The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1863-06-12
AN ACT
To Provide for the Funding and Fur
Their Issue of Treasury Notes.

~ two, shall be fundable in eight per cent bonds
or stock, until the twenty second day Of April
eighteen hundred and sixty three; that from that
date until the first day of August, eighteen hun
dred and sixty-three, they shall be funded in
per cent. bonds or stock, and after the said
frat day of August, they shall no longer be fund
able at the pleasure of the holder, but shall be
receivable in payment Of public dues, except the
export duty on cotton, and payable six months
after the ratification O. treaty Of peace, as spe
cited on their face. All Treasury notes not bear
ing interest, issued after the first day of De-
cembcr, eighteen hundred and sxty-two, and
within ten days after the passage of this act, shall
be fundable in seven 2er cent. bonds or stock
until the first day of August next; and after the
said first day of August shall be fundable only in
bonds bearing interest at the rate Of four per cent
per annum, and payable at any time not exceed
ing thirty years from the date thereof; and all
such notes not funded shall be receivable in pay
ment Of all public dues, except the export duty
on cotton, and shall be payable six months after
the ratification Of treaty Of peace between the
Confederate government and the United States.-
All call certificates bearing eight per cent. inter
est shall, with the accrued interest. be fundable
on or before the first day of July, eighteen hun
dred and sixty-three, into bonds OF the COnfed-
crate States, bearing interest at the rate Of eight
per cent. per annum, and payable at any time not
exceeding thirty years after heir date: Provided,
That the accrued interest aforesaid may, at the
option Of the holder, be paid instead of being
funded. All call certificates of every description,
outstanding the frst day of JUL, eighteen hun
bred and sixty-three, shall, after that date, be
deemed to he bonds bearing an annual interest of
| six per cent and payable at date not exceeding
thirty years from the said first day of July, egh-
teen hundred and sixty-three.
SEC. 2 In lieu of the power heretofore given
by law to the Secretary Of the Treasury, to issue
Treasury notes, he shall be authorized to issue
monthly. an amount of such notes, bearing no
interest, not exceeding fifty millions Of dollars,
which shall be receivable in payment of all pub
lie dues, except the export duty on cotton, and
payable within two years after the ratification Of
q treaty of peace between the Confederate States
and the United States, and fundable at the pleas
ure of the holder, during twelve months from the
first day of the month of their issue, in bends of
the Confederate States, payable at any time not
exceeding thirty years after date, and bearing
rates of interest as follows: If funded within
twelve months from the first day of the month of
their issue, the bonds shall bear six per cent in
terest per annum if funded after that period they
shall be fundable into bonds bearing four per cent
interest per annum. These notes shall bear upon
their face the month and year of their issue, and
if not funded, shall be paid at the time specified
on their face without interest.
SEC. 8. After the passage of this act, the au-
thority heretofore given to issue call certificates
shall cease. but the notes fundabe into six per
cent. bonds may be converted at the pleasure Of
the holder, into call certificates, bearing interest
at the rate of five per cent. per annum, from the
date of their issue. That every such certificate
shall bear upon its face the monthly date of the
oldest of the notes which it represents, and be
convertible into like notes at any time within six
months from the first day of the month of its
monthly date aforesaid But every certificate not
reconverted within six months from the first day
Of its monthly date, shall be exchanged fol a
| bond payable at any time not exceeding thirty
years from the expiration of the said six months
and bearing interest at the rate of six per centum
per annum. Treasury notes, which by the opera
ton of this act become fundable into bends bear
| ing yearly interest of four per cent, may be
converted, at the pleasure of the holder into call
certificates bearing Interest at the rate of four
per cent. per annum, from their date until recon-
| verified or paid: the said certificates being recon-
vertbe at any time by the holder into notes
fundnhlo IN four per cont. bonds. and payable and
receivable as heretofore prescribed, but the said
certificates maybe redeemed by the government
after six months from the ratification of a treaty
I OF peace OttWccn lUb OOUlbuGIdle STATES ana the
United States.
SEC. 4. That all bonds or registered stock au-
horized to be issued by this act shall be payable
not less than thirty years after date but shall be
redeemable five years after date, at the pleasure
Of the government, and shall in other respects
conform to existing laws
SEC. e The Secretary Of the Treasury shall
use any disposabe means in the Treasury, which
can be applied to that purpose without injury to
the public interest, to the purchase of Treasury
notes bearing no interest, and issued after the
| passage of this act, until the whole amount of
Treasury notes in circulation shall not exceed one
! hundred and seventy FIVE millions of dollars
SEC. 6. The Treasury notes hereby allowed to
be issued, shall be of any denomination of not
| less than FIVE dollars which Is now authorized by
law, that the Secretary of tho Treasury my direct
The authority hereby given shall cease at the
expiration of the first session of Congress, after
the ratification of treaty Of peace, or at the end
Of two years, should the war continue 90 long.
SEC. I. In addition to the authority herenbe-
fore given to the Secretary of tho Treasury to is.
sue Treasury notes, be shall be allowed to issue
notes Of the denomination of one dollar, and of
two dollars, and of fifty cents to such an amount
as, in addition to the notes Of the denomination
of one. dollar, heretofore issued, shall not exceed
the sum of fifteen millions OF dollars; and said
notes shall be payable six months after the rati.
fcation Of treaty of peace between the Confed-
crate States and the United States, and receivable
| in payment of all public dues except the export
duty on cotton, but shall not BIO fundable.
! SEC. 5. That tho Secretary of the Treasury be
authorized to sell bonds bearing six per cent. in
terest per annum. and payable as hereinbeforo
directed, ut par for Treasury notes issued since
tho fret day of Decen Der, eighteen hundred and
sixty-two, to such Of the Confederate States as
4 may desire to purchase the same; or be may sell
such bonds, when guaranteed by any Of the States
Of the Confederacy, upon such plan as may be
determined by the Secretary Of the Treasury, for
Treasury notice on such tarns rs he may deem ad.
visable to THO highest bidder and not below par:
Provided, ho,ceper, That tho whole amount of
such bonds shall moi exceed two hundred millions
Of dollars And provided, further, That the Troas-
ury notes thus purchased shall not be ressuod, IL
the effect Of suoh reissue would be to increase The
whole amount Of Treasury notes. bearing no in
tcrest, which are in circulation, to sum greater
than one hundred and sevcnty.fve millions Of
dollars. And the Secretary Of the Treasury ID
also authorized, at bis option, after tho fret of
| July, eighteen hundred and sixty-three, 10 issue
and sell, at not less than par, az estimated in
| Treasury notes, coupon bonds Of the Confederate
States, bearing six per cent. interest per annum
and payable as horeinbefore directed. The said
| coupons to DO paid at the pleasure Of tho owner.
either In the currency in which interest ia paid on
other bonds of the Confederate States, or else in
cotton certificates which pledge the government
| 70 pay the same in cotton Of tho quality of Now
| Orleans middlinps The said cotton IN he mid