North Carolina Newspapers

. - ' " " '".'' - " " " - ' V:', (I (uT tit OT Ililri"irirff5r1" 1 GREENSBOROUGH, E C MARCH 5, 1863. VOL. XXIV. NO. 1,239. IT KI.ISIIKD WEEKLY, BY M. S. SHERWOOD, K1MIOR AM FKOI-KUTOK. !buiMo W. lnguld, luistint Etfitir. , KRMS, H2.00 A YKAU IN ADVANCE. Itif-a of iiltrrf Ulnar. if, .4 ..i i i- i-t -ju.re, tor Ike brt week. . ii! n v - i i n lnfMi ry rtrk I iiereftrr. ,,, ... . i ', iii'ik it iujr- tiVir ! -Mll'illH iimttsr 4 follow! r .1 i tii- 1 mnjTHi. 1 Till. fX .V) f.-..V JH.OO D Twelve I'cluctieai mule in i i nr. . lll- , (Hi i'UHl .10 uy Koo. 14(KJ 20.M) lit port ol tt Joint -ietl CoiuiiiII- Irr, , ! u, i a J.. uf IUsolututi to f.'muire into tUt ,.,,.. i.,, . I.l,ti a. in I'unifUtnl' TrtH'u- r . .' i. I kt'rnli t .SnrtU Cjiutma Treasury .V'jf$. I ii Joint Select Committee appointed , u jure i t . t ' tho causes o tho payment t .. in r I 'la ins I'V di -hursing n.'ficcis , I iii- ol ti.in State in Confederate , i ,i hi v .Note ii e.id of North Carolina I ,. iiis N i'h, wh.ch w. re authorized to ; 'I by the St ,l ( ' f, volition fur the , , i ' .t mli r aim?' beg leave to hub , ,i ! following f.c's : ! i .it I'V s -v i ul rli fiances of the Con .m ii. tin' Publ.c Trcnsuier wai author-- ; i -Tre:imy notes to tho amount ..'.. -ix n.illi - ! dollars lor tho pur I 1 1 tlritll- on ilio puhlic Treas , . . -I.i! iy tin- Hi'iliiiM'ico of Iftemhcr I i'-l. 'Iii' pnMic I riMiurer wu author ' . - I i a-urv nnic-, t.irnluhle in six ..hi lloil-. A pan of tii'e iiul-s . i-- i- I t.iil Iii. !! the fad I hut tin i .. N o to 'utolina nod its Bruin. lies, , ! in t ik'- lliry iml l urromj, . !)' l r i inf it ti: ii r i tn t, and to rornc Ii . i I, i i..' ' n v oh lion a-8t'd Onli- , i , ;l iol' i Iii (i.ili' nf Folo nary liOili, l-i.'. .vFiirn Or linui.ct' orifitmod that all , i i j r v NnU'-o i t rtain dt" ominutioiif , .' ii m in'i'ii i'f M'tl, ai.d all to le iw-Uftl. i . I .ii to ' t . r it i i iit lli'ii li, or MX . ,,i t ' r 1 i on vi-i it We lU-ilu-.... i til? lod r in 1'iyhl per font , ii- I '"in in 1 1 1 lii.d, Hal imiiK .il I t-r M.i- p i -. i . i l i- Or dinai CO, . : ii ' , r i m I . . ii N i'i i'..inm;in .;. I , . r' mi l :" i. a if run verliblo , t . r II i I I' ll l 1 1 .1 1 1 T'll- M III ;, T " I Ml tl r . II o In r.:. i i h ' 'iii i ' IT I I I V , ' I 1 1 1 - .1 tin- St i it f I.. P.il. u; Trra.. I 1 ' i lit n, d.ilid N i ii ii h r p. -n tiro Ti f Mh- A I I Mi ii t 'oiil'o Ifi air L' ' 'I' t'!'0' llllt tin I r I i d h tl- Ir mi the i n 1 1 -, m' to ti i ci r n- i 1 1 1 : iff I Van U i o i i'V r v . r Ii i in lh 1 1 ' 1 1 1 1 I ilf oil-- ( lor t l.r a in. nl it tin i I . i . a! 'a ; 1 1 in 1 1 1 1 I a t ' t lia t !(' as i .i.i'd i iii' .N i ill t.'aioiina eihl .er IS .i . r:nia:il d a pi in i u rn in liich- . I An I it Aid a'u:i( lioin .vmi.i ro- , 10 U l"l'.lli .Mh-MS. Ii'il CaaltT A I '.i t I - ' I II id i lino d, I In- Tr chku r r .1 a! 'it .in' mil ion innv lnnalrcd thou- I Ii J I tin. ..I. . i i :o.;ai "i oirn: in r nn i .ini5. wnicn 1 1 i .hi i n nil rd nn 1 1 1 1 li Ii id March, an I i "id. d en tho ITlh ol May, IbU'J, ii. Mini ! tl.i- iii. .tin !!tiigiiii Iroin I a-nail ' p r ccoi 1 1 i x poi t i'tit, on i . . 'IV ..... I I C .1 .He- in i i i'Hsui i T icaiizoii loruio i. ..i l ily thou-aml il nlaiH. The urn Itcc lind t 'i.'it i ho l'r a-u ror, for t he nl oiiolii:. tl.c (kmands on the 'i'hii'), lincil l i-ue tho Tia-uiy - lovnl'.l I T :n '.hc various Orduian ( ' i.' i i. inn., t ut a will appi-ur .i . c i v men. c I ctl iih thia report, ! i .ii M- aoi'oint " por ci'iit B 'tidn tod, the State would hnve saved eight per cent interval, and the soldiers woald buve rete ved their State bounty, and other meri torious creditors would have received tbeir duca in un appiectaied and not, as they did, in a depreciated currency. Inatead, however, of pursuing tho obvious intentionb ol the Ordinance, the TreaSLrer ieems to havo put the construction on the Ordinance that, an ho could not procure the notes on account of the fail of Now Orleans, he had the riht toaell tho bonds to replenish the Treasury; for it is hhown by bia Report tdal ho sold