Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1864-06-21

had the million of dollars appropriated at your last
session for the relief of the wives and amhes Oh our
20 ders in the army prepared for issue as soon as pos
sbe and issued warrants for fourth of the amount
before The list of February last By the lst of this month
was ready pay the balance and owing 10 the
wants of auy of the counties decided 10 pay the whoe
of it the LIST of this month, and have issued "aan
accordingly.
last "o reduce the currency and to authorize new ISSUE
of notes and bonds embarrassed my department. 10
important particulars Its immediate effect was 20
all Confederate notes above the denomination OF hVe u0
lars uncurIeut at their face while the ordinance OF me
Convention of the oath February, 1852 No. 3d. aue al
dues TO the State payable IN Confederate noIes h;
authorized to receive pay them out at less tnan tne
face There were several large debts due IN lne otae
which thought might possibly be rendered Ihe AIanc
n C. r. r. Co, Owed the STATE on SHan ~ some
100000 This provides that the loan was 10 De aue
only condition that the Road should SET aSloe Us
cepts over and above annual expenses as SINKING uhu
TO nav the d. and interest and on The further cohoon
of giving mortgage the effects OF the company con-
dtoued the State harmless against loss oi pom
principal and interest. which mortgage have not 3een
able 10 find The following are all the payments which
have been made this debt TO witt Nov 1865, one nun
dred and f0ry-eght thousand dollafs-OeceLADei1 Oe
hundred thousand dollars
Ihere aso due the State 5000 from the Ralegn aoa
CASTOR H. Co. and $49 900 from the City OF Sn
account Of their bonds exchanged for the bOods o n
State, under ordinance of the Convention NO. 4, ru'ueo
january 3Uth 1862 the 9TH section oil which provides u
these corporations shall be allowed to redeem their pons
at any before maturity, in the currency OF the
giving thrtySdays notice 20 The treasurer 0i tns ~
of their intention to do" The Raleigh Gaston h n
Co.. exchanged their bonds with the Stale, unuer tn
ordinance to the amount of 100000, and the Cty OF
Raleigh the amount of $50O0O; and prior 10 the lh
February last the former corporation had paid into the
Treasury $3.50 of its bonds and the latter had Para
81 600 which paid over 10 the commissioners
of the Sinking Fund.- required BY said ordnance ana
invested in State Bonds for which they had to pay very
large premium There is also large debt due the state
from The Western K R. Co., for interest on their oonaS eA
changed with the State.
due to the Stale when the currency act of the lth FeD
ruary was passed. all Of which required to receive IN
any Confederate currency, ut its face according to inc
literal Of the ordinance Of the goth february eoZ
The currency authorised the funding oil ConedeTae
notes. their face, until the LIST day OF April IN per
cent bonds which made good to pay taxes Us to
their principal for the present year, and copy the oh
7h 8h aud 18th SECTIONS Of the bill for your convenience
in referring to them:
SEC. D. That to pay the expenses of the Government
otherwise for the Secretary ut the Treasury
is hereby authorized to issue per cent binds to an
amount exceeding five hundred millions OF dollars, the
principal and whereof shall be free from taxation
aid for the payment of the interest thereon the entire neu
receipts Of any export duty heretofore laid on The value OF
all cotton tobacco and naval stores which shall be export
ed from the Confederate States aud the nett proceeds OF
the import duties now laid, much thereof as may De
necessary pay annually the interest are hereby specially
pledged prO0dsd that the duties now laid upon import
hereby pledged, shall hereafter be paid III specie, or
IN sterling exchange in the coupons of said bonds.
