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by the young Republic of America, it was declared that unless her Convention reaffirmed all titles and contracts, which depended for validity upon the sanction of a foreign government, that they would pass away, and no Court of the land recognize them as binding [[?]] is now the condition of new North-Carolina and the responsibility of this Convention. The territory of North-Carolina has been recovered from the dominion of a foreign power, the de facto government of the Confederate States, and unless this convention should declare all existing titles, contracts, debts, &c., valid, they too will pass away and no Court of the land will be bound to recognize them. This principle was admitted when the States first entered the Union, and again when the articles of Confederation were adopted.
  
Mr. Rodman——That act referred to the public debts contracted under the Confederation, but not to private contracts.

Mr. Tourgee——It also extended to private transactions which depended on governmental sanction for validity. Now we are in an analogous condition, and the question stands prominently before us, shall or shall we not declare all contracts binding?

But would relief ensue by wiping out private debts? In his opinion it would not.——He did not believe that such action by this Convention would be equitable or just, for the creditor has a claim which must be recognized and enforced so far as compatible with the public interest.

Therefore, he held that the only permanent relief which could be given to the people, was for the Convention to exercise its power of eminent domain. While this power was clear, there was no authority on the other hand to discriminate between creditor and debtor, or to annul private contracts, if they were were compatible with the public interest.

What relief is capable of being harmonized with this interest? Suppose the Convention give relief to the debtor. Well, credit was king in North Carolina before the war, and seventeen-twentieths of the moderate livers of the state had gathered a few hundreds or thousands of dollars, which was put in the hands of individuals or corporations on interest. It was growing little by little every year, so that when the winter of age came on, the fire might be kept burning on the hearth, and a supply of provisions in the smoke-house. In that instance——relief being given to the debtor——who would be injured? Would it be those who rolled in gilded chariots, or lolled on velvet cushions, pampered by luxury and filled with pride——who had borrowed and speculated and flourished upon the earnings of the industrious? Such relief would strike the best friends of Republican principles into the dust forever. The poor man and needy debtor, who had been deceived by a false system of credit into the pitfall, would be left to starve. A just consideration of such kind of relief, would cause every honest man to recoil from it. But it only displays the difficulty of the mighty problem, with which it is the fortune or misfortune of this Convention to grapple. Yet there is one way through it——a direct road——and that is the exercise of the right of eminent domain.

Stay-laws were the sublime humbug of the day. They were utterly and entirely indefensible. But it was said that a territory might make a stay-law. Well, suppose the North-Carolina Convention now adopts a stay law, when she enters the Union, the law will die, and the floodgates of collection be opened.

Again——we have provisional government now, acting under sufferance and by grace merely. No action had in this State by any power since 1861, however constituted, has any validity——which is not recognized by the military authority. No action can be legalized without such authority, according to act of July and these governments in the South are provisional only. We cannot go back of March 2nd. But there is one method of providing relief for all classes. He opposed legislation for one class. There are but two——creditor and debtor——and whether good men or bad men, they are inhabit[?]] by the Constitution; and it would imply an incredible fatuity in the States, to ascribe to them the intention to relinquish the power of self-government and self-preservation. A correct view of this matter must demonstrate, moreover, that the right of eminent domain in government in no wise interferes with the inviolability of contracts: that the most sanctimonious regard for the one is perfectly consistent with the possession and exercise of the other.

Under every established government, the tenure of property is derived mediately or immediately from the sovereign power of the political body, organized in such mode or exerted in such way as the community or State may have thought proper to ordain. It can rest on no other foundation, can have no other guarantee."

Mr. Graham, of Orange. Is not the decision in that case, that the State can take my property? But can the State take my property and give it to another?

