New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-17
LOAN FOR THE DEFENSE EOF THE
Confederate States.

LOAN FOR THE DEFENSE OF THE
Confederate States.
Five millions of this most advantageous invest
ment will be offered to the public on the 17th April
ensuing, and every citizen throughout the Confed-
crate States will have the opportunity OF taking
share Of the benefit, at the same time of sustain.
ing the cause of his country.
Bonds with coupons will be issued in sums from
$1,000 to $50, and where it is preferred stock ceR-
tIfcates in the usual form may be had The inter-
est is at eight per cent. per annum payable every
six months at all our principal cities.
The debt has the very unusual and important Sc
curty of a duty of one.eighth of cent per pound,
or about 62 cents per bale all cotton exported.
This duty, under all circumstances of peace or war,
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 people to take
part of this valuable investment and to exhibit
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 per
cent must be paid in cash at the time of subserip.
ton, and the remainder or before the lst May
interest to run from the date of such payment,
Persons desiring to secure their subscriptions may
pay in cash the whole amount, and take recent
for the delivery of bonds or stock. To euualize
the rate of subscription at all points, and to enable
all persons conveniently to subscribe, current bank
notes of the place will be received at their market
| value in coin.
In case of an oversubscription, preference viii
be given to those who pay down the whole SUBJ
scription; next to subscribers of $50 next to sub
scribers of $l00.
G. C. MERM1NGER
Secretary of the Treasury
Montgomery March 10th, 1861.
For more ample information to all concerned, o
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-
| thorzed, 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, or SO much thereof as in
| his opinion the eXigencies of the public service
| may require, to be applied to the payment of ap-
propriations made by law for the support of the
Government and for the defense of the Confederate
States.
SEQ. 2. The Secretary of the Treasury is hereby
authorized, by the consent of the President of the
Confederate States, to cause to be prepared ceri-
icates of stock or 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 Treaaury:
and the said certificates of stock 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, as aforesaid, shall be attached coupons for
| the semi-annual interest which NAV 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 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 pad on said
| stock Or bonds.
SEC. 4: The certificates of stock and bonds shah
| be issued in snch form and for such amounts as,
| may be determined by the Secretary of the Treas
| ury, and may be assigned or delivered under eueh
regulations as he may establish. But none of them
shall be for 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 o. From and after the first day of August,
| 1861, there shall be levied, collected and paid q
| NY "a onS-SiSheh VI OHe CcHb ptF pDulu Tn alA
cotton in the raw state exported from the Confed-
crate States; which duty is hereby specially
pledged to the due nayment 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 dnty on cot
| ton; provided, Also that when the debt and in.
terest thereon, herein authorized to be contracted
shall be extinguished, or the sinking fund provided
for that purpose shall be adequate to that end the
said export duty shall cease and determine.
Approved 2Sth February, 1861.
| SINKING FUND FOR THE CONFEDERATE LOAN.
Sr.