Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-03-01
MINORITY REPORT OF JOINT STANDING
COMMITTEE ON FINANCE.

The undersigned, not cOncu11ing in the report
presented on behalf of the majority of the com
mittee on finance, in response to certain resolu-
tons in reference to the public debt respectfully
submit the reasons for their dissent.
The ordinance of the convention distributes the
obligations of the state into two classes the one
consisting of such q directly indirectly
created incurredin aid of the late rebellion " the
other consisting of all such were not thus ere
ated or incurred. Those belonging to the first
class declared void, and the general assembly
is forbidden to assume or pay them. Those Of the
second class recognised binding upon the
state, and it is made the duty of the general as
sembly, it is practicable, to provide
for their payment"
The report undertakes, practically, to apply the
rules announced i'll the ordinance, and to assign
every form of the public Indebtedness to it's pro-
per place In this division. AS to a large part of
this Indebtedness, the assignment is made without
difficulty. Bonds issued before the war or after
the war, in pursuance of laws previously enacted
to aid in the construction Of works of internal i'm
prOvement, clearly subsist in llforce whesuch as
were issued to raise means preparatory to- or in
prosecution of, the impending war, are as evil
IDENTITY invalid under the condemnation contained
in the ordinance. But there is large amount of
the public liabilities, cannot upon any Just
principle be placed exclusively in either class
They consist largely in bonds for loans and treas
ury notes. issued at various times and under diff
ferent laws, and used unfortunately in meeting
ordinary demands upon the treasury. They have
and salt for the use of the people; in paying &C
crling interest on the public debt in defraying
the usual charges of state government and for
other proper expenditures as well as in maintain
ing military operations, and for objects more i'm
mediately connected with the pendingwar. These
securities, circulating currency, and thus evil
IDENTIFY difused among the people, contain neither
upon their face nor by reference to the acts war
ranting their issue, any indication of an unlawful
purpose. In this uncertainty the majority of the
committee, associating all of them in one class,
consign to the sweeping denunciations of their
resolution, and pronounce void all bonds, Except
certain railroad bonds treasury notes and loans
from banks individuals, issued for whatever
purpose between the Goth day of May, 1861, and
the LIST day of May, 1865. To this the undersign-
ed do not assent In their opinion a present ina
bilty to determine which of these are valid and
which void, under the principle declared in the
may, and indeed does Justify post
ponement of these claims for future consideration,
but does not warrant their indiscriminate reieo-
ton.
Such of them as were given or paid out for law
full and proper objects, and just demands upon the
state, which can be resisted neither under the
Injunction of the ordinance nor upon any sound
rule of public morality law. They may here
after be seperable, not to assume that they
cannot, from such as bear the faint of inegality,