a large amootil ot bonda Vi pay ihn Confederate tax; and it is hhown by f.e teatiraony ol the Treasurer lumaoll, and the testimony of othors, that he gave in exchiwge at par lor Confederate money u laro amount ol eight per cent bonda, at tho i.im" limofie waa soiling bonda of the same value in Richmond at a handsome premium. it is the opinion of l o Co mini I tee that the Oid.r unce of the Convention did not au thorize tne aule of theeighl percent bonda, neither d'd the Ordinunco authorize a loan at any interest; neither did the Ordinance uu horize the iaauing eight per cunt bonds tor any purpose, except in redemption of 1 rtuaury Motes. In the opmion of the Committee the exchange of eight per ce it bonda at par lor ny except Treasury Notea. was in reality u aalo of the bonds, and that auch sa'os wero not authorized b law, and were injurious to tho public, because interest accrued immediately at the rate of eight per cent against the State; which would not have been the cae f'ad i he Treasurer issued the Trouaury Note. Tho Treasurer, however, exercised the power of anle, and if, according to his in terpreta'ion ol the Ordinance, ho had u right to noil, no good m.m u . riy no should not sell at the current premium. By the statement of Lancaster & Co., of Richmond, hereunto appended, tho current premium at which thoao bomla were well ing in the principal stock market lor each month, from March to December, is Mated, by which statement it will be sCen' thai il the Treasurer hud sold tln ao bonda a. the current premium, ii.alcad oi at par, as he did sell, he would have aavi d tho S'alo (he min) of 1 hree hundred nnd twenty 1 wo thou sand tico hundied and seem dollar. From the e idenee I Maj 'r A M. L paym ster, it will le ae ri lliai tie Tn u- i ry lcr tn:i' arne ;nt . In hanilh v. n-n- t circulated a- interi lei uiinin tt.c -o -dici. hut f' Uod their wa imnp d'a'. iy iito the Inn (H of Ur.ikcr and spei u nit-r ai d he State was mime diutelv subjected t eiht per i-ent by tho funding "f ihce notes; the notea vero letuined to Maj r A. M Lewi,and by him rolurned to the HrokiWf, Mini by the in aain funded, ami the Slate aaiu immediately subjected to eight per cent interest, and the soldiers paid in Confederate T reuse iy No', es, instead id North Carolina Treusuiy Notes, us provi ded lor ill the various ordinances ol the Convention. Respectfully submitted, K. V. Mr A DEN, Chm'n. C. H. SANDERS, E J. WARREN, J. H CARPENTER, DAN'L L. RUSSELL, L HENDERSON, however, that when the day of paying that tax arrived, Stale Treasury Isotes wore, for some cause, the preferable money, c m pared with Confederate Treasury Notes; and the Treasurer, in exchanging or ap. plying the Slate Treasury Motes tor Con lederute Notes, obtained a small premium. It was right to receive the premium, be cause, as the other States pid in the cur rency of less i alue, the equality of the ap portioned but then was thereby preserved. In regard to 'using the Stalo Treasury Notes in payment of the dues of State credi tors, it is clear that the great tear of the Convention was that they would depreciate; wid hence it is provided in the first 61 Baid ordinances, that, bowever.used in dischar ging public dues, they shall not bo passed under par, but if tne publio creditor will receive them at par he is entitled to them, if tho public exigencies req lire them to be issued. , It will be seen by section 5th of ordinance 16, (Dec. 1, '61,) that the Conventien con lemplated thai H might oecome necessary to borTow money upon a pledge of Treasu ry Notes, and it p'ainly informs the lender that tho pledge shall not be sold to satisfy the loan at less than par. I see nothing in this ordinuuee, nor in any of those "pro viding for paying puplic creditors, any in dication of a purpose that the Public Treas urer was required, or allowed to increase, the nominal amount ot lunds in his hands, by selling a better paper tor a worse. In- pfrWen for tame is not to exceed at any time me amount ot notes authorized by this and farmer ordinances. Seo. 8 allows in addi tion theihiue of one million of dollars in sums of $2 and under to be used in liquida ting the cUims against the State, and receivable in all public dues, "but not to be funded in bonds of the State." 