Mr. Tourgee said that this question had been farther discussed in the celebrated Wisconsin case, by Caleb Cushing; but he would read on from the present report:

"It is owing to these characteristics only, in the original nature of tenure, that appeals can be made to the laws either for the protection or assertion of the rights of property. Upon any other hypothesis, the laws of property would be simply the law of force. Now it is undeniable, that the investment of property in the citizen by the government, whether made for a pecuniary consideration or founded on conditions of civil or political duty, is a contract between the State, or the government acting as its agent, and the grantee; and both the parties thereto are bound in good faith to fulfil it. But into all contracts, whether made between States and individuals or between individuals only, there enter conditions which arise not out of the literal terms of the contract itself; they are superinduced by the preexisting and higher authority of the laws of nature, of nations, or of the community to which the parties belong; they are always presumed, and must be presumed, to be known and recognized by all, are binding upon all, and need never, therefore, be carried into express stipulation, for this could add nothing to their force. Every contract is made in subordination to them, and must yield to their control, as conditions inherent and paramount, where-ever a necessity for their execution shall occur. Such a condition is the right of eminent domain. This right does not operate to impair the contract effect by it, but recognizes its obligation in the fullest extent, claiming only the fulfilment of an essential and inseparable condition. Thus, in claiming the resumption or qualification of an investiture, it insists merely on the true nature and character of the right invested. The imparing of contracts inhibited by the Constitution can scarcely, by the greatest violence of construction, be made applicable to the enforcing of the terms or necessary import of a contract; the language and meaning of the inhibition were designed to embrace proceedings attempting the interpolation of some new term or condition foreign to the original agreement, and therefore inconsistent with and violative thereof. It, then, being clear that the power in question not being within the purview of the restriction imposed by the tenth section of the first article of the Constitution, it remains with the States to the full extent in which it inheres in every sovereign government, to be exercised by them in that degree that shall by them be deemed commensurate with public necessity. So long as they shall steer clear of the single predicament denounced by the Constitution, shall avoid interference with the obligation of contracts, the wisdom, the modes, the policy, the hardship of any exertion of this power are subjects not within the proper cognizance of this court. This is, in truth, purely a question of power; and, conceding the power to reside in the State government, this concession would seem to close the door upon all further controversy in connection with it. The instances of the exertion of this power, in some mode or other, from the very foundation of civil government, have been so numerous [[page cut off]] vorce by some citizen of his County. Referred.

Leave of absence was granted to Mr. Benbow, on account of sickness.

Mr. Jones, of Washington, from the committee on corporations other than municipal reported unfavorably to an ordinance in regulation to banks of issue in this State; also, unfavorably to a resolution in relation to a lien law——that matter having been settled yesterday.

Mr. Rich, a resolution that the committee on finance negotiate a loan of $500 for contingent expenses. Rules suspended and adopted.

Mr. Rodman, a resolution in favor of Jas. S. Snow, Sheriff of Halifax.

Mr. Sweet requested the recommitment of the report of the committee on the Legislature, apportioning Commoners and Senators. Agreed to.

Mr. Forkner moved that the communication of Gen. Canby, giving a statement of election returns, be referred to the committee on privileges and elections. Agreed to.

On motion of Mr. Jones, of Caldwell, the report of the committee on homesteads was recommitted for revision.

Mr. Ellis desired to call up his resolution memorializing Congress, when

Mr. King, of Lenoir, objected.

Mr. Abbott announced that there would be a meeting of the committee on finance, at the Treasurer's office, at 4 p m., to consider a tax-law.

Mr. Ellis moved to suspend the rules and take up his resolution.

Mr. Tourgee said there was no authority in the rules for suspension——it had been done illegally hiterto.

Mr. Ellis did not press his motion, when

THE RELIEF ORDINANCE,

It being the unfinished business, and special order, was taken up.

The question was on the motion to postpone the consideration of the ordinance, when,

Mr. Tourgee said he was opposed to the shoving off the consideration of the matter.

Mr. Hood said there was no intention to shove off the ordinance, but for one, he dedesired maturer consideration.

Mr. Harris, of Wake, favored postponement to consider the various reports. No property when sold now brought one-fourth of its value. The class most needing relief were the medium farmers of the country.——He had no desire to repudiate, but was opposed to taking the last farthing from a man. He did not wish a dollar of the creditor lost, but the debtor's property ought not to be sacrificed. Let us protect the middle class of farmers, prevent the threatened paralysis of industrial pursuits-and for this reason he desired a maturer consideration of the ordinance.

