Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-07-20
Nurtb~Caruliua 5tmlaar.
REPORT

REPORT
Of the .7oint Select Committee appointed unde
a JOint Revolution TO enquire into the csus
phy Soldiers aoere paid IN Confederate Urea
ury Notes insteud Of North Carolina 7reGsu'
Noies.
The Joint Select Committee appointed to enquire mi
the causes of the payment of Spiders Claims BY d.
bursting officers and agents of this State in Conadera
Treasury Notes instead OF NorthCarolna Treasury Note
which authorized to be issued by The State Conv.'
ton for the payment of such claims beg leave to gubm
the FLOWING acts:
That by Ordinances of the Convention the Pub
lie Treasury authorized issue Treasury notes to tn
amount ubodt millions Of dollars for the purpose
paying drafts the public Treasury That by the Ord
rance of December LIST, 1884, the public Treasurer au
orzed to issue Treasury notes. fandabe in six per cent
Bonds part OF these notes issued bnt from tn,
fact that the Bank Of North Carolina and its Branches.
fused 10 take these notes currency these notes became
uncrrrn and TO remedy this evil the Convention passed
Ordinance No. 35 Of the date of February, 9Th, 1852
which Ordinance ordained thai all Treasury Notes Of
tain denominations that had been issued and all TO be is
sued, should be nndabe in eight per cent bonds, six
per cent certificates convertible at the pleasure of the
holder III per cent bonds The Committee find, that
Immediately after the passage of this Ordinance, North
Carolina Treasury Notes commanded premium as they
were convertible into eight per cent'nnds. This will
appear from the report Of the Public Treasurer to the
Hnnse OF Commons, dated Sth of December 1852, III
which report the Treasury shows that Although Con-
Tolerate Notes nothing like plentiful then as
now that he refused the bids froG he B,kS Of the Safe
in response to his circular asking the Banks for
m
eerae tax from the fact that he asccrtaned that North
Carolina eight per cent Bonds commanded premium III
Richmond And it will appear from said report, that
through Messrs. Lancaster 4 sons Bsukets of Richmond
the Treasurer sold about million four hundred thou
sand dollars of eight per cent Bonds which said sale
menced on the 18th of March, 1852 and ended the nth
of May. 1852 the premium Of the Bonds ranging from
and ahalf per cent to six per cent which sales the
Treasurer realized for the State near forty Thousand dol
lars The Committee ind that the Treasurer for the lur
p'se oil meeting the demands the Treasury failed to
issue the Treasury roes provided for in the Or
nances OF The Convention but will appear from the
iderce filed with this report sold large amount OF eight
per cent Bonds pri0aty at par the sales commencing
March 18th, 1852, when the Bonds of the
tons were selling in Richmond by Gutory of the Teas
arer for one and ahaf per cent premium aud ending in
September 1862 when the Bonds We're worth premium
OF ten to twelve per cent will appear o the state
ment OF Lancaster Co.. iied with this report
ihe Committee find that JnO Il. Williams IL Co. Bro
kers IN Raleigh, and Messrs Branch Sons Brokers' of
Petersburg Va. as will appear from the stat cement lied,
purchased from the Treasurer with Confederate Notes.
par eight per cent bonds to the seven hundred
and nnety-seven thousand nine hundred and forty
dollars, worth premium in Richmond according date
81 issue, OF Thousand wv" hunded and two
dollars and eighty four cents and Juo u. Williams
In his testimony, admits he purchased about million
and qna ter and bonds in his name are only issued
for ia million, he must have D,rcna,ei in tina
maine ol oher parties to the amount OF hf
more showing loss to the State of seventy oGd thousand
dollars in the transactions Of The Treasure and other
bursing agent with one firm in the civ -, r:l.yu The
COMMITTEE, from the want of tire and liz. Iincuty in
procuring evdeuce have been unable Make u, ii slate
ment as 10 The loss OF the State various uIiisI iye
transactions with Brokers and individuals by refer.