SEC T. That The Secretary OF the Treasury is hereby
thor!z.d from time, the wants OF the treasury
may require It, TO sell hypothecae for treasury note
SAID buuds any part he eof upon the best terms he
time reduce aud restrict the amount Of the clrcua-
tiuu in treasury within reasonable and safe mlts
SEC s. The bonds authorized by the 9TH section OF this
act be either registered coupon bonds as the par
ties taking them may elect aud they may be exchanged for
each other under such regulations the Secretary OF the
Treasury NAV prescribe Their shall be hundred dol
lars or some multiple of hundred dollars, and shall
together with the coupons thereto attached be Of such
form and Of such authorization the Secretary Of the
Treasury may prescribe The interest shall be payable
half yearly ON the first of January July each year
the principal shall be payable not less than thirty years
| after their date
SEC H. That any State holding Treasury notes. received
before the herein fixed for taxing said notes. shall be
allowed until the LIST day of January eighteen hundred ard
sxty6ve 10 fund the same in six PEI cent bonds Of the
Confederate States payable twenty after date and
the interest payable senannualy But all Treasury notes
received by any Ste after the fixed for taxing The
same as aforesaid shall he held to have been received d.
unfinished by the amount of said tax This discrimination
between the subject to the tax and those not 50 sub
jec shall be lett tue gUOd faith Of each State and the
certificate of the Governor thereof shall in such be
| conclusive"
1t will be seen that the $780, o0O of bonds authorized
to be issued aud sold for what they will bring to pay the
expenses Uf the government to be exempt from taxa
ton, to principal and INTEREST," that the coupons are
made good 10 pay import duties and that certain mpa
import aud export duties pledged tor the
of the interest and that none OF these provisions tending
TO give credit to these bouds attach to the bonds which
the States may take under the 18th section. AS Very
large of this superior class of bonds must be
in market is manifest that the inferior class could b
sold only deprecation and therefore deem
ed it inexpedeut for the State invest the inferior
class of bonds with the view to recUnver IheD by sale
into the currency and at first thought il prOpabe
if you in session before the LIST day OF April THAI yur
| might prefer TO invest in the per cent. bonds
With the view enable you protect the State arans
the payment of the debts aforesaid in currency depreca
ted by the action of Congress- and enable ycu if yuu
should deem expedent 10 invest the States funds in
bonds on the 9th day of February addressed
communication to His Excelency the Governor express
ing strongly my opinion that it expeden that yor
should be convened before tine first day of April. d
hereupon cOnyOked the Council OF State without DELAY
aud WHEEL they assembled laid before them my eommuni
CATION and invited me TO attend them and explain my
views Before the Council assembled other views had
CURED TO became satisfied that it Inexpedient
in any event. for the State to invest her funds in pc
cent bUndS and came TO the conclusion that it
improbable, that Congress- when it should ON the Isl
Monday of May, might make important amendments L
the act In this it was desirable that you SHOULD
meet afterwards AS the tax the currency declared
attach to the notes wherever circulated and the Coned
crate government does not claim the right to tax th
States thought Congress would modify the act as
allow the States to exchange the currency hand tn
list of April at par, for the ISSUE est in In
class of bonds authorized to be issued under the 9th sec
ton. submitted these views to the Council of State
and to avoid the difficulty the payment of the afore
said debts U the State told Them if they declined to I'D
wise the convenIng the Assembly that would take OF
myself the responsibility of declining to receive paymen
of said debts IN Confederate notes, at their Gdce shou
payment be rendered until pleasure should be known
believing that fair Interpretation of the ordinance wou
not require me to receive the currency at is ce ae
Congress had diminished its value one third.
The Council decided that it inexpedient to conven
you before the time to which you had adjourned
all the corporations aforesaid, excepting the CITY
Raleigh, afterwards applied to me TO make payment
which declined to receive.
addressed letters TO several OF delegations in Con
gress setting forth the foregoing views the
act asking them if they cOncured that they would
In the matter at the earliest period possible. have hu
from several of them approving my suggestions
and you will have that, moti0n OF Mr. Graham
the subject was referredtO the committee on Finance
but OWING to the suspension of mail communication an
not informed as to the result
If Congress shall not amend the act, recommend tn
investment OF so much of our currency consists of on
IL in mar 0anfh npd
of the residue at loss of One-third the new ISSUE
recommend that the old of Confederate notes
dred dollars be received payment of State and Count
taxes at twOthrds of their face and that the new ss
OF Confederate currency and Confederate notes of less
nomination than five dollars be received at their face
payment of said taxes and that much of the
oil the Convention of the 26th February, 1862 No. 3d.
relates to the receiving of Confederate treasury notes
| ,tnff nHos hLAl,n