4th. Ord. No. 39, Ratified 12th May, 1862, 4th Session ; "To make further provision for the pub lic treasury ; authorizes the issue of two millions more oi notes of certain specified denominations, in accordance with provis ions of the Ordinance of the 26ih February, 1862, should it, in the opinion of the Gov. and Treasaier, become necessary and that said notes shall be fundable as pro ided in said ordinance. In the o vent of the Treas urer being unable for any cao.se to issuo said notes, he is allowed by Sc. 2nd to borrow any portion ot the said two millions A - I I irom lire oanKs or other sources." And named by me, you were empowered to bor rov money upon the credit of tho notes, tmm time to time, as the necessities ot tho Stvc might require, payiug inter, si upon such loans atara'e not exceeding 6 per cen tum TAnuum. This policy was tried and faded to accomplish the purpose ol the ordi nance, f.r money could not then be borrowed at that rate; nor were the notes convergent ars a currency, it being necessa ry u compute the interest duo upon them at each transfer; and so much wua this tho case that some of the banks, as is well known, declined to receive them and pa them oiit. The -policy was ther. tore cl.an. ged by the Con veni ion, and thai policy i8 fuUy expressed in the lit.eot the ordinance by which the change wits lOtule, No. 85, ratified 26 n Februury. 1862 It is entit ed "An ordinance to provide lor funding the treasury notes of thi Siate and fur other purp. sis." By it nopower ubaiever it. Ulli Ili .nil lt.,.. ... r I v c--1 1 u.Mius nnu no u s'-ieit n as u UJ " ua aiso auinorizeU to issue i me uiepusal of in-usury noes. Ai the twenty thousand dollars, one halt in ton j option ol the holdei tiiey w. re to b funded cents and the other in five cenis notes in , hi 8 per cent Bonds or b" nor cent R . mi- according to the proviNinnsoi 'he ordinance Deioro set lorth. IL ,9 evident from the whole scope of that and the subsequent addition to the small notes before author tzed. It will thus be seen that you were author ised uy tne several Urdmancos, to issue "ru. nance, thMt whi e the Coiivenuou Irom time to time, an aggregate of six looked, to a certain extent, io the nircula and one-half millions of notes, the first three ' l'0" of treasury notes as a curiency, their millions originally fundable at the opion main purpose was to ran.e money in that of the bcldar. in 6 per cent Bonds, pay a- Way. a" to retne the n-.tes by funding the ble in thirty years, but by the Ordinance ' debt dollar tor dollar -Tnev wolt knew ih. deed it had been a very little business in j of tho 26ih Febcaryt 1862, and that of evils lesulting from a redundant paper the Slate, to have purposely designed a tue itn yiny, izoz, so much of the three circuia.n, amJ ovuljoLly d d n..t desire to diminution of the public debt by buying op ' million as has not been so funded, und tho increase them, by putting afloa millions of a depreciated currency, and paying it otf other three and a-half millions wero maJe unfundabie noiea in uddmon to those which with that currencv. I think there is eiven fundable at the option of the holder in 8 thoy lor saw wouid flood i he count rv. from to the Treasurer no power to repleuiati the ; Pwr cwut Bonds payable in tniy years, 'hu necessities ot too Confederate govei n Treasury with a depreciated paper by the or sooner at tho pleasure of the Stale, or mein. Tho purpose was, therefore to lund sale of a bolter. None to reduce the many m o por cent uonas. wnicn the Stat could aseomas piactKubl, the existing and currencies which come into tbe Treasury not pay sooner than thirty yars, and these prospective war oebi ot the State, and not to one standard, ai d that standard the thirty year Bonds re-conyeriible from lime to have the notes used as currency any cheapeal of all. That tho Treasury is to time into Treasury N" tes. at the opii. mi longer than was necessary to miso the supplied with currency of djflere-.it values, ' of the