Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-04-29
Confederate TreasprY Notes.


The following remarks of the Fayetteville 06ser-
Der on this subject, are important If the whole
revenue of the State, or even a considerable portion
of it. should be paid in the uncurrent notes referred
to- the Treasurer will be greatly embarrassed and
State credit may be injured: We have reason to
believe that this subject has already engaged the
attention of Mr.. Worth, ard we feel sure that he
will do all that be done to preserve the State
credit; but we concur with the Observer that the
solution of this difficulty will not be easy and that
sit is possible that this state Of things may render
acalled session Of the Legislature necessary" This
difficulty does not really result from the financial
plans or operations Of our own State, Bat is to be
traced to the action of Congress in relation to Con-
federate currency. The Convention and the Legis-
ature took it for granted that all the issues of the
Confederate government would be current They
could not foresee or suppose that that government
would take any step which would give to any por-
ton Of its currency such character as would in.
cline the public generally to refuse it,
CONFEDERATE TREASURY NOTES YESTERDAY was
the last day on which the per cent. Treasury
Notes could be funded in bonds bearing that rate of
interest Hereafter, and until the LIST day Of Au-
gust next, they may be funded in per cent. bonds
After that time they not fndable at any rate Of
interest, and consequently those who have any of
them on hand after that date will find them una.
VARIABLE till the period of payment fixed on their
face viz: six months after the conclusion of
Treaty of Peace" This is an important fact, which
should not be lost sight Of 1t is very certain that,
being neither fundable nor redeemable they will be
uncurrent after the lst Of August next except only
for payments to the Confederate government.
perhapS NO nu1,t too r. n 81.
Ordinance of the Convention of North Carolina Goth
February, 1862 all the officers of this State
were very properly required to receive any Treas
ury notes issued by the Confederate States But
at that time neither the Convention nor anybody
else imagined that the Confederate Congress would
pass an act violating the faith of the government by
limiting the time during which the notes should be
fundable. Such an act was passed en- the 23d ult.
Nov what is to be done? If the Ordinance of our
Convention be suffered to remain in force till next
fall, when State taxes are colectable these un-
fundable and uncurrent notes will be sought after
and the whole revenue of the State may be paid with
| them. The State, not h,vlng any dues to pay to
the Confederate government, will not be able use
them, and will consequently be ssraitened for the
means to meet its own obligations. 1t is possible
that this state of things may render called session
| OF our Legislature necessary. The Legislature OF
Virginia, which was in session when Congress pass
| ed the unfortunate act of March Goth Immediately
guarded against the danger of having her revenue
paid in such uncurrent funds by passing an act re-
quiring her revenue officers to receive only such
| Confederate notes as issued and after LIST
| April, 1868. This is measure of safety to that
State, but it is one which necessarily co-operates
with Congress in discredting the old issues which
the holders may not have funded by the LIST of Au.
gnst next. Our Legislature had adjourned before
the act of Congress was passed; and of course left
the Ordinance of the Convention in force. Can
anybody suggest any other or less expensive rene
| dy for this dilemma than the convening of our Leg
+: islature?
This is but the beginning Of the evils of that law
We fear its effects upon the character and credit d
the Confedcracy will long be injuriously felt
1t may be important to state the substance of the
provisions relative to funding Confederate notes
which persons will do well to preserve for future
| reference:
The act of March 23d, provides that all non inter
est bearing notes. dated prior to Dec. 1s 1862, may
be fundable in per cent bonds till 22d April 1853
then in per cent bonds till August lst, 1863, after
| which they shall not be fundsble at all.
All noninterest bearing notes dated after Deem
Der lst 1862, and before April 9th, 1868, are fun
dable after Aug. LIST 1868, in per cent bonds
Treasury notes dated on or after April 9th, 1863
fundabe in 6 per cent bonds for one year after
the date printed across the face of then"