Gazette and sentinel., 1861-04-13
G.. G. MEMMINGER,
Secretary of the Treasury.
MONTGOMERY, March I6, 1851.

"
For more ample information TO all concerned.
a copy of the act OF Congress is subioiued:
ANACT 10 raise money far The support ofHe
Government, and 10 prOride for he deteaSe Of hc
Confederate States Of America.
SECTION l.. The Congress cf the Confederate
States of America do enact. That the President
ofthe Confederate States De and he is hereby au.
tholized at any time within ~ months after the
passage of this act. TO borrow. on the credit of
the Confederate States. a sum not exceeding
Fifteen Millions of Dollars. or so much thereof
as in his opinion the eXigencies of the public
service may require, 10 be applied 10 the pay
ment of appropriations made by law for the
support OF The Government and Tor the defense
of the Confederate States.
SEC. 2. The Sc -e,ary Of the Treasury is
hereby authorized. by the consent OF the Presi-
dent Of the Confederate States. 10 cause TO be
prepared certificates of Stock or Bonds. in such
sums as are hereinafter mentioned, for the
amount to he borrowed as aforesaid. 10 be signed
by the Register of the Treasury, and sealed
with the seal OF the Treasury and the said GER
tifcales of Stock or Bonds shall be made payable
at the expiration Of len years from the first day
Of September next and the interest thereon
shall b. paid semi-dnnually al the rate OF Eight
per rent. per annum. at the Treasury and such
other places as The secretary OF the Treasury
may designate. And TO the bonds which shall
be issued. as aforesaid, shall be attached coupons
for the semI-anuual interest which may accrue,
which coupons may be signed by officers 10 be
appointed for the purpose by the Secretary OF
the Treasury. Aud the faith of the Conieder-
ate States is hereby pledged for the due payment
of the principal and interest OF said stock and
bonds.
SEC. 3. At the expiration of five wears from
the first day OF S~eptembe- next. the Confederate
States may pay up any portion OF the bonds or
stocks, upon giving three months previous pub
lie notice, al the seat Of Government. OF the par
ticular stocks or bonds 10 be paid, and the time
and place OF payment; and from and after the
tire so appointed. no further interest shall be
paid on said stock or bonds.
SEC. 4. The certificates Of stock OF bonds shall
be issued in such form and for such amounts as
may be determined by the Secretary of the
Treasury, and may be assigned or delivered un-
der such regulations as he may establish. But
none Of them shall be for a less sum than Gitv
dollars and ne shall report TO Congress, at lis
next session. a statement in detail OF his pro-
ceedings, and the rate at which The loans may
have been made, aud all expenses attending the
same.
SEC. 5. From and after the first day Of August.
1861, there shall be levied, collected and paid, a
duty OF One-eighih of one cent per pound on all
cotton in The raw state exported from the Con-
federate States; which duty is hereby specially
pledged 10 the due payment OF interest and prin-
cipsl Of the loan provided for in this act and
the Secretary OF the Treasury is hereby author.
ized and required 10 establish a sinking fund to
carry into effect the provisions OF this section
Provided, however, that the interest coupons is,
sued under the second section OF this act, wher
due, shall be receivable in payment of the export
duty on cotton provided also, that when the
debt and interest thereon. herein authorized tC
be contracted, shall be extinguished, or the sink,
ing iuEd provided for that purpose, shall be ad'
equate TO that end, the said export duty shat
cease and determine.
Approved 2eth February, 1851.