holder, at" any time before the noney wanted ; except iho amount of one is an accident aitrtouiaoio io legisianon anu "in-uij nuira kuuuiui.iuuuu. i ou were "nn" onu iwtuij inou-anu o unforeseen circumstances, and not to the further authorized to issue one mil'mn and smud notes. These were intende Answer. I borrowed from Mr tnvt t dent of the Bank of Washington, . oo siderable amo.nt; I cannot tell bow much. nXm WnLl President f the Bank ot Cape Fear, and from John S. Williams & Co., Brokers in RaUigh, a large amount. I cannot say in either caae without refer ring u-my book how much. I think I borrowed from tho Bank of Fayetteville and Bank of Clarendon, I do not know at present how much. I also let Judge Raffin have eight per cent bonds at par for borow ed money, I d-.n't know how much. The Comptroller's Report will show bow many tgl t percent bonds were iued; how many tor borrowed money mud how many tor fundable Treasury notea. I cannot say, as no account was kept separating the one fiom ihe other in the list of bonds issu. d (2) Richmond Va., Jan i'4ih, R. Y Mr Aden Esq Ch DtAR SlR; . t!UTi- y. 'ir ir 2V.1 St. Bel iWW h li d JO I. ilt ir pin'.-;;'. Inch North Carolina eighi ,.0r ee 1 Bomls were sohf every month, trorn March 1862, to the present time : action ot illegal fiscal operations I am respectfully yours, B. F. MOORE B. l!LF.ian, Jan., 18G3. . .. r oiiais o tended for cur- twenty thousand dollars in small nous, rency and to answer an ind snensoble want receivable in public dues, but nolfundable. for change in the every day bustucss of tbe And also an amount of notes sufficient to people, in the abscenco ot gold and silver; pay the Confederate tax, fundable, origin- a,d hence it was provided that these siual. I ally, in 7 per cent Bonds, payable in len notes ahould not be landed, years, but soon after changed to" 8 percent I am told that it bus been made u trround MyDkarSir: 1 have, in accordance and 6 per cent Bonds, as before staled, and of comjilaint also that, i some instances, v th )eir rcques', examined tho soveral before any Notes or Bonds had been issued Bvnds ere issued for Confederate notes .nl i ii juices d' the lute Slate Con vention, under the Ordinance. ai par, whereas the urdina-ice only allow .iii horizing iho i-suo ol trea-ury notes -I have- scon your report to tho ihe IL-use d iti lundu g of treasury no;es. I can and bonds of-the Slate, and, before giving of Commons, in response to a resoluti n i-ee no objo.lion whatever to such being uy views us to tho proper consi ruction of ot (hat body, an 1 1 also learn from yo done, As 1 have already said the purpose the same in cei tain particulars I deom it personally, what atepayou look to raise was no. to got out and keep in circulation best to give a synopsis of the samo in tho. the am unt necessary t jxay tbe Confeder treasury notes but to raibo money for the order in which hey were passed. ato tax. That tax was payable ihe 1st Slate, lor which she was willing to pay 1st, No 16, Ratified tho 1st December. April, 1N32, and iho two Oi dmances pa-s- curiam spcified rates of inierest, obtaining lsfjl, second sts8ion It authorized, an ed on the subject, were dated the 17th and lime to pay the principal ai a distant and i&Mtm nf ttnanurv notes not exceedintr in 26lh of tebruaiV Dit'Cedini?. No limo. m .re tunvenieiit time . . . j O " CT tm m ' tr Pi .3 B m a CL a - CO c 73 O O 'Z. t c 9 Z O 5" o o a 3 S S9 (8) - Issues Of tiyht per etnt. State Bonds for each month o1862, ami ettima'e lot to th State by tilling then at par instead of current premium, as shown by state mint nf Lancaster Si Co., Brokers, of Richmond, Va. : AMOCST USTXD MONTH. KACM PBKU1UM AVEKAOK LOS8 TO THE STATS. March, April. May, June, lulv. l'hc oidtnanct ' August, am- unt at any one lime three millions of therefore, was to be lost in raising ihe mon- made (Jonfederaio notes reoeiva'ble in pay J .... ... . . . r ii . i ... meiit of all public dues alike wilh tjold and silver, llud treasury notes been issued in every case, they would hnve been immidi audy con vei tilde iniq. bonds. Tho operation would'have proved unless and the Slate would have derived no benefit from it ,i j .ir, th s i om meiicinir on it ... .i T l i r . . m iu ii loin, i.si, win n toe ionus oi tne an.. In n'liin i' o il were selling in Rich- "i !. !v iiu'in; iii of tho Trcasurrr, f.r .li i ci i c i premium, and cml- . .her Ini.V., whin the Uoinlw a pieinni'ii id ten to twelve will appi'ir trom tho Slute .,. 