The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-03-29
Internal Improvement Bends issued during the
War.
(CORRESPONDENCE.)

Internal Improvement Bends issued during the
War.
(CoRREsPoNDENCE.)
STATE OF NoRTH-CARoLINA,
| Treasury Department,
Raleigh, March 10th, 1866.
Hon. SION III. RoGERs,
Attoamey Ge,aeral:
iSir.-The General Assembly, by an
act ratified March 9th, 1866, directed
the Public Treasurer to prepare and sell
bonds for the purpose. of paying due
| bonds and coupons on bonds "issued
under acts passed prior to May Goth,
1861"
Classes of bonds authorized by acts
passed prior to May Goth, 1861, We're
issued since that date, in 1861 and 1862,
as follows:
l. Bonds for the benefit of the Will
mington, Charlotte and Rutherford han
| Road, $3.50, 600, authorized by act % o1
1858, chap. 16S, and 1860, chap. l42,
dated April 1st, 1861, but actually
| issued july 1st. 1861, and Dec. 9Th,
1861, PAYABLE in New York.
By an ordinance of the Convention,
ratified June 2Sth, 1861, the Public
Treasurer was directed to sign and issue
these bonds for work already done.
2. Bonds in aid of the Wilmington,
Charlotte and Rutherford Rail Road
Company, authorized by an act of 1860,
chap. l42, S95O,OOO, issued July 1st,
1862, principal and interest payable in
Raleigh. l find no act or ordinance
passed since May 20, 1861, in regard to
this issue, until Dee. 1865, when the
bonds remaining in the hands of the
hn Of Iox Of
Der, 1865, were ordered to be renewed,
and to be made payable in "money of
the United States" instead of money
of the Confederate States.'
3. 100000 bonds for the benefit of
the Western n. c. Railroad authorized
by an act of 1854, chap. 22s. By reso-
luton of the General Assembly ratified
Sep. 18th, 1861, the Governor was
directed to instruct the Treasurer to
issue said bonds.
4. 100000 for the benefit of the
Western Railroad Company, authorized
by an act of 1850, chap. 1877. The Gen
eral Assembly by resolution ratified
Aug. oath, 1861, directed the Treasurer
to issue said bonds.
There is another class of Internal I'M
provement bonds issued under the Or
dinance of the Convention ratified Jan.
3Oth, 1862, for the benefit of the Chat
ham Railroad Company.
Of the above bonds, class 2, 3 and
are payable in Raleigh, in money of
the Confederate States Of America. -
The coupons are not distinguish
from coupons of bonds issued under
other acts passed during the war. They
are payable in Raleigh in @Edollars"
without any qualification of that term.
Doubts have arisen in regard to my
duties in carrying ont the provisions of
the said act of March 9th, 1866, com
monty called the Funding act.
1st. Is either, or are all, of the above
classes included in the foregoing de-
scription of bonds issued under acts
passed before May Goth, 1861? In
deciding this question l ask your atten-
tion to the preamble, which recites facts
appearing in the report of Hon. Jonathan
Worth, late Treasurer, in which report
the said classes are enumerated as stand
ing on the same footing as ante-war
bonds. The act of March 9th, 1866,
passed the House of Commons in De-
cember, 1865.
2nd. Assuming the above classes are
included, what is the duty of the Pub
lie Treasurer in deciding as to the iden-
tity Of the coupons AS said before,
the coupons of internal improvement
bonds, where severed from the bonds,
cannot be distinguished from coupons of
other bonds issued during the war.
8. By an ordinance Of the Conven-
tion, entitled s'Aaa ordinance declari1eg
arhat, laos and ordinances are IN force,
and for other purposes G all eXecutory
contracts, solvable in money, whether
under seal or not, made after the de-
probation of said currency before the
first day of May, eighteen hundred and
sixty-fve, and yet untitled, Except OF
fetal bonds and penal bonds payable to
the State,) shall be deemed to have
been made with the understanding that
they were solvable in money of the
value of the said currency"
By an act of the General Assembly
ratified March 18th, 1866, a scale of de-
probation is established
If you decide it is my duty to issue
bonds for the coupons of the above
classes, are they to be scaled, and if so,
must the scaling be according to the
value at the time the bond was issued,
or when the coupon was payable?
1 will thank you for an early answer
to the foregoing questions, as it is i'm
portant that | should be informed as to
my duty Immediately.
Very respectfully,
KEMP p RATTLE