New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-12
LOAN FOR THE DEFENSE OF THE
Confederate States


ment will be offered to the public on the 18th April
enauing and every citizen throughout the Confed-
| crate States will have the opportunity OF taking a
| snare of the benefit at the same time of sustain
ing the cause Of his country
BONDS with coupons will be issued in sums from
@"'o 10 500, and where it is preferred stock GER
''i1t''eS III Tue usual form may be had The inter.
eS' IL a1 eight per cent. per annum PAYABLE every
SIX months at all our principal cities,
Ihe DEBT has the very unusual and imuortant Co.
eurity of duty of eighth Of cent per ponnd
or about 62 cents per bale on all cotton exnortad
This duty, under all circumstances of peace or wav
secures the punctual payment of the interest. and
furnishes sinking fund for the redemption Of the
principal. The coupons when due are receivable
IN payment of the duty on cotton, and are thus
made available as coin, everywhere in our country.
In order to enable all portions of our people to take
part OF this valuable investment and to exhihts
their common interest in raising funds for the com
mon defense, books of subscription will be opened
at the cities and principal interior towns five ner
cent must be paid in cash at the time Of subsern.
ton, and the remainder on or before the Ist Nav
interest to run from the date of such payment.
PERSONS desiring to secure their subscriptions NAV
pay in cash the whole amount, and take a reeeint
for the delivery of bonds or stock To emaIze
t@tS VI
all persons conveniently to subscribe, current bank
notes of the place will be received at their market
value in coin.
IN case OF an over-subscription, preference will
be given to those who pay down the whole sub
scrption; next to subscribers of $50: next to sub
scrbers of slO0.
C. G. MEMMINGEE
Secretary Of The Treasury
Montgomery, March 10th, 1861
For more ample information to all concerned, a
copy of the act of Congress is subjoined:
AN ACT TO RAISE MONEY FOR THE SUPPORT OF THE
GOVERNMENT, AND TO PROVIDE FOR THE DEFENSE
OF THE CONFEDERATE STATES OF AMERICA.
SECTION l. The Congress of the Confederate
States of america do enact That the President Of
the Confederate States be and he is hereby au-
thorized, at any time within twelve months after
the passage of this act, to borrow, the credit of
the Confederate States sum not exceeding ff-
teen millions of dollars, so much thereof as in
his opinion the exigencies of the public service
may require, to be applied to the payment of ap-
preparations made by law for the support of the
Government and for the defense of the Confederate
States.
Sec 2. The Secretary of the Treasury is hereby
authorized, by the consent of the President of the
Confederate States to cause to be prepared certi-
cates of stock bonds, in such sums as are here
matter mentioned for the amount to be borrowed
as aforesaid, to be signed by the Register of the
Treasury and sealed with the seal of the Treasury
and the said certificates of stock or bonds shall be
made payable at the expiration of ten years from
the first day of September next; and the interest
thereon shall be paid semi annually at the rate of
eight per cent. per annum at the Treasury and
such other places the Secretary of the Treasury
may designate. And to the bonds which shall be
issued, aforesaid shall be attached coupons for
the sem-annua 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 States is hereby
pledged for the due payment of the PRINCIPAL and
interest of the said stock and bonds.
Sec. 3. At the expiration of five years from the
first day of September next, the Confederate States
may pay up any portion of the bonds or stocks,
upon giving three months previous public notice
at the seat of Government, of the particular stocks
or bonds to be paid, and the time and place of
payment; and from and after the time so ap-
pointed, no further interest shall be paid on said
stock or bonds.
SEC 4. The certificates of stock and bonds shall
be issued in such form and for such amounts as
may be determined by the Secretary of the Treas
ury, and may be assigned or delivered under such
regulations as he may establish. But none of them
shall be for a less sum than fifty dollars and he
shall report to Congress. at its next session, O.
statement in detail of his proceedings, and the rate
at which the loans may have been made and all
expenses attending the same.
Sec. 5. From and after the first day of August
1861 there shall be levied, collected and paid
duty of one-eghth of cent per pound on all
cotton in the state exported from the Confed-
crate States; which duty is hereby specially
pledged to the due payment of interest and princi-
pal of the loan provided for in this act !; and the
Secretary of the Treasury is hereby authorized and
required to establish sinking fund to carry into
effect the provisions of this section. Provided,
however, That the interest coupons issued under
the second section of this act, when due, shall be
receivable in payment Of the export duty on cot
ton ; provided, also, that when the debt and in
terest thereon, herein authorized to be contracted
shall he extingushed, the sinking fund provided
for that purpose shall be adequate to that end, the
said export duty shall cease apd determine
Approved 2Sth February, 1861.