'a-' ' r Co ., tiled with (his .o .1 a ' iti c 1 1 t i 1 i h. . i !iiini:-'c I'm. I that Jno. (. Wil t ' i , Ii U is. in li'aleigh, and c am h Sot , Iliokeis of Peters , .a- ttil appear Irom the a'atc. 1 Ii cm tho I reasui vr, ten, at tiar, ciirhl per r ' e I' 1 1 V a: 1 ii 1 I i . i 1 1 , , r in I .il iHii oi e l 1 1 l i - i l ull null Ii In I ' I I v I i ; i l .1 - .i r 1 1 ,l n i - i I ill ill a'" I I I- .i. . 1 1 i u Ii il -fc nl ' l III ! II e, 1 i 'i In1 .1 v i r. . i . . ' M. X Herewith is appended the opinions d Hon. Thomas Bragg and B. F. Moore, Esq., in dclence of the Treasurer, marked A. and B. t A. Ralkiuii, Jan. 10, 1863. ). II'. Courts, Esq : i . Dear Siij : 1 have received 3'ours re queuing my opinion of the ordinances of the late Convention, to wit, No. 16, -f Dec. lHtil No. ttl,oft7tli Feb. 180-Jt-'No 35, of 26ih Feb. 1S'J2, and No oO, oi 12th May. 1S02, so far us they relate to the directions 1. 1 b i.v-H'rvod hy the Public Treasurer ia using the Treasury Note.s thereby author ized to be issued. The first of said ordinances, after allow ing ihe issue of three millions of notes of five dollars and upwards, provides that they may bo paid out to all public creditors who mav be willing to receive them at par, and permit- ih.-Public Treas urer 'o " boi'row money iron timo to tirae upon the credi' of said notes, as th' public ?ervi;o may lequirc ;" Provided, nevcrthe Uss, '-That no Treas'iiry Note shall be pio'lgcil, noi snail llicy t.c sold, or issue! for any purpose, at less tha:i j.'ar. The ordinal ce further provides, th;it tht hol ders of siuh notes may fund them in six per cent bonds of the Slate. The second assumes the State Confeder ate lax, ard diicis's the n.eaia f i i pay ment, the issue-id 1 ren-ury Notes lundu ble in seven per cent Sta'e bonds, and ex prety directs 'tie Tremnirer to apply the notes "in xurh ,i m.i,i.,r .is iy it, r, sii, ry to the paym itt nf s.nd (nijt Urate tax " The ihini a'.ow tin- I. old i i of iiotini. -ucd under either f the two lust n enlioi.ed and tie d tli. u!ty in (ordinances, to lund them m State bifnds. b anng six and e.ln pr cent., redeemable ai d Hero i t mm s. The tourih iooles f r a-i :i ld t o iat sUeoltn in ii o - 01 - mil l'- T.e.is u No 's. an all -w i he in to be t indej in lil ma- n r " A i th. e ordinanc. s were made io pro vide a t..nd l i pa-, fie. public cieoii. r ut the State except that one whirn auni-s the t out. d. rate lax. As the Cntedoi ale wou o of .he amount of seeii hundnd Hi "I'm il in i.e tin id t ed r i. .iii : ' the V--e ei . g i d !!ar.-, nm h u pi t uiuiin lid, a c i.i l ig t' dale i f I'SUr, ol i i.uu-.ii il ; w . oiiiiiin it ami t wo i'd ,0 ) t "ii i n t - , and as J oh n n,i. in Io-. tii in ny, a iMiils he oi1 Ii Mi and a quartet, anu- srr only is-u d no inu-i navo pur ol t i i pari les to the ii ..i in.. 1 1-, -Ii wiri : i. y i Id th"iiaiij o ' i l' Tieaury l .. i n ' vi 1 1 ne firm . Tun ( ' oiiinittee, dollars, bearing six per cent, per annum ey 1 here wa- not time to issue the 1 reas- intei est, payable ihe 1st J inuary, 1865, or ury Notes or Bonds, io which they were sooner at the option of the Siate, fundable tundahle. Nothing but a loan, in some ut the option ot the holder in six per cent, shape would answer. You were authorized coupon bonds, pajable at the end of 30 TJy S. c. 4, of the Ordinance, io apply tho xroars: the notes to be cancelled when rmid Treasury Notes "in such nunner as mav be in or funded, (being also receivable tor all necessary,'' in order to pay tho tax. The On the contrary it would have incurred public dues,) and wTien cancelled new notes Convention know very well that the notes thetroubie amiexponsd of the issues, h to be issued in their s'.ead, provided the thomselvos would not a tower tho pnrp.se, is