Washington telegraph., 1863-06-03
AN ACT
To Provide for the Funding and Further Issu.
Of Treasury Notes.

notes not bearing interest issued previous to
the first day of December, eighteen hundred
and sixty-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 hundred and sixt7-three,
they shall be funded in seven per cent bonds
or stock, and after the said first day of August,
they shall no longer be fundabe at the pleas
ure 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 of treaty of peace. as specified on
their face. All treasury notes not bearing
interest, issued after the first day of December,
eighteen hundred and sixty two, and within
ten days after the passage of this act, shall be
| fundable IN seven per 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 ut any
tune not exceeding thirty years from the date
tnereof; and all such notes not funded shall
be receivable In payment of all public dues,
except the export duty on cotton, and shall be
payable SIX months after the ratification of A
treaty of peace between the Confederate gov
ernment and the United States. All call GER
theates bearing eight per cent interest. shall,
With the accrued interest, be fundable on or
before the first day of July. eighteen hundred
and sixty-three into bonds OF the Confederate
states, bearing interest at the rate Of eight
per cent. per annum, and payable at any time
not exceeding thirty years after their date /:
PTouided, That the accrued interest aforesaid
may, at the option of the holder. be paid in
stead of being funded. All call certificates
OF every description, outstanding The first day
OF July, eighteen hundred anu sixty-three.
shall, after that date, be deemed to be bonds
bearing an annual interest of Elk per cent.
and payable at date not exceeding thirty
years ION the said first day of July, eighteen
hundred and sixty-three.
SEC :. 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. bear
Ing no Iteres:, not exceeding fifty million. Of
dollars, which shall be receivable in payment
OF all public dues, except the export duty on
cotton, and payable within two years after the
ratification of II treaty of peace between tile
Confederate States aud the United Statessand
iunddble at the pleasure ofsihe holder, during
twelve months from the first day of the month
OF their issue, in bonds Of the Confederate
States, payable at any time not exceeding
thirty years after date. and bearing rates 81
interest follows: If funded within twelve
months from the first day of the month OF their
issue, the bonds shall bear six per cent. inter-
est per annum; if funded after that period
they shall he funGable into bonds hearing four
per cen'. interest per auuum. These notes
shall bear upon their face the month and year
Of ,Leir issue. and if not funded shall be paid
at the time specified on their face with1u,
interest.
SEc. 3. After the passage nj thi. act. the
authority heretofore given t. issue cali certif-
Gates shall cease. but the notes fundaLle into
SIX per sent. bonds may he converted * the
pleasure of the holder, into call certificates.
bearing Interest at the rate Of i've Per cent.
per auuum, from the date of their issue That
every such certificate shall bear upon it, face
the monthly date OF lie oldest Mi the notes
which il represents, and be convertible into
Ike notes at any time within Fix months from
the first day ct the month Of its monthly date
aforesaid. But every certiti,u not recon
yertel within six months from the first dav
of its monthly date. shall he exchanged for d
. bond payable AT any time not exceeding thirty
years from the expiration of the said six
months, aud bearing interest at the rate Of Fix
per cent. per auuum. Treasury notes, which
by the operation Of this act become fundable
into bonds bearing a yearly interest Of four
per cent, may be converted. nj the pleasure
of the holder, into call certificates bearing
interest at the rate Of four per cent. per an
nun, from their date until reconverted OF paid;
the said certificates being recoverable at any
time by the holder into notes fnndable in four
per ceni. bonds, and payable ami receivable
as heretofore prescribed. but the said certii-
Gates may be redeemed by the government
after six months from the ratification of n
treaty Of peace between the Confederate States
and the United States.
SEc. 4. That all bonds or registered stock
Authorized TO be issued by this act, shall be
payable not less than thirty years after date
but shall be redeemabe five years after date,
Mt the pleasure of the government, and shall in
other respects conform to existing laws.
SEC. D. The Secretary of the Treasury shall
use any disposable 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. &. The treasury notes hereby allowed
to be issued, shall be Of any denomination Of
not less than five dollars which il now author
lied by law, that the Secretary Of the Treasury
may direct. The authority hereby given shall
cease at the expiration of the first session of
Congress, after the ratification Of treaty Of
pedOe, Ut AT tne emu Oh TWO years, SnOulu the
war continue so long
SEC. Z. In addition to the authority herein
before given to the Secretary Of the Treasury
to issue treasury notes, he shall be allowed To
issue notes of the denomination of one dollar.
and of two dollars, and Of fifty cents, to such
amount, as, in addition to the notes of the
denomination Of one dollar, heretofore issued,
shall not exceed thesum of fIfteen millions OF
dollars; and saip notes shall be payable six
months after the ratification Of treaty Of peace
between the Confederate States and the United
States. and receivable in payment of all public
dues except the export duty on cotton, but
shall not be fundable.
SEC. s. That the Secretary of the Treasury
be authorized to sell bonds bearing SIX per
cent. interest per annum, and payable as here
intetore directed, at par for treasury notes
issued since the first day of December, eighteen
hundred and sixty-two to such of the Confed
crate States as may desire to purchase the
same; or he may sell such bonds, when guar
anteed by any of the States Of the Confederacy
upon such plan as may be determined by the
Secretary of the Treasury, for treasury notes
on such terms as he mag deem advisable. TO
the highest bidder, and not below par: Pro-
vided, ho'Oerer, That the whole amount of such
bonds shall not exceed two hundred millions
of dollars: And prouided, further, That the
treasury notes thus purchased shall not be re-
issued, If the effect of such reissue would be to
increase the whole amount of treasury notes,
bearing no interest which are in circulation.
to sum greater than one hundred and seventy