Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1863-03-27
Currency Bill !!

The two Houses have come to definite
agreement upon very important bill en-
titled IAN Act to provide for the further
funding and issue Of Treasury notes and for
other purposes" We present this week a
synopsis Of it
SEC. / Provides that Treasury notes, not
interest beoring, andissuad prior to Dec. 1st
1862, shall be fundable ia per cent. bonds
until the 22nd Of April, 1868 and from the
last named day to August LIST, in per cent.
bonds. After the LIST, Of August, they
shall not be fundable at holders option, but
shall be receivable in public dues save ex
port duty on cotton, and payable six months
after peace.
Notes issued since Dec 1st, 1869, to be
fundable in per cent. bonds till the Ist
day of August, 1868, and after that, only
in four per cent: bonds. The notes not
funded, receivable for public dues, save ex-
port duty on cotton.
Ca1l Certificates bearing eight per cent
interest, to beafundabie till July LIST, 1868,
in 8 per cent. bonds. All Call Certificates
OUTSTANDING on that day to be deemed six
per cent bonds, payable in 80 years.
SEC. 2 Authorizes the Secretary Of the
Treasury to issue Fifty millions Ct notes
monthly, bearing no intcrest, recoverable
for all dues save export duty Or cotton, and
payable two years after peace. These notes
are fundable at the pleasure of the holder,
for twelve months after their Issue, counting
from the &rst day of the month in which
they bear date. If funded in the first six
mouths of the year, the bonds will bear six
per cent. interest otherwise four per cent.
SIC Forbids the further issue of Call
Certificates save at the pleasure Of the boil
der of fundable Treasury notes Tire Cal1
Certificates shall bear tire same fhtcfest as
The bends into which the notes are fundable.
Six per cent Call Certificates are reconvert-
| ible into notes at any time within six months
from their issue; after that time they must
be exchanged for six per cent. bonds.
Four per cent Call Certificates are recon
vertibe at any time into notes fundable at
four per cent
SEC. 4 Provides that all the bonds or
registered stock authorized by the act shall
be PAYABLE in thirty but redeemable III five
years after issue.
SEC. 9Th Directs the application of all the
available means OF the Treaanry 70 the pur-
chasing Of Treasury notes bearing no inter
est and of future issue, SO that the whole
circulation shall not exceed one hundred
and seventy five millions Of dollars.
SEC. 7th Authorizes the Secretary OF the
Treasury to issre notes Of one dollar, of two
dollars, and Of Fifty cents, to the amount,
including the present one dollar notes. of if
teen millions of dollars. These notes are
not fuudable.
SEc. Authorizes the sale Of six per
cent. bonds to the amount Of two hundred
millions Of dollars, to such Of the Confed-
crate States as may desire to purchase the
same; or 20 sell such bonds, when guaran-
teed by any State, to the highest bidder
not below par. The Treasury notes OBJ.
tanned by these sales not to be re issued, il
it would raise the whole circulation beyond
one hundred and seventy-ive millions.
Also, the sale of one hundred y illionf
coupon bonds, the coupons to be paid in cur
rency, or in cotton at eight pence sterling
per pound. deliverable in port six months
after peace The proceeds of the coupon
bonds to be applied only to the absorption
of treasury notes
| SEC 8 Provides for the publication of the
| act.