Washington telegraph. [volume] (Washington, Ark.) 1839-1871, 1863-05-20
AN ACT
To Proride for the Funding and Further Issue
Of Treasury Notes

cldteS Q! America do enact, That all treasury
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 sixty three,
they shall be funded in seven per cent. bond.
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 sitter the
ratification of treaty Of peace. us 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
iundabe In seven per cent. bonds or stock
until the first day Of August next; and after
the said first day Of August. shall be fundsble
only in bonds bearing interest nj the rate Of
four per cent. per annum, and payable at any
time 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 a
treaty of peace between the Confederate gov
ernment and the United States All call GER
tiheates bearing eight per cent. interest. shall,
with the accrued interest, be fundable on or
before the first day Of July, eighteen hundred
and sixty-threc, into bonds Of the Confederate
States, bearing interest ut the rate of eight
per cent. per annum, and payable At any time
not exceeding thirty years after their date:
P5ovided, That the accrued interest aforesaid
may, Mt the option of the holder. be paid in :
stead Of being funded. All call certificates
oil every description, outstanding The first day
oil July, eighteen hundred and sixty three
snail, alter that date, be deemed to be bonds
bearing an annual interest Of .iK per cent.
aud payable at date not exceeding thirty
years from the said rst day of July, eighteen
hundred and sixty-three.
SEC. z. la lieu of the power heretofore given
ny 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 millions 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
ratihcauon Of IA treaty of peace between the
Confederate State. and the United States. aud
tundable at the pleasure Of he holder. durin z
twelve months from the first Day Of the month
OF their issue, in bonds OF the Confederate
States, payable 1T any time not exceeding
Thirty Years after date. and bearing rate. OF
interest MS follows: Ii funded within twelve
months from the first day IF the month Of their
issue, the bonds shall bear six per cent. inter-
est per nnnum; if funded after that period
they shall be funtable into bonds hearing four
per cen' interest per nnuum. These notes
sha!l brhr upon their face the month and year
of .heir issHc. and if not funded shall b. paid
at the time specified on thcir face without
interest.
SIC. s. After tho pa>sag> 81 this act. the
authority heretofore giScn a. Issue cal errtif-
GATES shall cease but this notes fundahc intn
/ SIX per .ent. bunds may br converted nj the
pleasure of the halder. into call certificate.
hearing interest ~ the rate II I've per cent
per auuun,. from the date vi their issue Tia,
every such certificate shall bear uppn it, tice
the monthly date # the oldest u the u lies
which il represents. anil hr convertible into
Ike u"t"~ at any time within six months from
the fIs; day of the month " It, monthly date
aforesaid. But every ccrrih .nfe 10; recon
ycrtci wthit ak months from the FIRST lay
of it, monthly date. shall he exchanged for a
bond payable At any time not exceeding thirty
years fran the expiration II tie snid six
months, and bearing interest at the rate Of six
per cent. per auuun. Treasury notes. which
by the operation Of this net become fundable
into bonus bearing a yearly interest Of four
per cent. may he converted, Mt the pleasure
Of the holder. into call certificates bearing
f
nun, from their date until rcconvertcd or paid;
the said certificates being recoverable ut any
time by the holder into notes fundable in four
per cent bonds, and payable ana receivable
as heretofore presc ibed, but the said certih-
Gates may be redeemed ~ the government
after six months from the ratification Of n
i treaty of peace between The Confederate States
and the United States
Sic. h That all bonds or registered stock
authorized to be issued By this act, shall be
/ p' yable not less than thirty years after date
hut shall he rc'lcemable five years after date.
at the pleasure Of the government, and; shall in
other respects conform to existing laws,
SIC. D. The Secretary Of The Treasury shall
use any disposahle means in the treasury,
which can be applied to that purpose without
injury to the Iuhlic interest. to the purchase
OF treasury notes bearing no interest. and
! issued alter the passage OF this act, until ths
whole amount of treasury notes Ia circulation
| shall not exceed one hundred and seventy Ave
millions of dollars.
SEC. 6. The treasury notes hereby allowed
to be issued, shall be Of any denominatiou 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 e
issue notes Of the denomination of one dollar.
and OF two dollars, and Of fifty cents, 70 such
amount, as, in addition 10 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 OH cotton, but
shall not be fundabe.
SEC. 8. That the Secretary Of the Treasury
be authorized to sell bonds bearing six per
cent. interest per annum, and payable as here
intefo.e directed, ut par for TREASURY notes
issued since the FIRST day of December. eighteen
hundred and sixty-two, to such Of the Confed
crate States rs 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 may deem advisable, to
the highest bidder, and not below PAR: Pro-
vided, hoverer, That the whole amount Of such
bonds shall not exceed two hundred millions
of dollars: And provided, further. Thst the
treasury notes thus purchased shall not DO 70
issued, if the effect of such reissue would be 70
increase the whole amount Of treasury notes,
bearing no interest which are in circulation.