Washington telegraph., 1863-07-08
AN ACT
TO Provide for the Funding and Further Issue
of Treasury Notes.

of Treasury Notes.
SECTION /. The Congress of the Confederate
| States of America do enact, That all treasury
notes not bearing interest issued previous to
| the first day of December, eighteen hundred
and sxty-two, shall be fundable in eight per
cent bonds or stock, until the twenty
! 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. bonds
or stock, and after the said first day of August
they shall no longer be fundahe 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
ratlhcatlon of treaty of peace. as specified on
'heir 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 OF 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
1our 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
tifcates bearing eight per cent interest. shall,
with the accrued interest, be fundable on or
before the first day of July. eighteen hundred
and slXty-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:
Prorided, 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 and sixty-thrcc,
shall, after that date, be deemed to be bonds
bearing an annual interest Of six per Gent.
and payable at date not exceeding thirty
years II ON 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 shalt be authorized To
issue monthly. an amount of such notes. bear
. iug no lrtcreS:. not exceeding fifty millions of
doilar.. which shall be receivable in payment
OF all public dues, except the export duty on
cotton, and payable within two years d iter The
ratification of a treaty Of peace between the
Confederate states ami the United States. and
fUndabie at the pleasure Of The holder. during
twelve months from the first day of the month
OF their is-uc, in bonds OF the Confederate
States, payable at any time not exceeding
thirty year, after date. aud bearing rates Of
interest as follows: Ii funded within twelve
months from the first day Of the month Of their
issue, the bonds shall bear six per cent. inter-
est per &nnum; 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 t1elt issue, and if not funded. shall be paid
at the time specified on their race wttiIv',.
interest.
SEC. >. After the passage of this act, the
ssNf
Gates shall cease. hut the notes fuudable into
six per cent. bonds may be converted at the
pleasure of the holder. into call certificate,
bearing interest Al the rate Of five per cent.
per anuum, from the date Of their issue. That
every such certificate shall Bear upon its face
the monthly dale Of the oldest Of the notes
which it represents and be convertible into
like notes AT any time within six months from
the first day OF the month Of ts monthly date
aforesaid. But every certificate not recon
vertcl within six months FROM the first day
ot it, monthly date shall be exchanged for
bond payable nj any time not exceeding thirty
years from the expiration OF the said six
months, and hearing interest At the rate Of SIX
per cent. per tnnum. Treasury notes, which
by the operation OF this net become lundable
into bonds bearing yearly interest Of four
per cent, may he converted, mt the pleasure
of the holder, into call certificates bearing
interest ut the rate of four per cent. per am
mum. FROM their date until recouvertcd or paid:
the said certificates being recouvertihle at any
time by the holder into uptes fuudabic in four
per cent. bonds, and payable ard receivable
as heretofore presc ibed, but the said ccrth-
Gates may be rcdccmea by the government
after six months from the ratification of q
treaty Of peace between the Confederate State
and the United States
Sue. {. 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 redeemable five years ateer 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 disposablc means in the treasury,
/ which can be applied to that purpose without
injury to the public interest, 20 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. g. The treasury notes hereby allowed
/ TO be issued, shall be Of any denomination Of
not less than five dollars which is author
/ lied 10y 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 10
! 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
1 be authorized to sell bonds bearing six per
cent. interest per annum, and payable as here
intefore 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
l. 1a&A .a1 H. .