Year: 1863

paid 30tb Of March, and the second the 18th of May
These payments made in Confederate currency, of
what issues, do not know, because then understood
do now, that that county not within the lines
OF the enemy. declined to compy with either of the
requests made in this order but promised to bring the
matter to the al tention of the General Assembly.


The circular referred to issued at the suggestion
OF the Councl of State and was not intended and by
no fair Interpretation, as believe, can be construed as
claiming any power to forbid the shers receive tie
old issues 1t was intended only as a accommodation
to the sher to abstain from receiving the old issues
Tar they could legally do so, until the pleasure of
the General Assembly should be known.
have m De this general statement to condition
and management of the Treasury to enable the General
Assembly to see that the ways and means provided for
the supply OF the Treasury ample, and to enable
them to apply the proper corrective, if they shall dis
approve my in any of the matters referred to-
If the General Assembly shall approve my sugges
ton as to postponng the collection of taxes, think
shall be able to meet the dem and5 the Treasury for
several months without making any increase of the
State debt, by the sale of State bonds or the issue
OF our Treasury Notes to any considerable amount
Very respectfully


JONATHAN WORTH, Pub. Treas.


TREASURY DEPARTMENT, G. s. A,


Richmond, May 18th, 1868,
Jonathan Uorth, ESQ,


Public Treasurer, Raleigh, ~ C:
DEAR SIR :-You have doubtless ere this received
the reply which l gave your Representative in Con-
gress, Mr. Thos. S. Ashe to the same enquiry which is
made in your letter Of the 9th inst stated that your
Interpretation OF the Law to my authority TO ex-
change Treasury Notes quite correct l have no
power TO exchange the notes now to he issued for
these issued prior to the % December, 1862 for
any others.


IL your letter of the 9Th inst your request also my
opinion whether the old issue OF Treasury Notes will
become uncurrent after lst August.


Under the existing Laws there now three classes
of current Treasury Notes
/. I hose issued prior to 1st Dec, 1862


Those lSSuPH between 4 and
April, 1868.


3. Those issued since 9th Apr, 1903


All the classes are receivable without discrimination
at Treasury tor Confederate dues and for the pay
mont OF each the faith AMI o the Conedeacy
solemny pledged. There is therefore difference
as to the ultimate payment OF each class. the differ
eDce between them is in a collateral advaL tag.


The first class is undabIe in per cent Ids until
lst August after which they longer uLdable at
all.


The second class are also fundable in per cent
bonds until lst August after which they undabIe in
per cents.


The third class are fundabe for one year from their
issue, in per cent bonds after which they fun
dable in per cents


The currency of neither class is affected by the Legs
ation of Congress further than by making difference
IN their relative value. The third class will be the
most valuable after tie 1st August; but the difference
OF two per cent in favor Of the bonds in which they
can be invested will not be sufficient to throw the |
second class out Of circuaton-more especially the
third class will not be sufficiently abundant to supply
the demands of the community.
It seems to me therefore that you may dismiss all
concern except as to the first class The loss to this
Glass; of the advantage of funding aDates somewhat
from their value and may lead the banks to decline
ceivng them deposit notes of less value than the
general currency. But Notwithstanding this their
tua circulation in form will continue for several
reasons frs because they available to pay the
heavy taxes due by every person to the Confederate
Governments secondly, because the notes themselves
have the security for their payment as any other
debt of the Confederate Government, the difference be-
tween them and other notes being only relative and
thirdly, because of this difference every holder will be
disposed to part with and put in circulation that which
be deems less valuable


Very respectfully,


Y our obedent servant,


q. q. MEMMNGER, Secretary of Treasury.