but moving in a circle, and at last we notes anil bonds outstanding .at any ono but they were tho means by which Cooled- comeback io tho point from which we should not exceed ih-j sum of three mil- eratc Notes or gold and silver which would start me obtaining of tho amount ot 'm.n- lions of Hollars. And by section 5, of said alone answer, was to bo raised. These oy needed by the Slate and tne lm ding of ordinance, the nublie treasurer "mav l or- notes, in furtherance of this purpose, were the debt when made. The S ale has not row money from time to time upon tho also made fundable in Bends. Tho Con- lost one coin by the opei at on. nor credit of said notes as tho public service vention-knowing tbe difficulty you would she have gained one by 'he issue may require, not exceeding the said sum v f labor under, gave you a lirgu discretion, noiea. the lime mdlioj.s of dollars." The inter- Not being able to make the loan in the By the ordn.ance last recred, it seems to est on such loans not to be higher tbun six i.amo of tbe SlHto,you made it very proper- have been apprei.endod toat jou nnglil ! pot cent., and the noies not to be pledged, ly through Bankers in Richmond obligating h.:vesome d.lh uliy in i-sing the two mill- issuod or s dd lor less than the amount due yourseit to place witn tnem o per cent oi o.oe. iwmy auvuunu, 0 ou .. on the same including the interest accrued Bonds, in which tho notes were fundable, as iiee'leU, ami in aucn ca-e youwcie on tho samo. by the sales ot which they would be reim- lowed m bm row any po.iion ofit 2nd, No. 31, Ratified 18th February, buraed. This arrangement was in sub- bank or Irom oihei s -nice. T e. 1802, third session, "To provide tor tho stance the sumo, as if you had pledged or assumption and payment of the Confed- or Sold mo Treasury ioies. For these eratc nix." Ii dneem tite pvitOK: irmeui. i noies would have been immed.iately con to issue an amounJ. of treasnry notes sufti- vertible into Bnds at the option ol the r.,nm in nnvihn redeemable in five holder, and doubtless would have been so years, and convertible, at the option of tho converted a soon as issued. And that instance, and thus funding th debt, which holder, into 7 per cent, coupon bonds, re- theso notes were only intended to be used was tlie great purpose of the law ; especial decmable ten years after date. as a means of raising money and not as a ly when ihe funds received u e: o receivable Sec. 1 provides "ihe treasurer is hereby currency, is evident from the provision in ail public dues, and wei e made by the directed to apply th'c treasury Notes to bo wh.cb forbid their being paid out for any ordinance equivalent to tr asu.y n. tes or issuod in obedience to this ordinance, in other debt of the S-ate nor were th. y re- gold and silver, ii may ha v-e hei n that a such manner as may he necessary to the c ivable in public dues or re issuable as public sale ot tho Bond ol the S ate WoUnl navmeiit of said Confederate tax. which provided lor other notes but wneo lunded have realized to nun more m-mej , as they '- . .. . , .. ... '. . . .i j rrL . . i.. j : i September, Uctober, Do November. $ '27K.948 622,500 l,03u,000 816,000 254,000 422,000 174,000 84 600 240,000 ) 682.000 li 1$ per cent, 4 ii ii 6 6 i ii il To Dec, 20, 126,562 16 " 19 " 16J " $ 4,881 86,900 61,800 1,890 1,841 29,540 19,140 48,075 110,680 6,960 $52,207 ( ) TABLE Shoving amount of Eight per cent Bonds, soldit pa. for Confederate currency, to John O. Williams & Co., and Thos. Branch & Sons, Brokers, as per Trtas urer Courts' response of 8th December, 1862; with columns showing the premiums at which these stocks - re told in each month in the Richmond mm-ket as thown bit the statement of Lancaster & Co., and the loss to the State by these sales : ul- oi i ne I r it.e or i manner ol making (lie lo.ii. l not i:e- lar i But as the rale ami man. er d Minding the ; doiH wri i- w.l tiv p uiid Ueierinlued, 1 can see uu objection whatever to your receiv j ii.i himlki it t- 1 4 rm I lu ai.Io tit I Tin f Tut . 