered uncurrcnt
by act of the authority which issued it, when they find
the compact, under which they received it, to wit The
privilege to demand in exchange for it the bonds of the
Government bearing stipulated of interest chang
ed by the Government without their assent in my Opn-
ion 1t will greatly damage the whole currency Instead Of
improving it. Distrust will arise, which Will more than
overbalance any benefit which will spring from a di-
minuuon oil the currency produced By legislation
which forces the holder fund.- under the penalty OF
having his money rendered uneurrent
In view of all these difficulties greatly at loss to
recommend what is best to be done.
do not doubt that act such that of Virginia. aud
which, think, conforms to the policy of Congress
would cause vast amount to be funded but il
me to SAVIOR of badith, and in my opinion would be op
preSye to the tax payer and do more hurt than good
nile the Act OF Congress remains in force and the
Metropolitan State and City continue their policy have
no idea that action of the Legislature and Banks of
1862 generally currents and if received into the county
and State Treasures, will be the of infinite diff
cultirs if not entirely unavailable If the Public Treas
be required to receive the old issues know equ
table rule by which be dsburse them.
No better plan has occurred to than to suspend the
collection of the and State taxes some definite
time after the meeting of the next Congress- and the COL
lection OF the Confederate tax and in the mean time to
forbid all the officers of the State and
receive the old issues and to address
Congress asking for repeal modification of the law
provision to exchange the the old such
provision as may protect state and county
Treasures from loss Time will thus be obtained to see
whether the absorption by funding and the collection of
the Confederate tax will not reduce the currency
make the legislation on the subject, unmportant.
1.-THE General Assembly shall not approve this sugges-
ton, which make with great difdence and shall de-
eide to receive both classes Of the old issues pay
ment of the public Dues hope they will prescribe some
by which the Treasurer shall be governed in dsburs
claimant to be entitled to demand any class of Confederate
currency in the Treasury which he may prefer is be
to pay out the poorest, or the best, first?
fhn
of the second class and to reject the first postpone
the collection of the taxes what the Treasurer to do
with the issues of the first class hand and which
he must hereafter receive from Shers and others, who
! now hold such money for the Statef
further recommend whatever the General Assembly
may do n the premises that the Shers be required on
before the LIST day of August to pay into the Treasury
the amount they have coected and that the Treas
urer may be authorised tn fund all the old issues in the
Treasury the lst day OF August with power sell or
said bonds afterwards the exgences of the Treas
| ury may require.
In January last made contract with j. T. Patterson
Co., of Columbia s. G. for supplying blank bonds and
Treasury notes. authorized by law issued Owing
difficulties which they alege, they could not
the blanks until lately have been tardy supplied but
they are now coming forward rapidly Most of them have
| been received.
In the early part of the year was compelled to sell
State bonds and issue Treasury notes. the
mands on the Treasury. sold bonds to individuals
the amount Of Sll0 $780, at average premium exceeding
per cent and to the Commissioner of the Sinking Fund
at par to the amount of 1911 500 On the 10Th February
last received from the Confederate government 81
|
troops for the LIST and I'd quarter of 1862 and other
times have received from the Confederate govern
ment for like advances for the 4h quarter of 1862 and
the LIST quarter of 1861 III Is From these and
other sources of less magnitude have been able to meet
promptly all demands the Treasury, and have
in the Treasury S9l3 $40 in Confederate currency
the Confederate government shall repay promptly the
advances of the State for the clothing of troops
which have to doubt do not foresce any de-
mands the Treasury likely to require, within few
months further sale Of State bonds the issue of
of our Treasury notes. except fractional parts of dollar
for change excepting the amount due counties
within the lines of the enemy under the act making
appropriation of million of dollars for the relief
| the wives and families of soldiers in the army
The Treasury not in condition to pay the whole
this appropriation at once without unnecessary in
of the State debt and determined pay it il
four equal instalments-one demand, and the
LIST May, August and November, believing it would il
this way accomplish the object as well as if all paid a
| once.
Since the Treasury, by collections from the Confederate
government and other sources, has been supplied will
Confederate money sufficient to meet all demands it