Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-03
COMMERCIAL.
monetary and Commercial.
TrFsnlT FfETrla. Jul7 9. /

OtheF act auLhOrlseS the Governor 10 issue Ireasur
Notes to the amount Of 100000, in lieu of tina
amount of Bonds authorised to be issued by tn
military act, Of denomination not less than S. no.
more than $500; to be redeemed at such time an'
to bear such rate Of interest not to exceed six PEI
! cent per annun as the Governor and Military anC
Financial Board may deem proper; and it is prOvi
ded that the said Treasury Notes shall be received
by the proper officers in payment of all taxes, bonu
ses &C.. levied by the authorities of the State and
Of debts due or which may be due the State Of any
ehsractex whatever: and such Treasury Notes may
be received on deposit or in payment Of debts BY
all the Banks of Tennessee and be paid out at their
counter the same as Gold or Bank Psper. It viii
require some time to prepare and issue these Urea
sury Notes, the plates have to be engraved, and
the Notes signed by the Treasurer and cOuntersgned
by the Secretary Of State.
But by far the most important financial measure
of the Legislature is the following act
AN ACE to aut1orse Bsnks Of Tennessee to receive and
pay out the Treasury Notes Of tn Coderas States and
SEGTToy /, Be q enacted by the General Assemble,
of the State Of Tennessee That it shall be lawful for
the Banks of this State to receive and pay out the
Treasury Notes Of the Confederate States Of Amer
lea Issued in pursuance of an act passed by the
Provisional Congress of said States on the - day
of May, 1861.
SEC. 2. Be Il further enacted, That all officers of
the State are authorised to accept said Treasury
Notes in payment Of moneys due the State and the
several counties thereof; and that they author
ised to receive in payment of moneys due the State
and the several counties thereof the circulation Of
the Banks Of this State which conform TO the Bank
Code Of Tennessee and the acts arendatOry thereof
SEC. 3. Be further enacted, That the Banks Of
this State which are subject the provisions of the
Bank Code, (the Bank Of Tennessee being includedO
shall resume specie payment simultaneously and
it is hereby expressly declared that it shall not be
lawful for one Of the Banks TO resume specie pay
ment in advance of another.
SIC. t. Be further enacted, That the policy of
the Banks of Tennessee in retiring and diminishing
their circulation IS detrimental 70 the public inter
est and that they be required to reverse their pol
icy and increase their circulation, to answer
the public want Provided however, that such in
creased circulation shall not exceed two dollars for
one of paid capital stock.
SEC. 8, Be further enacted, That so much of sec
ton of an act passed on the 3lst day Of January
1861 as fixes the time for the Banks therein named
to resume specie payment by the LIST of July, 1862
be and the same is hereby repealed.
SEC. G. Be It further enacted, That it shSu not be
lawful for any Bank in this State either directly
indirectly to pay dividends due to stockholders who
are citizens of the non>slavehOldng States Of the
United States of America. This prohibition shall
continue during the existence of the which the
Federal Government Of said States of America is
waging against the Confederate States Of America
and any officer Of any Bank in this State, or the
agent or attorney thereof shall violate the Proyis-
ions of this act he shall be guilty Of misdemean
or and on conviction, shall be imprisoned not less
than twelve months and fined not less than one
thousand dollars. For the purposes of this section,
the ownership of stock to be determined by the
books Of the ank they stood on the 18th day of
April 1861.
