Washington telegraph. [volume] (Washington, Ark.) 1839-1871, 1863-05-27
AN ACT


notes not bearing interest issued previous to
the first day of December, eighteen hundred
and sixty-two, shall be fundabe 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 sixtr-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 fundable ut 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. rs 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 at any
time not exceeding thirty years from the date
thereof; aud 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 n
treaty of peace between the Confederate gov
ernment and the United States All call Ger
tificates bearing eight per cent interest, shall,
with the accrued interest, BE- fundable On or
before the first day of July, eighteen hundred
and sixty-thrcc, into bonds Of the Confederate
States, bearing interest at the rate of eight
per cent. per annum, aud payable Mt any time
not exceeding thirty years after their date I:
PToUided That the accrued interest aforesaid
may, at the option of the holder. Ne paid ill.,
stead of being funded. All call certificates
Of every description, outstanding The first day
OF July, eighteen hundred aud sixty -thres,
shall, after that date, be deemed to be- bonds
bearing an annual interest of Fix per ceut,
anu payable at n date not exceeding thirty
years from the said first day OF July, eighteen
hundred and sixty-three.
SEC. 2. In lieu Of the power heretofore given
by law TO the Secretary Of the Treasury, g
issue treasury notes, he shall he authorized 10
issue monthly, an amount Of such notes. bear
ing no Interest, not exceeding fifty millions OF
dollar, which shall be receivable in payment
Of all public dues, except the export duty on
cotton, and payable within TWO years tier the
ratification Of IL treaty Of peace between the
Confederate States and the United States. and
fundable at the pleasure of the holder. during
twelve months from the first day NJ the month
OF their issue, In bonds Of the Confederate
States, payable at any time not exceeding
thuty years after date, ami bearing rates OF
interest as follows: If funded within twelve
months from the first day of the month VT their
issue, the bonds shall bear Fix per cent. inter-
est per aunum If funded after that pcriol
they shah De luuGable into bonds bearing tnnl
per cen'. Interest per amman. These notes
-ha!l bear upon their face tbs month anil ycar
Of thcir issue. aud If not funded shall bc paid
at the time specified on thcir face without
interest.
Size. 3. After the passage 81 THIS vet. enc
authority heretofore given a. issue can crrtiG-
Gates shall cease. but the notes tuniahle intr
six per sent. bonds may be converted AK th'
pleasure OF the holder, into call certificates
hearing interest nj the rate MI fva pcr cent
l.r auuuin, from the date nf their issue. Thai
every such certificate shall bear upon it- face
the monthly date of the oldest Mi the Itp-
which it represents, and Zee convertible int
Ike notes at any time within Siy months from
the FIRST day Of the month of it- monthly dat'
aforesaid But every certificate nnt recon
yertc,i withj six months from the first las
of it, monthly date, shall be exchanged for z
huud able at any time not cEc-edinE thirty
years from the expiration nj the said -i'
months, aud bearing interest nc the rate Of -
per cent per anuum. Treasury notes. wiicl
by the operation of this act become funlah',
into bombs bearing yearly interest of iou'
per cent, may be converted. M thc pleasure
of the holder, into call certificates bearing
interest at the rate Of four per cent per an
mum. from their date until rcconvertel or paid
the said certificates being recouyertihe M nm,
time by the holder into notes fuuiubIe III fOu
per ceut. bonds, and payable and receivable
rs heretofore preSc. ihei, but the said ccrtih
Gates may be redeemed by the government
after six months from the ratification of
treaty of peace between the Confederate State
and the United States
STc. ). That all bonds or registered stool
authorized to be issued by this act, shall b
payable not less than thirty years after date
but shall BE- redermable five years after date
at the pleasure Of tn, government. and shall il
other respects conform to existing laws,
SEC. >. Tie Secretary of the Treasury shal
use any diSpo>able means in the treasury
/ which can be applied to that purpose withou
injury to The public interest, q the purchas
4 Of treasury notes bearing no interest. an
/ issued after the passage of this ACT until th
4 whole amount Of treasury notes in circulation
shall not exceed one hundred and seventy nv
millions of dollars
SEC. 6. The treasury notes hereby Above
to be issued, shall be of any denomination q
! not less than five dollars which Is now author
| lied by law that the Secretary of the Treasur.
may direct. The authority hereby given shat
cease at the expiration of the first session o
! bohpEesS, alitf TIC TalluCttlou W II lIChll "
/ peace, or at the end Of two years, should tn,
/ war continue 80 long.
/ SEC. I. In addition to the authority herein
/ before given to the Secretary of the Treasur
TO issue treasury notes, he shall be allowed
! issue notes of the denomination Of one dollar
and of two dollars, and of fifty cents to sue
/ amount, as, in addition to the notes of tn
| denomination of one dollar, heretofore issued
shall not exceed the sum of hfteen millions o
! dollars; and saip notes shall be payable 81
months after the ratification Of treaty Of peac
! between the Confederate States and the Unite
States, and receivable in payment Of all publ
dues except the export duty on cotton, bu
shall not be fundable.
SEC. 8. That the Secretary of the Treasur
be authorized to sell bonds bearing six pc
cent. interest per annum, and payable as here
intefore directed, at par for treasury note
issued since the first day of December, eightoe
! hundred and sixty-two, to such of the Confed
crate States as may desire to purchase tn
| same; or he may sell such bonds, when guar
anteed by any of the States of the ConfederacJ
upon such plan rs may be determined by til
Secretary of the Treasury, for treasury note
on such terms as he may deem advisable.
the highest bidder, and not below par: Pro
uided ho'reper, That the whole amount Of sue
bonds shall not exceed two hundred million
: of dollars: And propided, further, That tn
treasury notes thus purchased shall not be no
issued, if the effect of such reissue would be {
! increase the whole amount of treasury notes
! hearing no interest which are in circulation