Mr. Tourgee said that every week there were sales going on and property sacrificed. In order to stop this he desired the passage of the ordinance and adoption of his amendment.

Mr. Watts said relief was his pet scheme. He felt somewhat gloomy at the remarks of the delegate from New Hanover, msde yesterday. If this relief ordinance was postponed, the Convention would adjourn without action. He regretted that there were efforts to stave it off in quarters least expected.

Mr. Hood withdrew the motion.

Mr. Rich said he was in favor of relief. He, however, desired further reflection and information. His resolution calling on sheriff's for the truth in relation to number of executions and money collected thereon, should be answered and read, and the Convention would be astounded. He moved a postpone until Monday, 12 o'clock.

Mr. Galloway said he didn't desire the delegate from Martin to place him in a false position. He did desire to relieve the people, but not to do it illegally. He was opposed to repudiation.

Mr. Grant of Northampton said he did hope, since so much had been said, that the Convention would vote. Three fourths of the farmers were in favor of relief; and after [[page cut off]] smith, Hobbs, Hoffler, Hood, Ing, Jones, of Caldwell, Jones, of Washington, King, of Lincoln, Laflin, Lee, Legg, Logan, Long, Mann, May, Mayo, McDonald, of Chatham, McDonald, of Moore, Moore, Morton, Mullican, Murphy, Nance, Newsom, Nicholson, Patrick, Parker, Parks, Petree, Peterson, Pierson, Pool, Ragland, Ray, Read, Renfrow, Rhodes, Rich, Rodman, Rose, Smith, Stilwell. Sweet, Taylor, Teague, Tourgee, Trogden, Tucker, Turner, Watts, Welker, Williams, of Wake,——88

Mr. King of Lenoir, voted yea, with the intention of voting against the other propositions. He had asked to be excused, but the house refused.

Mr. Parker voted no, because the ordinance afforded no protection to the creditor.

Mr. Jones, of Washington, substitute to refer to the whole matter to Gen. Canby, was read and put to a vote: 

FOR:——Messrs. Baker, Barnes, Candler, Cox, French, of Rockingham, Fullings, Glover, Grant, of Wayne, Grant, of Northampton, Hare, Harris, of Franklin, Hodnett, Hollowell, Hyman, Ing, Jones, of Washington, King, of Lincoln, Ling, of Lenoir, Mullican, Nicholson, Parker, Pool, Renfrow, Roses, Teague, Trogen, Williams, of Wake. 

AGAINST:——Messrs. Abbott, Andrews Aydlott, Blume, Bradley, Bryan, Carey, Carter, Chillson, Congleton, Dicket, Dowd, Duckworth, Ellis, Eppes, Etheridge, Forkner, Franklin, French, of Bladen, Gahagan, Galloway, George, Graham, of Montgomery, GUlly, Gunter, Hayes, of Robinson, Hayes, of Halifax, Heaton, Hobbs, Hoffler, Jones, of Caldwell, Kinney, Laflin, Lee, Legg, Lennon, Logan, Long, Mann, May, Mayo, Marler, McCubbins, Merritt, McDonald, of Chatham, McDonald, of Moore, Moore, Morton, Murphy, Nance, Newsom, Patrick, Parkes, Peterson, Pierson, Ragland, Read, Rhodes, Rich, Rodman, Sanderlin, Smith, Stilwell, Sweet, Taylor, Tourgee, Tucker, Turner, Watts, Welker.

Yeas 27. Nays 69.

Mr. Ellis was excused from voting.

The question now occurred on Mr. Tourgee's amendment——to stay final process on all debts since May, 1865, except for laborer's wages and fraud.

Mr. T. said both the ordinance and amendment were for temporary purposes.

Mr. Heaton moved it be voted down. If adopted, it would endanger public credit.——It was similar to the admendment offered the other day; and believing there was all the temporary relief necessary conferred by the ordinance of the committee, he would vote against the first and for the latter.

Mr. Tourgee said the amendment did not interfere with the jurisdiction of the Courts, but was intended merely to stop sales.