ence to the Treasurers Report, OF the til December 1852
1t VIII be seen that James L. HOyt Jno W. cunningham
ana OILERS were very large Dealers viii De seen
Thai, OF the amount of eight per cent stocks issued q
very large amount went into the haads of rUker. and
very si.ali amount into the hands PERSONS having tna
H'te claims against the State =
Upon examining the Ordinance Of the Convention M
Co. lie COMMITTEE Of the opinion that was the inten
to 81 The Convention to make the Treasury Noes cur
rensy and that the authority Suud sa notes in eight
per cent bonds was for the purpose of ririno The NOES
Credit as circulating medium; and hi these notes been
PAD "lt as contemplated to the soldiers or public cred
lols, they would have been dsed over The country as
circulation, ard would have Returned SLOWLY for bonds
ana 50 long as these notes circulated the State would
e sEeu esht per cent interest," and The soldiers would
nave received heir State bounty and other nertorous
Creditors would have received their dues in an apnrpca
ted and not as they did in a Deprecated crre,cT In
eaa' however, OF pursuing the obvious u;entons OF the
treasurer seems to have put the construction
or the finance, that could moi procure The nes m
account OF the fail OF New Orleans be had the ri5 To ss
Inv es :" teplenisn she Treasury; Tor it shown by
the Confederate tax tTs ampnlt Of bonds to pay
81 the treasurer himself and the testimony oroers that
ne gave III etehaAge at par for Confederate money large
aa.unn Vi elst pei cent bonds, at the same time be
was seiinS bonds of the 0tae in Rjc5nouh at
haah"e ps'"tn. is of the opinion If The ;,nni,t.a
..h me Crdnance OF the Convention id rot authurze
oae =" .e egI per cent b'nds neither did the Urd-
lance ahorize loan ut any crest neither did The Or
dnance authorize the Issuing eight per cent h,
purpose, except IN redemption Of Treasury noes In G
rphion Oh the COMMITTEE the exchange OF e;oh ner cont
bonds at par for any thing exce,,t Trc,surv t 1s.
reality sale OF the bonds, and that such sales wsra mot
authorized by law and were injurious to the public. b.
cse ei es accrued immediately the Lie OF eiy1 nor
cent. asa''lst the State, which wou not have en- n
fuse hd the Treasurer issued the rte,sry nntns 1be
treasurer however, exercised the powur Of sale aod If
ec"uc3 10 MS Interpretation of the Ordinance ha hal
10 SELL no good reason is WHY ne s,ud not sail
~ We car eit premium BY tue statement Of Isncs,r
NM Of ho1niand hereunto appended The cu rent pre
n'',' az winch these bonds Were selling il the nrncn1
STOCK market tor each month"; from Mrc; to Dpc.mI'arp
S,aeu ny winch statement il will be seen mat If tb
treasurer had sold these bonds at the cirren, ,r,
.ns,ea't q" al par us he did sell he wound hava avd ,h
say me sum OF three A"ndred anL. tpsnSyh0, fhoncnJ
from me evidence OF Major A. H. Lewis pavm,stcr -
h,d We seen .fat The Treasury Notes CAME inro his
au' were not circulated intended ,m,nr thn snlar
hut 'o"i'd tAer way Immediately into The nds If Rs,
anu SPECTATORS ind the Stale was inucd,ateIv snhs
W e.S per cent interest by The funi,uu of ,i.a 49,,
s.e hoes We're returned to Major H. Lewis and hr Ice,
10 the Brokers, and by them again fuut.i and
e o'e again immediately sutcci to eoht mar ant
ana the soldiers paid Confederate Te,surv N
IN ,es or Treasury Notes as provided for
'4 '"e various ordinances of The Cunvcutin '''
Respectfully submitted,
7. McADEN, Chm'n.
q. b. SANDERS
Il. j. WARREN
b CARPENTER
DANL J., RUSSELL.
nv