Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-02-27

also to the notes directed be issued to raise money
to pay the Confederate tax. They were to be USED
for no other purpose, nor allowed to pay any other
debt but were to be cancelled when returned to
the Treasury Nor is the view of the majority, that
the notes would have remained in circulation, at all
compatible with the fact that soon after the COM
mencement of the issue of per cent bonds, they
rose to premium in the market Such being the
fact every one at all converSant with such matters
must know that these notes, by fixed and uncon-
trollable law of currency, would, Immediately after
their issue return upon the Treasury, and be funded
And that such was the case with the issues made,
aGundantly appears from the evidence filed 80 That
the interest that the State would have saved, mad
the law been complied with in the gerry tette Us IN
sisted by the committee would have been compare
lively small and trifling. But could 1t have been
carried out literally under the clrcumstancesf and
was there no reason for pursuing the course which
was pursued by Mr.. Courts? His own response to
the Legislature the evidence of Mr.. Lewis, and the
statements of the report itself based thereon all go
to show that the delay in procuring the necessary
plates, owing to the fall of New Orleans, and that
necessarily incident to the issuing OF the notes after
the blanks we're obtained, rendered it next to i'm
possible to get the notes out rapidly as the wants
of the Treasury demanded. Our soldiers had to be
paid and large expenditures had to be made for
their clothing and subsistence, beside other State
expenses and funds had to be provided for all these
purposes. 1t is vain to say that deprecated cur
rency was issued instead of better one
Mr.. Lewis evidence shows that to our troops in
Virginia, Confederate Notes were more available
than Treasury Notes. The former would circulate
there the latter would not, or not so well. And
besides these Notes not under the ban OF de-
preciated currency, the majority tosuppoSe;
for in point of fact by section q Ordinance 30, all
public dues to the State were payable IN Confede
rate Notes, alike with Treasury Notes bank notes
and gold and silver. And of course it was intended
that such notes should be paid out by the Treasurer
49, a.
dnance it the intention not to add to the volume
of paper money in circulation, the evils of which
were known to be great, but to raise money for the
State at certain specified in the Ordinance, the
debt to be funded and paid at some distant day,
after the end of the war And the undersigned
can therefore no objection to the course pursued
by the Treasurer in raising the amount at the rate
fixed by the Ordinance 1t was at last but raising
the amount and funding the debt at the rate of in
terest fixed by the Convention. 1t may be called
loan or sale whatever else one may choose to
designate it. but this does not change its true char
acter, whatever name may have been given to the
transaction by the Treasurer, the committee 9TH
erS. 1t may have been that different policy, and
a sale Of the bonds in market, would have been the
better policy, and would have saved the State not
tOSs as 1t is put by the report but premium, and
thereby gain. But, in the opinion of the under
signed, nothing can be more unjust than to censure
public officer for not adopting course unwarran
teu ny idhi rs aIiHtleu ny inc ulaOTlty, "neH inc
fault, If any, rested not with hun but with the fra
mers Of the law. The Undersigned has already
planned the provisions Of the Ordinance assuming
the Confederate tax and the reasons for the action
of the Treasurer in relation TO that matter.
4 few words to the exchanges made by pay
master Lewis, Of Treasury Notes for Confederate
Notes aud the undersigned will close this report
The evidence of Mr.. Lewis fully explains these
TRANSACTIONS and furnishes the reasons which Undue
ed HIM TO make the exchanges He says they were
principally as follows:
lst 40 keep the Treasury replenished by hav-
ing the bills exchanged by me funded under all
Ordinance Of the Convention for that purpose. ID
1t gave in my opinion, better circulating currency
to pay WITH Confederate bills passed every where
and State issues were doubtful in some places where
soldiers were situated" And again, he says:
In conclusion will add, that the exchanges refer
red to were made by me at amount OF trouble
and risk to myself which would not have been as
sumed but for the public good as stated in answer
to question 7th. At this time there great
danger of the Treasury becoming exhausted and the
payments 20 the soldiers thereby having to stop"
These facts seem to the undersigned fully to eX-
onerate Mr. Lewis as well as Mr. Courts from any
censure attempted to be cast upon them, or either
of them account of this transaction. These notes
were not only fundable, but when funded, were
by the provisions of the Ordinance No 35 re-iSSua
Lle from time to time. The wants Of the Treasury
1t is also shown were pressing and urgent and but
for the course pursued must have stopped payment
rs Treasury Notes in sutAcent quantities could not
have been issued to pay promptly our soldiers and
meet other heavy expenditures which had to be made
for the State
All Of which is respectfully submitted,
j. II. F0Y.