New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-10
LOAN FOR THE DEFENSE OF THE
Confederate Stntes,

| Five millions of this most advantageous invest
nent will be offered to tire public on the 7th 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 GER
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 se
curity OF duty Of one-eighth Of cent per pound,
or about 50 cents per bale all cotton exported.
This duty, under all circumstances of peace or war;
secures the punctua payment of the interest, and
furnishes sinking fund for the redemption ,af the
principal. The coupons when due are receivable
ia payment of the duty on cotton, and are thus
made available as coin, everywhere in count ry-
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 conf
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 subscrip-
ton, and the remainder on or before the 1st 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 a receipt
for the delivery of bonds or stock. To equalfze
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 oyer-subscription, preference will
be given to those who pay down the whole sub
scription; next to subscribers of $50 next to sub
scribers of 500.
Secretary of the Treasury
Montg onlery, March 18th, 1861.
For more ample information to all concerned, a
copy of the act OF Congress is subjoned:
! AN ACT RAISE MONEY FOR THE SUPPORT OF THE
| GOVERNMENT, IND 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 fif-
teen millions of dollars, or so much thereof as in
his opinion the exigencies of the public service
| NAV 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. q 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 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 tie
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 semiannuay, at the rate Of
eight per cent. per annum, at the Treasury and
such other places the Secretary of the Treasury
NAV designate. And to the bonds which shall be
issued, as aforesaid shall be attached coupons for
the semi-annual 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.
| At the eyDiratlOn OF five years from the
first day of September next, the Confederate States
NAV 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. L. The certificates of stock and bonds shall
3 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 Butnone OF them
. shall be for less sum than nifty dollars; ana ne
n shall report to Congress, at its next session. a
e statement in detail of his proceedings, and the rate
u at which the loans may have been made, and all
Is expenses attending the same.
D, Sec s. From and after the first day of August,
1t 1861, there shall be Levied collected and paid
III duty of one-eghth of one cent per pound on all
e cotton in the state exported from the Confed-
IS crate States which duty is hereby specially
a pledged to the due payment of interest and princi-
l. pal Of the loan provided for in this act; and the
Secretary of the Treasury is hereby authorized and
IS 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
II ton; provided, also, that when the debt and in
terest thereon herein authorized to be contracted,
shall be extinguished, the sinking fund provided
for that purpose shall be adequate to that end the
Y said export duty shall cease and determine.
h Approved 28th February, 1861