Year: 1863

Confederate Treasury Notes.


The following remarks of the Fayetteville Obser-
rer on this subject are important. If the whole
revenue of the State, even considerable portion
of it. should be paid in the notes referred
to, the Treasurer will he greatly embarrassed and
State credit may be injured. We have reason to
believe that this subject has already engaged the
attention of Mr.. Worth, and We feel sure that he
will do all that be done to preserve the State
credit; but we concur with the OJserper that the
solution of this difficulty will not be easy and that


t is possible that this state of thngs may render
acalled session of the Legislature necessary" This
difficulty does not really result from the financial
plans or operations of own State, but is to be
traced to the action of Congress in relation to Con-
federate currency. The Convention and the LegiS
lature took it for granted that GU the issues of the
Confederate government would be current. They
could not foreSee suppose that that government
would take any step which would give to any por-
ton of its currency such character as would in
cline the public generally to refuse it,


CONFEDERATE TREASURY NoTEs Yesterday was
the last day on which the per cent Treasury
Notes could be funded in bonds bearing that rate of
interest Hereafter, and until the lSt day of Au-
gust next, they may be funded in per cent bonds
niNSl IIcl dT0 nOl IunudOe at any rate OF
interest and consequently those who have any of
them on hand after that date will find them
vallable till the period of payment fixed on their
face, viz: "SiX months after the conclusion of a
Treaty Of Peace" This is an important fact, which
should not be lost sight Of 1t is very certain that
being neither fundable redeemabe, they will be
uncurrent after the lSt of August next except only
for payments to the Confederate government


Perhaps We ought to qualify this remark. By the
Ordinance of the Convention of North Carolina 26th
February, 1862, all the officers of this State
were very properly required to receive any Treas.
ury notes issued by tue Confederate States But
at that time neither the Convention nor anybody
else imagined that The Confederate Congress would
pass violating the faith of the government by
limiting the time during which the notes should be
lundabe. Such an act was passed on the Odd ult.
Now what is to be done? If the Ordinance of our
Convention be suffered to remain in force till next
fall, when our State taxes collectable these un-
fundabe and uncurrcnt notes will be sought after
and the whole OF the State may oe paid with
them. The State, not having any dues to pay to
the Confederate government, will not be able TO use
them, and will consequently be slraitened for the
means TO meet its own obligations. 1t is possible
that this State OF things may render called session
of our Legislature necessary. The Legislature of
Virginia, which in session when Congress pass
ed the unfortunate act of March Goth, immediatel'
guarded against the danger of having her revenue
paid in such uncurrent funds, by passing an act
ueT revenue OluCeTS 10 receive only Sucn
Confederate notes as are issued on and after lst
April, 1888 This is a measure Of safety to that
State, but it is which necessarily co-operateS
with Congress in diScrediting the old issues which
the holders may not have funded by the lst of Au-
g'iSt next Our Legislature had adjourned before
the act of Congress was passed. and Of course left
the Ordinance of the Convention in force. Can
anybody suggest any other or less expensive RENE
dy for this dilemma than the cOnvening of our Leg
Slature?


This is but the beginning of the evils of that law.
We fear its effects upon the character and credit of
the Confederacy will long be injuriouSly felt


1t may be important to state the substance of the
provisions relative to funding Confederate notes
which persons will do well to preserve for future
reference


The act of March 23d, provides that all non inter-
est bearing notes, dated prior to Dec 1st 1862 may
be fundabe in per cent bonds till 22d April 1868,
then in per cent bonds till August lst, 1868, after
which they shall not be fundable at all.


All R0n-interest bearing notes dated after Decem-
Der lst 1862 and before April 6th 1868, are fun
dable after Aug. lst 1868, in per cent bonds.


Treasury notes dated on or after April 9th, 1863,
are fundable in per cent bonds for year after
the date printed across the face of them"