Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-06-22

country required By the time they were printed ths{
would command premium of 50 per cent or more and
deemed nexpedent to issue them, especially as their
superior value kept them from circulating and
the Office for which they were issued have not bad them
had the miouof dollars, appropriated At your last
session for the relief of the wives and families of our
oders in the army prepared for issue soon IS pos
before the LIST Of February hast. By LIST Of ibis month
was ready to pay the balance and owing to-
wants of many counties decided to pay the whoe
of it on the LIST Of this month"; and have issued warrants
accordingly
The passage of the of Congress Of the 18th February
last to reduce the currency and to authorize new ISSUE
important particulars Its immediate effect was 10 make
all Confederate notes. sbove the denomination OF i've dol
Convention Of the asth February 1861 No. s5 made all
dues to the State payable Confederate hoes was not
authorized to receive pay them out at less than
which Thought might possibly be tepdered The Atlantic
n. c. R. T. Co., owed the State, account OF the loan
to that company, under the act Of 1885, Chap some
only condition that the Road should set aside its re-
cepts and above annual expenses Sinking Fund
to pay the debt and on the further conoon
Of giving mortgage on the effects Of the company con
doued The State harmless against loss Of both
principal and interest which mortgage have not been
able to find Ths following are all the payments Wnen
dred and fortyeight thousand dolars-Decembef, one
hundred thousand dollars t.
There also due Inc State
CASTOR X. Co.. and $49O0O from the City Of Raleigh on
account of they bonds exchanged for the bonds me
State under ordinance of tie Convention No, ratified
January sOh 1862 the 9Th section OF which PROVIDES that
these corporations shall be allowed redeem their bonds
any before maturity in the currency OF the state
giving thirty days notice to the Treasurer thus Stase
Co.. exchanged their bonds with the State under th:
ordinance to the amount Of $2OOOOo and the City OF
Raleigh to the amount Of $5ouOo and prior = Inc sn
February last the former corporation had paid into the
Treasury of its bonds and the latter had paid
$1,000, which sums were paid over to the commissioners
of the Sinking Fund, required by said ordinance and
large premium There is also large debt due the State
from the Western r. r. Co., for interest on their bonds e1
| changed with the State t"'
The foregoing and other debts of less magnitude,
due the State when the currency act Of the 18th rep
ruary passed. all Of which required to receive IN
any Confederate currency at its face according 10 the
literal terms Of the ordinance Of the 2sh February 1867
The currency act authorised the funding OF Confederate
notes. ut their face until the LIST day Of April in per
their principal for the present Year. and copy the 6h
7h 8h and 18th sections Of the bill for your convenience
| in referring to them:
Ssc. t. That to pay the expenses Of the Government
not otherwise provided for the Secretary Of the Treasury
IL hereby authorized to issue per cent bonds to
amount not exceeding five hundred millions of dollars the
for the payment of the interest thereon the entire nett
receipts any export duty heretofe laid the value Of
I'LL cotton tobacco and naval stores which shall export
ed the Confederate States and the nett PROCEEDS of
the import duties now laid much thereof as may be
necessary pay annually the interest," hereby specially
pledged; prouid that The duties now laid upon import.
and hereby pledged shall hereafter be paid in specie
sterling exchange or in the coupons Of said bonds.
SEC T. That the Secretary Of the Treasury is hereby
thorzed from time to tme the wants of the treasury
may require it. sell hypothecae for treasury notes
said bonds any part thereof upon the best terms he
as to meet appropriations by Congress- and at the
same time reduce and restrict the of the Giro
ton in treasury within reasonable and safe limits
SEC 8. The bonds authorized by the 9Th section of this
may be either registered coupon bonds as the par
ties taking them elect and they be exchanged fol
each other under such regulations the Secretary Of the
Treasury may prescribe They shall be tor hundred dol
lars snuple of one hundred dollars and shall
together with the coupons thereto attached be of such
and of such authorization the Secretary of the
Treasury may prescribe The interest shall be payable
half yearly the first of January and July each year
the principal shall be payable not less than thirty years
SEC H. That any State holding Treasury notes.
before the time herein fixed for taxing said notes. shall
allowed until the LIST day Of January eighteen hundred
sixy.fve to fund the ia six per cent bonds of tn
Confederate States payable twenty years after date
the interest payable semannusiy But all Treasury note
received by any Stat after the time fixed for taxing tn
same aforesaid shall be held to have been received d
minshed by the amount of said tax This discrimination
between the notes subject to the tax and those not sub
ec shall be lett TO the good faith OF each State and tn
certificate of the Governor thereof shall in such
conclusive"
be issued and sold for what they will bring pay th
expenses of the government to be exempt from
ton, to principal and Interests that the coupons ar
made QOOQ 70 import 8nQ In6L certain 1mpOl
tant import and export duties pledged for the
of the interest; and that of these provisions tendn
to give credit to these bonds attach to the bonds whc
the States may take under the 18th section As q yer
large of this superior class of bonds must be
in Market it is manifest that the inferior class could
sold only enormous depreciation; and therefore deem
class Of bonds with the view reconvert them, by
into the currency and at first thought it propab
were in session before tpe is day Of april ha.
With the view to enable you protect the State again
the payment of the debts aforesaid in curesy deprec
ted by the action Of Congress- and to enable you if va
should deem expeden to invest the States funds in
cent bonds the 9th day of February addressed
communication to His Excelency the Governor expires
: i should be convened before the first day of April
,hereupon convoked the Council Of State without della
and WHEEL they assembled laid before them my commun
cation, and invited me to attend them and explain m
views Before the Council assembled other views had o
CURED to became satisfied that was nexpedep
in any event. for the State to invest her funds in
cent bonds aud came to the conclusion that it was
Improbable that Congress- when it should meet on the
70 Monday Of May, might make important amendments
the act In this event it was desirable that you shou
meet afterwards As the tax the currency is declare
attach to the notes wherever circulated and the COME
crate government does not claim the right to Il
States thought Congress would SO modify the act as
allow the States to exchange the currency on hand on
lst OF April at par for the ISSUE to invest in
class Of bonds authorized to be issued under the 9Th
ton. submitted these vewa to the Council of Stat
and to avoid the difficulty the payment Of TIE aor
said debts to the State told the they declined to
wise the converting of the Assembly, that would take
myself the responsibility of declining receive payne
of said debts in Confederate notes. their face shou
payment be rendered until your pleasure should be know
believing that fair Interpretation of the ordinance wou
not require me to receive the currency its fcs aft
TT Congress had diminished its value one third
The Council decided that inexpedient to conye
8, you before the time to which you had adjourned
m All the corporations aforesaid excepting the City
p Raleigh, afterwards spilled to me 70 make paymer
ID which declined to receive.
addressed letters to several Of delegations in C.
setting forth the foregoing Of the curren
act asking them If they concurred that thew would mo