Mr. Abbott said he would voted for the amendment, though he disliked to do so.——It would give the people a breathing spell. The distress is very great; and while he disapproved the whole matter, he saw no other method but to adopt the amendment and ordinance.

Mr. McDonald, of Chatham, moved to strike out the exceptions in the original ordinance, but withdrew.

Mr. Heaton again stated his objections to the amendment of Mr. Tourgee. He considered it dangerous if adopted, to the safety of the ordinance.

Mr. Jones, of Wash, also opposed the amendment. He said the amendment would take away the lien of the creditor on the property of the debtor. It says that final process had no binding force. It was substantially the amendment of Mr. Welker.——It would certainly be declared unconstitutional, if new debts should be stayed and the lien set aside. It was enormous.

Mr. Abbott said he did not understand that liens or provisions of this ordinance, only until 30 days after the next election.

Mr. Tourgee said he would obviate the objection. I will say that sheriffs shall not proceed to sell.

Mr. Jones, of Wash.——That is better, but he hoped it would not be adopted, even as amended. It would drive capital out of the State, and banish prosperity.

[[page cut off]]
matter to be unconstitutional——the Convention had no right to deal with it.

Mr. Harris of Wake said he was in favor of relief, but understood this ordinance and amendment to be untinctured of repudiation.

Mr. Hood said that under instructions he would vote against anything imparing the obligations of contracts.

Mr. McDonald of Chatham, said the Supreme Court and not this Convention had the right to construe the Constitution.

Mr. Rich said he was sheriff of Pitt and personally interested. He asked to be excused.

Mr. Watts said he favored relief as much as any man, but fearing this amendment would jeopardize the ordinance he voted no,

Mr. Williams of Sampson favored relief but it was not in the power of the Convention to impair the obligations of contracts.

The question recurred on Mr. Rodman's amendment, when

Mr. Pool offered an amendment, which was accepted and then stricken out by the Convention. 

Mr. Jones, of Washington, said if passed this ordinance would make the law a farce. A creditor, could incur the costs of a suit and obtain judgment, but then would not be permitted to move it at all. Executions in North-Carolina control from the teste, when issued and levy made, but in this instance no creditor will be permitted to move his judgment after the costs of the suit are incurred and it is obtained. Besides the debtor could make arrangements to defraud him; or the judgment becoming dormant some other person sue and the last take precedence. Why did not the ordinance provide for the perpetuation of the lien? Under its operations the law becomes a farce. And this is done too under the cry of paupers shylocks. No man in the countries in which he practiced had been sold out for old debts. He called attention to that fact also.

Mr. Tourgee moved to lay the ordinance on the table.

The yeas and nays were called for and the voted stood as follows:

FOR:——Messrs. Andrews, Baker, Barnes, Blume, Candler, Cherry, Congleton, Cox, Dowd, Duckworth, Ellis, Eppes, Frankling, French of Rockingham, Fullings, Gabagan, Graham of Orange, Grant of Northampton, Gully, Hayes of Robeson, Hodnett, Hoffler, Hollowell, Ing, Jones of Washington, King of Lenoir, Logan, May, Marler, Moore, Mullican, Murphy, Nicholson, Parker, Parks, Peterson, Pool, Ray, Rhodes, Rose, Teague, Tourgee, Welker, Williams of Wake——44.

AGAINST:——Messrs. Abbott, Aydlott, Bradley, Bryan, Carter, Chilson, Colgrove, Etheridge, Fisher, Forkner, Galloway, Garrett, George, Glover, Graham of Montgomery, Grant of Wayne, Gunter, Harris of Wake, Harris of Franklin, Hayes of Halifax, Henton, Highsmith, Hobbs, Hood, Hyman, Jones of Caldwell, King of Lincoln, Kinney, Laflin, Lee, Legg, Lennon, Long, Mann, Mayo, McCubbins, Merrit, McDonald of Chatham, McDonald of Moore, Morton, Nance, Newsom, Petree, Pierson, Ragland, Read, Rich, Rodman, Sanderlin, Smith, Stilwell, Sweet, Taylor, Tucker, Turner, Watts, Williamson——58.

