Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-03-29
CORRESPONDENCE.
STATE OF North CAROLINA,
TREASURY DEPARTMENT!
Raleigh. March 16. 1866.

F.
Raleigh, March 16, 1866.
Hon. SION H. ROGERS, Attorney General r..sss
Sir THE General Assembly, by an act ratified
March 10TH directed the Public Treasurer to pre-
pare and sell bonds for the purpose of paying due
bonds and coupons on bonds 'lssued under acts
passed prior to May Goth, 1861. .--..- r.
Glasses of bonds authorized by acts passed prior
to May 2Oth 1861, were issued since that date, in
1861 and 1862, as follows w. Isl.
l. Bonds for the benefit of the Wilmington,
Charlotte and Rutherford Rail Road, $3.50, OOO
authorized by act of 1858, chap. 166 and 1850
chap 142, dated April LIST, 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 direct
ed to sign and issue these bonds for work already
done.
@ Bonds in aid of the Wilmington, Charlotte
and Rutherford Railroad Company, authorized by
an act of 1861 chap. 142, $3.50, 600, issued July
LIST, 1862, principal and interest payable in Raj
eigh. find no act ordinance passed since May
90 1861, in regard to this issue, until Dec 1865
when the bonds remaining in the hands of the
said Company on the LIST Day of December, 1865
were ordered to be renewed, and to be made pay
able in 'money of the United States, instead of
"money of the Confederate States
g. 1920, 900 bonds for the benefit of the West
ern n. G. Railroad authorized by act of 1854,
bly, ratified Sept. 18th, 1861, the Governor was
directed to instruct the Treasurer to issue said
bonds
4 5000 600 for the benefit of the Western Rail
road Company, authorized by an act OF 1860
chap. $50. The General Assembly by resolution
ratified Aug. oath, 1861, directed the Treasurer to
issue said bonds
There is another class of Internal Improve
ment bonds issued under the ordinance of the
Convention ratified JAN 30th 1862, for the bene-
fit of the Chatham Railroad Company.
Of the above bonds, class q and are paya-
BILE in Raleigh, in money of the Confederate
States of America" The coupons are not dis
tingllishable from coupons of bonds issued under
other acts passed during the war. They are pay
able i'll Raleigh i'll g dollars without any qualti-
cation of that term ..
Doubts have arisen i'll regard to my duties in
carrying out the provisions of the said act of
March 9th, 1866 commonly called the funding
act.
LIST. Is either, all, Of the above classes
Guided in the foregoing description of bonds issu-
ed under acts passed before May Goth, 1861? In
deciding this question ask your attention to the
preamble, which rectes facts appearing in the
report of Hon. Jonathan Worth, late Treasurer, in
which report the said classes enumerated as
standing on the same footing as anti-war bonds
The act of March 9th, 1866, passed the House of
Commons i'll December, 1865. .... ~
I'd Assuming the above classes are included,
what is the duty of the Public Treasurer in deci-
ding to the identity of the coupons? AS said
before, the coupons of internal improvement bonds
where severed from the bonds cannot be distp-
the .... --.
3 BY an ordinance of the Convention, entitled
g An ordinance declaring a0ht he0s and ordinances
are in FORCE d2.{ for other PURPOSES " all execute
ry contracts, solyable in money, whether under
seal Or not, made after the depreciation of said
currency before the first day of May, eighteen
hundred and sixty five, and yet untitled, Except
official bonds and penal bonds payable to the
State,) shall be deemed to have been made with
the understanding that they We're solvable in mo-
ney of the value of the said currency"
By all act of the General Assembly ratified
March 10Th, 1866, scale of depreciation is estab
blished.
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 wao payable?
[ will thank you for early answer to the fore
going questions, as it is important that l should
be informed as to my duty Immediately.
Very respectfully,
KEMP P. BATTLE,
Public Treasurer.