Daily Nashville patriot. [volume] (Nashville, Tenn.) 1860-1862, 1861-05-25

To authorize Loan, and the iesue of Treas
ury Notes. and prescribe the punishment;
for forging The same and for forging certif
Gates Of Stock and Bonds.
SECTION /. The Congress of the Confede
rate States of America do enact, that the
Secretary of the Treasury may, with the as
sent of the President of the Confederate
States, issue fifty millions CT dollars in bond:
payable at the expiration of twenty years
from their date, and bearing rate of inter
eat not exceeding eight per cent per annum
until they become payable, the said interest
to be paid semi-annualIy. The said bonds
after public advertisement in three newspa-
pers within the Confederate States for SIX
weeks, to be sold for specie, military stores
or for The proceeds of sales of raw produce
or ma nufactured articles, to be paid in spe.
Gle or bills of exchange in such manner
and under such regulations as may be pre-
scribed by the Secretary of the Treasury
with the assent of the President. But ii
shall be the duty of the Secretary of the
Treasury to report at its next ensuing session
to the Congress of the Confederate States q
precise statement of bis transactions under
this law Nor shall the said bonds be issued
10 fractional parts of the hundred, or be ex-
changed by the said Secretary for Treasury
notes. or the notes of any bond corporation,
or indiviG ual. but only in the manner herein
prescribed; Provided, That nothing herein
contained shall be so construed as to prevent
the Secretary of the Treasury from receiving
foreign bills of exchange in payment of these
bonds.
SIC. 2 And be it further enacted, That in
lieu of bonds, to an amount not exceeding
twenty millions of dollars, the Secretary OF
the Treasury, with the assent of the Presi-
dent, may issue Treasury notes to the same
amount, without interest, and of denOmina-
tions of not less than five dollars. The said
notes to be received in payment of all debts
or taxes due to the Confederate States, except
the export duty on cotton, or in exchange for
the bonds herein authorized to be issued. The
said notes shall be payable at the end of two
years from the date of their issue, in specie
The holders of said notes may at any time
demand in exchange for them the bonds OF
the Confederate States, payable at the end
of ten years, and bearing an interest OF SIX
per centum per annum, To be paid semi-annu-
ally. The Secretary Of the Treasury is here,
by authorized to issue the said bonds, but not
in fl fractional parts OF the hundred. But when
Treasury notes shall be due, the Secretary Of
the Treasury shall advertise that he will pay
the same then the privilege of funding shall
cease after six months from the date of the
advertisement, unless there shall be failure
to pay the same on their presentation.
SEC. 3 Aud be il further enacted, That in
Sieu of the notes authorized by this 4 Ct which
may b. redeemed. other notes may be issued
within the period of ten years aforesaid
Provided, however, that the amount of such
notes outstanding. together with the stock il
which the said Treasury notes may have beer
funded under the provisions of this Act shall
not exceed the sum of twenty millions of dol
lars.
SEC 4. And be it further enacted, That
fba St Of ha &c obr
pledged to provide and establish sufficient
revenues for the regular payment of the int
rest and for the redemption of the said stock
and Treasury notes. And the principal sun
borrowed under the provisions of this Aci
and the interest thereon, as the same shall
from time to time become due and payable
shall be paid out of any money in the Treas
ury not otherwise appropriated
Sec. 5. And be it further enacted, That
this Act shall be deemed to contain all the
provisions, and penalties of the Act entitled
an Act to authorize the issue of Treasury
notes, and TO prescribe the punishment fol
forging the same, and forging certificates Of
stocks, bonds or coupons, and approved
March 9th, 1861, which shall be considered a.
pLrts of this Act, save the first, second and
tenth sections, and save so much as relate:
to interest upon Treasury notes.
Sec. 6. And be it further enacted, That fol
tue purpose Oh raising Ten millions OF OOllars
within the present calendar year, and prOvid
ing for the ultimate redemption of the debt
herein authorized to be contracted, the Secre
tary of the Treasury is hereby directed tc
collect Information in regard to the value Of
the property, the revenue system, and the
amount collected during the last fiscal yeal
in each OF the Confederate States. and to re-
port the same to Congress at the next ses
sion, so as to enable it to lay fair, equal and
convenient system of internal taxation fol
the purpose of securing the payment of the
interest and principal of the debt, thereby
horned to be created, in such manner a:
may fully discharge the obligation herein
contracted, by the pledge of the faith of the
Confederate States, to pay the principal and
interest of said debt when due
Sec. Z. And be it further enacted, That
any State may put into the Treasury in an
| ticipation OF the tax aforesaid, any sum moi
less than 100000 in specie or its equivalent
and if the same be paid on or before the Is
day of July next, the said State shall be al
| lowed to set IF the same with ten per cent
additional from the quota to be assessed upor
| the said State.