3 ' 11 1V1 vUO U J i o II UIV ui- V 9 3 o 3 3 ( 1 t o a T. - CO a c -B 2. IX fc. - V 00 o r V. o s a. c - - i 1 4. ii C- -UCiKli 4 J l : ' ..... . . .... he is hereby directed to miiko." And by they were to bo cancelled, 'ihe only dit- me now ami have oeen lor bomo .u a pie- sulsequent sections il is provided, that such ference betwoei. the Bonds and not tho mium. Ii is i-nimaieU in y ou reponse io . noteb and b.-nds snail be ultimately paid notes was, that tbu. Bankers, in advancing the Uoime ol Common that it wa- hani.y ( I... l,..il .,..n iI.m .nm ..Pron the monev for the State, agreed to give it pracm-ahle to advertise ami aw..it puhln and property as provided in the Coi.re4er- any premium obtained in t.ie sales of the sales, owing to the great and constant pre- I .. I .i il ...nr, ...... ., , up iiiint. In mi'i't. nil de alt' tax law. xjonu., .uvj i!.i"t, -r - j 2 c ? 8 5 - -i -i si r. - - L i, Z t. -I -I C"- 3d, Ord. No. 85, Ratified tho 26th Feb- for making tho sale. Useemstome that mands upon the treasury. Lu i, Howe t runty, third session, entiilcd, "An the purpose of the Convention, as gathered that may have been, 1 repeat, thai the U ordinance to provide tor funding tho treas- from the two Ordinances was, in subia..ce gave you no an h auj.on, and lo that it w; i e I en ln ahle to a I . I e !os of the i i - .ili r ; . r . t a n act io- 8 a 1 1 .i ,'. in! i tel. r I i i i i II. mi, ol llii S 1 1 i. i .i l. i i''i i .at Jaui'-s ,i. '. t ' ii 1 1 1 ii li.i in iinl ii h r, i . I .i ' r ; l . 1 1 1 al- he n .no ii . ii !:.! , ee --n stocU r i . oi u i w t mio !, ii'r-. iin! a iTi -mnll ;ui i I - "t p '.,. ).. i ing b na tidt I D - - - . .1 I ury notes ot this St.te and for oibcr to rai e ihe amount neouta to puy me purposes." It provides that tho notes federate -ax. At first they tn ught it a.r. M.lv issued oi to be thiesfter issued could be done at 7 per cent Soon atler ir dor the two preceding ordinances, "may they concluded it could only be done, or he fumed at lie will of the holder in eight more surely done at 8 per cent, redeemable percent cou on bonds, payable twenty ut he pea ure ot the State, or 6 per cent, years aflar dale or sooner at tho pleasure with Ihe privileges conceded to the holder "f the Siate, orin ix per cent bonds pay ofsueh Bonds. And! think that you would ..k . tl irit ii...ia ..Iin. th. 1t f... ... h.ATrn hOfi tVt'll VMrrHlltd Ifi U T TO ' 1 1 1 1 lO on v t n 1 i i u r ii i iu i in v i r w J u u uni u t w v. , . w. . 0 , tho Rut, however, w was ii 4 p - t2 V 5 ?. S o - Id 14 li S H o "-i o o O X O C O l-i li -I f o tr a our duly to conform. Verv respect fully yours, THOMAS BKAliU. D. V. Courts, Esq. vJl TESTIMONY OF l (0 W. COURTS, M B I.1C TREAS-URLR. the loan, and been immediately they con- 1 Wl'.O ., v p I. u n ...u Kl.. imnlr.,,,1,1,,1, n. ,..a u l ll,. lounu t till I l'1-M-.ll fV i Oles. UllU VX lie 11 IS.-UCU I' W . AVU.U ,.ll"' IIIMMIVUrU' T II .1 ORl 1111 I -J J ' ., out. on of ihe holder, from time to time until to be deoos led with the bankers, or pun i ' u.'h no ch hi i-nini' ilup II fm-lhcr rirnvi. tn them at liar. for I i-H lloit :ill i .1 Kin- ilni'ti nf nmri' tciiiii hill -would liaVP he paid in State treasury notes, notes of tho ' vertible at tho-optiouot the holder, who h Confederate Stateb, notes of sucn- solvent per cent Bonds The arrangement nw.de banks ot t his Stale as sha.l receive and waa substantially tho same, w u,, .t - - ... ... . Ki nm u4 A ore pay ut at par ihe treasury notes ol mure amaiiiroui n.v - i - Mr Courts stales that he received ordi nary cui rency. for which he gave eifhl per cent bonds at par. Question -2nd. Did you not 'oorrow from ibe'Baiiks and individuals in Raleigh at d elsewhere, ordinary currency with -ight was per cent scrips or bonds? . . . c- . . . . .. . K a r I n csl Answer. I did prior to .