The eastern clarion. [volume] (Paulding, Miss.) 1837-1863, 1861-05-31
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Important Act Of Congress.

AN ACT to authorize loan and the issue
OF treasury notes, and to prescribe the
punishment for foregoing the same and
Tor forging certificates OF stock anu
bonds.
Sac. l. TIE Congress Of The Coated rat
States Of america do enact. That the Secrp
cary of the Treasury may. with the assen,
of the President oil the Confederate States.
issue fifty millions OF dollars in bonds
payable at the expiration OF twenty year.
from their date, and bearing rate of in
terest not exceeding eight per cent. pel
tnnum until they become payable-Ih,
said interest TO be pay able annually. Tho
said bonds, after public advertisement il
three newspapers within the Confederate
States for six weeks. to be sold for Specie,
military stores, or for the proceeds OF
sales from produce or manufactured arti-
cles to be paid m the form of specie OF
with foreign bills of exchange, in such
manner aud under such negotiations a.
may be prescribed by the Secretary of the
Treasury. with the assent of the Presi-
dent. But it shall be the duty of tht
Secretary Of the Treasury toreport, at it,.
next ensuing session. TO the Congress o.
the Confederate States precise statement
of his Transactions under this law. No,
-i1aA the e,.ia -l,.sa,d= b., is=,aed in frac
tional parts of the hundred or be ex
changed by the said Secretary for treasury
notes, or the notes OF any bank. corpora
tion or individual, hut only in the manner
herein prescribed propided, that nothing
herein contained shall be SO construed a.
to prevent the Secretary of the Treasury
from receiving foreign bills Of exchange
in pay ment Of these bonds.
SEC. 2. And be il further enacted, That
in lieu Of bonds to an amount not exceed
| ing twenty millions of dollars, TIE Secre.
| tary of the Treasury, with the assent OF
! the President, may issue Treasury notes
| 10 the same amount, without interest, and
! in denominations ot not less than five
! dollars, the said notes to be receivable il
| payment Of an debts or taxes due to Ia,
/ Confederate States, except the expor
4 duty on cotton, or IN exchange for th,
bond, herein authorized to br issued. Tn,
| said notes shall be payable at the end o
two wears from the date of their issue
in specie. The holders Of said notes ma,
nt any time demand in exchange for then
bonds OF the Confederate States, payabl
al the end Of ten years, and bearing al
I lOktft&e AZ fAhlttt ifF'f VIII ~ ebHNAAr =
be paid semiunnualy. The Secretary o
the Treasury is hereby authorized I
issue. the said bonds bur not in fractions
parts of the hundred. But II, after tn
expiration Of two years, when the Tres
sufy notes shall be due, the secretary {
the Treasury shall advertise THAI he wi
pay the same, then the privilege OF funC
ing shall cease after six months fgom th
dae OF the advertisement, unless theI
shall he a failure to pay the same on the
presentation.
SEc. 5. Aad Be Il .farsheS cpa.ied. Thi
! in lieu of the notes authorized by this a
, which may be redeemed, other.notes ma
, be issued within ten years. as aforesaid.
! Provided, however. that the amount
, such notes outstanding, together with Il
stock in which the treasury notes m
; have been funded under the provis;o
} of the act shall not exceed the amount
: twenty millions Of dollars. But the Seer
tary Of the Treasury may. upon appliS
I ton Of holder Of a bond thus funde
E redeem il BY giving in exchange treasu
E notes issued under the provisions OF q
act TO such an extent a. that the enti
, amount Of notes then issued, togeth
. with Ne amount Of bonda In which IN