SEC. :. Be Il further enacted, That it shall not be
lawful to pay the interest the Bonds of the State
Of Tennessee or other Bonds upon which the State
may be liable If said Bonds were held and owned
on the 18th day of April, 1861, by citizens Of the
non sIavehOlding States Of the United States Of
Amer ca, or by any corporation of said States the
day named being the date of President Lincoln's
proclamation calling for seventy five thousand vol
unteers for the subjugahOu of the South nor
shall it be lawful to pay the principal or any part
thereof of said Bonds. This prohibition shall con-
tinue during tie existence OF the war which tie
United States of America are waging against the
Confederate States of America and at the close of
the war the debt principal and nerest, shall stand
subject TO adjustment and accommodation between
the two Governments, upon s1eh equitable basis as
shall be in accordance with the usage and practice
of civilized nations
SEC g. Be Il further enacted That it shall not be
lawful for citizens corporations Of the State to
pay debts which they may owe to corporations or
citizens Of the non-slaVehoding States Of the Uni
ted States of America during the war now in pro-
gress and the payment OF said debts shall stand
q
the war upon the principles stated IN section of
this act and it shall not be lawful for any person
by pretended assignment or otherwise TO represent
himself as owner Of any debts thus due and IN tbs
manner evade the provisions Of this act; and an
assignment of any Of said debts since the commence
ment of hostilities shall be p1G taes evidence that
it was done to evade this at. It's in lie manner
made Illegal fer any ageTt or attorney to pay over
moneys which may now be collected, or which may
hereafter be collected for the citizens and corpora
lions Of said nonslavehOlding States, and this pro-
hi5itiOn shall continue during the war, and IN no
event shall the State of Tennessee become liable
for debts of any individual debtor of the State,
unless said debtor shall have paid the amount there
of into the Treasury of the State.
SEC. g. Be It further enacted, That a violation of
sections and of this act shall subject the Offend
ing party, on conviction, to Imprisonment at the
discretion of the court, and TO a fine equal in
amount to the sum paid.
SEC 10. Be it further enacted, That it shall not be
lawful for any Bank, or the officer or agent there
Of to remove from this State the assets any of
the assets of any Bank in this State for the benefit
of stockholders who may be citizens Of the nom
saveholdiDg States of the United States Of Ameri-
ca, and this prohibition shall continue during the
existence of the war in progress. If any Bank
officer shall directly indirectly violate the pro-
visions of this section he shall be guilty Of felC
nv and on conviction, be sentenced to imprison.
ment in the State Penitentiary for period Of not
less than five n0r more than ten years.
DEC. ). u JlltleT eitQC6Q, 1uaL interest on
all Bonds of the State, or upon which the State |
may be liable, held by the citizens or corporations
of friendly powers, shall be paid at Nashville, |
or New Orleans, at the discretion Of |
the Comptroller of the State and it shall be the du-
ty of the various Railroad Companies to pay the /
interest required of them into the hands of the !
Treasurer: Provided, said Bonds were bona fde. /
held and owned by such citizens and corporations en-
the 18th day of April, 1861 and that fact is made
10 appear to the satisfaction of the Comptroller of
the State by the affidavit Of the party demanding
payment and proof of the fact, if desired by the |
Comptroller or upon the establishment of the fact /
in such other manner as shall be satisfactory to !
said officer. The Comptroller shall advertise at /
which of said points the interest on said Bonds /
will be met Provided further if any of said Bonds
shall be owned bona fds by citizen of the COnfed-
crate States, and the same Is held by guardian
agent in the slavehodIng States, the interest /
shall be paid as provided in this section Provided,
The same shall be paid to the owner Of said Bonds,
Dr. to duly authorized agent, attorney or guar 1
iian being a citizen of the Confederate States
SEC II. Be II further en1cted, That the four first |
words sat their first meeting of the seventh sec,
ton, eleventh line, of an act passed February %
1856, chapter 2l0, be and the same are hereby |
repealed.
SEC. Is. Be further enacted, That this act take !
effect from and after its passage.
W. c. WHTTHORSE
Speaker Of the House of Representatives.
B. L. SToyALL,
Passed July /. 1861. Speaker of the Setate.
A true copy: j. E. r. Ray, Secretary of State
In New York on the 9th, at the first board, ssh
300 Tennessee per cent. Bonds sold at 371c and
S24 900 at 37c and at the second board Sl2 900 at
'7lc and $1,000 at S7sc. On the 18th, at the first
board, 81, 900 sold at S73e, $4,000 at 3sc, and
81, 900 at 3s4c.