-epi.:iuui .no.. Could you have got a KVIOENCE OF JOHN ti WILLIAMS, OFiiALElOH. John G. Williams 1 am a Broker in Ra leigh. In March, 1802. I think I received from Thomas Branch & Son about $80,000 in common currency, for which I obtained eirrht per cent certificates. At this time the scrip was not worth a premium in this market. On March 21st, 1 obtained $29,500 in ,rrm for common currency. I think about April 1st, l obtained lor J 6,000 upon a '.'omuiiMiuu vi All of theso were attained 1 1 i ; .i 1 . ,, .1 :1 t-'-.l ov . i tin l ' oi , -,in I W. It II ha v e noi..!, and so long as these notes circula fo'inti a a orculu-. relurneil slowly lor - -- , , I i., , ..t .r n l.illl ll l II :... i...... i .... i .... i i... .i . ... . o .. u i - .. i. Ua ..Km ..,1 lor the rjono. j ..".riii.iniii na'i iiicu oiu i w.i imiiij ine o aie, or in joou anu B'lver coin ii iuiuiu " " ... r .i 1 tunhe, providesthat the notes paid into- I understand that some comp.a.nt , a w p,c ... .... tho T.easnry for public dues or when fun made, and thut y are cbargeu with a Aner . 1 1 ' " . , o L v u-lver" s dedin bond;,mayP be re ,sued in payment derelict.ouot duty, in not expos., g for pr m.um io 1 e n at Uftt ',?kb3I oldebso. the Slate, ormexcha e tor ihe sale, for u premium, tbe bonds m winch w.g t hem, bu f f J t r c o t V owoo said s,x per cent, bonds of the State, on the treasu. y notes, other than the provi- thor.ty u nder the oid.nai.ee ol the Lonven application ef the holder of such bonds at ded for raising means to pay ihe tomeder- tion to s'"- ..em;um ir " . . , ,av pr fundable. A sufficient Question 4th. Stato the prem.um any nine oeiore iuo notes are oue eaecpv- - . . . - . . im.j. ,k. fi.ftr.-n' tmesup :.-l.i j u.. r........iT, u.ma-Hr in thiM ig lo be uuod in the fact mat keloid the Ponds a-. U.nercn. iim- i ini: ine noiea issueu m pay iuo vunicui- . . .. u... i' in tn, that, bv the urovisionsot the evcral ordt- to 8epwmb. i List f cv ta a, n in1 ii ti7 iivt tu vv u-.v j , , .,rn,.n...r.n..ii.u.,ui,,fi,.. nii. n a nces t w h ich I have referred and a w . . .. - I- -, i. - : - ..r ,.. n of which I have made, n- such 1 would ratUel ym wutu ir.r on oec. -f anow s a uiriner isou- ui unc ..-r-- ai.l.io,, ad a half of trea-ury noies, to bo discretion as to the disposal d die treasury ker-. tht ror.tji-.i.ed in the ordinance Uutstion :(fi. oreiaeeu, signeu anu issueu as in mo oiui- .1.-"- - - rent BCriU nance ratified the 1st Dec, 1861. And assuming tho payment ol the Confederate row into money upon eight per P ky Sec. 5, the amount ot notes and bonds tax. True it is, that by the ordinance first or bonds at par ? ol currency . receivable in payment of us t i he t I ax. to Wi I. sr.ee I e ami its own notes, il he " fionnco l Ihe Hooded the Sate to procure ihe tine or the V . . . . . n . . . 1 1 1.' t o ii m 1 1 1 1 e 19 I i ot her : arid m 1 1 -. mi 1.1 i,nt h. t,ri-.i...ii ilmi nth. nit w a 1 1 e int. n ion - t the J I he Treasury Noies i I the State could be to in te th 1'itHMiry N tes a ; readily exchanged lor either, the Conven- ;kl "' 1 am h . my to lund j tion avo. in the ordinance d assumption - i i i ... i t p. r . im.i , ,i, j,,r j ,u uul,or,ty to t.ie 'rt-eusurer to apply -e t i,imhi; ti.e n tes credit as a i ihe State Treasury Notes, issued to pay no .l.iiiii. an I had th- se note 1 that lax, "in such manner as may bo nec ! . it. as . ,n'e upln d, loth,- .oi- t-sa ry to . h o pay me n t of sa id Conlederate .ii lit ii..r-, iii.' wou n ia vf t v " I .. n..r.i.;.... in tact, uoticipated that ihero m.iiht be a sacrifice irTconvertin State Trea ury Notes into Confederate State, it turned out, Ansicer. i cannot state with taia.... 4 ,!,rl! lie Il o From whom diJ you bor G. Lash about ?1 1 1 500 for common currency. Mr. Jasn lurni-hed the money and paid me one del ir ner $1,000. I think 1 obtained ior av C. Pearson. April 1st, $4,000 or r a or currency or i percent at par. .... Ap. il 4tn, 10,000 was uuinuvu kjj Branch fe Son nn the sameterms. From Mareb 31st, according to my rucor lection, the 8 per cent bonds or script have never been lower iba" six per cenw aucj trndually advanced uj to two weeks ago, when they reached 120. They are new (16th December,) 116. . . i I' I . - r.ii m.nnv I AO- Apnl Itnn. ror oruiumj .uni .air.ed 810,00 for.Branch&Son P"- P"1 12th, 1 think it likely I obtained 610,000 lor same parties on the sameterms. I let Maj. A. M. Lewis bavo nearly three nuartera of a million first and last of com mon currency, fer which I got orders on