Mr. Walker said the ordinance now under consideration did not propose real relief. He voted yea. 

Mr. King of Lincoln offered a substitute that the Convention petition Congress for a change in the bankrupt law, to render it more available and cheaper. Referred.

Mr. King of Lenoir said he hoped the Convention would pay some regard to the rights of the creditor.

Mr. Tourgee moved a substitute. Passed over.

The original ordinance of the committee, unamended was adopted, by the following vote:

FOR.——Messrs. Abbott, Aydlott, Barnes, Blume, Bradley, Bryan, Carey, Colgrove, Etheridge, Fisher, Forkner, Franklin, French, of Bladen, Galloway, George, Graham, of Montgomery, Grant, of Wayne, Gully, Gunter, Harris, of Wake, Harris, of Franklin, Heaton, Highsmith, Hobbs, Jones, of Caldwell, Kinney, Legg, Lennon, Long, Mann,

[[page cut off]] but according to your own statements placed yourself in a position when, could I have anticipated your action, I would have been compelled to ask of you, as I was compelled to ask of your predecessor in the War Department, a letter of resignation, or else to resort to the more disagreeable expedient of suspending you by appointing a successor."

Gen. Grant's letter of Feb. 3d, alluding to the President's letter of Jan. 31st, and newspaper articles, says: "I find it only to be but a reiteration, only somewhat more in detail, of the many and gross misrepresentations contained in these articles, and which my statement of the facts set forth iu my letter of the 28th ult., was intended to correct. And here I re-assert the correctness of my statements in that letter, anything in yours in reply to it, to the contrary notwithstanding."

WASHINGTON, Feb. 5.——The bill forfeiting Southern railroad lands after being amended to except Nashville and Decatur road was passed. Yeas 86 nays 73. The bill declares forfeited to the U.S. all public lands granted in 1856 in Alabama, Louisiana, Mississippi and Florida to aid in constructing railroads and declares such lands open to homestead entry and settlement under the law of 1856.

The rights of American citizens abroad, again under discussion.

A joint resolution was passed authorizing the Secretary of War to employ a counsel to defend Grant, Ruger and other officers and persons embarrassed in the enforcement of the reconstruction acts against any suit or proceeding in any court in regard to official acts. House adjourned.

Senate resolution authorizing the Secretary of War to employ a counsel to defend the reconstruction officials passed.

Reconstruction resumed. Bill forfeiting Southern railroad lands referred to committee on public lands, and then adjourned.

President nominated T. W. Scott, of Tennessee to Matamoras.

Eleven more set speeches on reconstruction to-day.

First mortgage bonds of the Union Pacific R. R., advanced from 95c to par.

The reconstruction committee will report favorably on the bill removing disabilities incurred under the Howard amendment.

The correspondence between the President and Gen. Grant discussed——action deferred. Senate confirmed Gideon H. Hollister of Connecticut, Minister and Consul-General to Hayti.

Revenue to-day 1,139,000.

Gen. Howard has issued a circular that officers under rank of Magor mustered out, but retained in the Bureau, be paid $150 per month.

Political

CHARLESTON, Feb. 6.——The bill of rights was read from the first time in Convention to-day. Its suffrage provisions are liberal and without qualifications. The judiciary with few exceptions is elected by the people for terms varying from one to four years. The Constitution provides for a school system with compulsory attendance for twenty-five months for all children between 6 and 16. Reformatory schools and agricultural college to be established. All schools and colleges supported by public funds and open to all.

From Atlanta.

ATLANTA, Feb. 5.——Convention passed the relief clause to day yeas 82 nays 45. It denies jurisdiction to the Courts over all debts contracted prior to the surrender but leaves it discretionary with a majority of the Legislature to confer jurisdiction in all cases except as to the purchase of slaves. Richardson, member of the Convention, who was shot by Turmony, on the third inst., it is thought by his physicians will not recover. The ball passed through the right lung.

From Montgomery.

MONTGOMERY, Feb, 5th.——1,100 votes polled to-day. The elction progressing quietly.

Foreign.

