Washington telegraph. [volume] (Washington, Ark.) 1839-1871, 1863-06-10
AN ACT
To Provide for the Funding and Further Lssu
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 sxty-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 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 at any
tune not exceeding thirty years from the date
thereof; 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 n
treaty of peace between the Confederate gov
ernment and the United States. All call GER
tlhcates 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:
Pforided, That the accrued interest aforesaid
may, at the option of the holder, be paid in
stead of being funded. All coll certificates
OF every description, outstanding the first day
OF July, eighteen hundred and sixty-three
mt off no al n, hn IL
bearing an annual interest of six per cent =.
and payable at a date not exceeding thirty
years nom 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 interest 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
ratihcation of treaty of peace between the
Confederate States and the United States. and
fundable ut the pleasure of The holder, durin q
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 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 inter-
est per annum: if funded after that period
they shall be funGable 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. 3. After the passage Of this act the
authority heretofore given ~ issue call crrtii-
tn Ii. - .f.II ,n...
six per cent. bonds may be converted az the
pleasure of the holder, into call certificates.
bearing interest at the rate of Eve per cent.
per annum. from the date Of their issue. That
every such certificate shall bear upon its face
the monthly date of tn. oldest of the notes
which 1t represents, and he convertible into
like notes mt any time within six months from
the first day of the month If its monthly date
aforesaid. But every certificate not recon
verified within six months from the first day
Of its monthly date, shall he exchanged for 2
bond payable at any time not exceeding thirty
years from the expiration Of tho said six
months, and bearing interest at the rate of six
per cent per anuum. Treasury notes. which
by the operation Of this act become fundable
into bonds bearing a 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 an
mum, from their date until rcconverted or paid;
the said certificates being recoverable nj any
time by the holder into notes fundable in four
per cent. bonds, and payable and receivable
as heretofore prescribed, but the said certif
Gates may he redeemed by the government
after six months from the ratification Of n
treaty of peace between the Confederate States
and the United States.
SEC. A. That all bonds or registered stock
tlort1 .I L.. al hall he
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. .. 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 III 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 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
peace, or at the end Of two years, should 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 the sum 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. 8. That the Secretary Of the Treasury
be authorized to sell bonds bearing six per
cent. interest per annum, and payable as here
ntefore 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 Confedcracy
upon such plan as may be determined by the
Secretary of the Treasury, for treasury notes
on such terms as he may deem advisable, to
the highest bidder, and not below par Pro-
pided, ho,ceper, That the whole amount Of such
bonds shall not exceed two hundred millions
of dollars: And provided, 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.