Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1861-07-11
The Confederate Loan.

For the information of those who may desire to in
vest in the securities of the Confederate States, we
publish the law under which the loan advertised in the
Journal is authorized together with the provision for
securing the prompt payment of interest and the final
extinguishment of the whole debt
ANACT
To raise money for the SUI port Of the Government and to
prOUds for Tie defence Of The Confederate States of Aner-
SECTION The Congress of the Confederate States of
America do enact That the President of the Coned
States be- and he hereby authorised at any time within
twelve months after the passage of this act to borrow
the credit of the Confederate States exceeding
fifteen millions of dollars or so much thereof as in his onn
ion the exgences OF the public service may require to be
applied to the payment OF appropriations made by law
the support of the government and for the fences of the
Confederate States.
2. The Secretary of the Treasury is hereby au-
thOZ=d by the consent OF the President of the Confederate
States to causeto be prepared certificates of stock bonds
in such are hereinafter mentioned for the
to be borrowed as aforesaid be signed by the Register
Of the easu and sealed with The seal of the Treasury
and the said certificates OF stock bonds shall be made
payable at The expiration of ten from the first day
September uext and the interest thereon shall be paid
semannuay at the rate of eight per per annum,
the treasury and such other place the Secretary of the
Treasury des goate And 10 the bonds which shall he
aforesaid shall be attached coupons for the
annual interest which may accrue which coupons may be
signed by officers to be appointed for The purpose by the
Secretary OF the Treasury And The faith of the Confederate
SSe hereby pledged for the cue of the princi
PAL ana intel est OF the said stock and bonds.
SEC B. at tue expiration five years from the first DAY
OF september next the onederate States NAV nav no
PItoh VI uI1 Dous VI KS upon giving three mouths
previous pu lie nouce, at the government of the
paIucu stocks bonds to be paid and the time snc
place and from and after the time 40 annomt
ed, further interest sha be paid stock or bonds
SEGA he certificates OF stock and bonds shall be issued
IN such form and for such amounts be determined
the ecraary OF the treasury, and may be assigned
oeVeTtd under such regulations he may establish.
none OF them shall be for less than fifty dollars; ant
ne small report to Congress at its session, staemen
III detail OF his proceedings and the which the loan
may nave been made and all expenses attending the
DEC o. FROM and after the first day of August 1851 Their
shall be levied, collected aud paid duty of one eighth
One cent per pound on all cotton the state export
pledged to the due payment interest and principal of III
Loan provided for in this act and the Secretary tn
Treasury Is hereby authorized and required to establish
ting fund carry into effect the provisions of this
ton Provided however, That the interest coupons issue
under The second section of this act when DUE sha be
cevabe payment of the export duty on cotton
also that when the debt and interest thereon auho
fund provided for that purpose shall adequate to he
end the SAID export duty shall and determine.
APPROVED, 18th February, 1861,