LONDON, February 5.——John Bright pleaded the wrongs of Ireland at Birmingham meeting.——London evening consols 93 5/3. Bonds 7 7/8. Liverpool, evening,——cotton closed firm sales 15,000. Uplands 7 8/3 @ 7 0/8, to arrive 9 5/3. Orleans 8 @ 8 1/2. Sugar quiet. Naval stores quiet.

FINANCIAL.

RALEIGH NATIONAL BANK
OF
NORTH-CAROLINA.

BOARD OF DIRECTORS:
R. W. PULLIAM, Presi't.; GEO. W. SWEPSON,
W. H. WILLARD, W. J. HAWKINS,
A. S. MERRIMON.

W. B. GULICK, Cashier. C. J. IREDELL, Teller.

DEALS IN EXCHANGE, SIGHT DRAFTS, Gold and Silver Coin, and Government and other securities.

Uncurrent Bank Notes bought at the highest prices. Packages sent by Express will be remitted for promptly in currency, or in New York funds at par.

PRICE CURRENT, JANUARY 15, 1868:
Bank of Cape Fear....................... 25
Bank of Charlotte....................... 28
Bank of Clarendon....................... 3
Bank of Commerce........................ 18
Bank of Fayetteville.................... 11
Bank of Lexington (old)................. 19
Bank of Lexington (new)................. 10
Bank of Lexington, payable at Graham,... 24
Bank of North-Carolina.................. 65
Bank of Roxboro'........................ 60
Bank of Thomasville..................... 65
Bank of Wadesboro'...................... 25
Bank of Washington...................... 7
Bank of Yanceyville.....................
Bank of Wilmington...................... 26
Commercial Bank of Wilmington........... 25
Farmer's Bank of North-Carolina,(old,).. 27
Farmer's Bank of North-Carolina, (new,). 10
Greensboro', Mutual Insurance Company,.. 6
Merchants' Bank of Newbern.............. 62
Miners' and Planters' Bank.............. 39
January 30, 1868.   68——tf.

BANKING HOUSE OF JAY COOKE & CO.
No. 20 WALL STREET
Corner of Nassan Street, NEW YORK.
We buy and sell at the most liberal current prices, and jeep on hand a full supply of GOVERNMENT BONDS OF ALL ISSUES, SEVEN THIRTIES, AND COMPOUND INTEREST NOTES, and execute orders for purchase and sale of STOCKS, BONDS and GOLD.
CONVERSIONS.
We convert the several issues of SEVEN-THIRTIES at the most favorable market rates into FIVE-TWENTIES, which, at present price of gold, yield the holder about one per cent.  more intercst per annum. Circulars with full particulars furnished upon application.
JAY COOKE & CO.
May 9, 1867.   20——tw&wly.

JOSHUA LINDLEY.  J. V. LINDLEY
NEW GARDEN NURSERIES.
THE OLD PIONEER NURSERYMAN IS once more before the public, with 25 Thousand Fruit Trees and Grape Vines, for Winter and Spring Sales of 1868. Our Stock has been raised since the war, and is young and thrifty. Persons wishing to plant Orchards will do well to give us a call, as the Senior Proprietor has over 40 years experience in the business, and knows what to cultivate to suit the country and please the people. Prices to suit the times. Send for Circular containing Price list, &e.
Nurseries located 5 miles west of Greensboro'. Address J. LINDLEY & SON, New Garden, Guilford County, N.C. January 9, 1868. 2——w8w.

Notice to Manufacturers of Distilled Spirits.
THE UNDERSIGNED HAVING BEEN appointed General Inspector of Distilled Spirits for the 4th Collection District N.C.  hereby notices parties manufacturing Spirits that he is prepared to Inspect and brand same upon application. Address
D.H. GRAVES General Inspector Distilled Spirits for the 4th District, N.C. Selma, N.C., January 29, 1868 . 4——w1m.

FLOUR! FLOUR!
Locust Point Family. 
North Carolina do in sacks and bbls., on hand and arriving daily. 
W. H. JONES & CO.
Raleigh, Jan 25, 1868.  76——tf.

Transcription Notes:
All columns transcribed except for the last one. UPDATE - I transcribed the last column for review.