Washington telegraph., 1863-07-01
AN ACT
10 Provide for the Funding and Further Lssae
of Treasury Notes.

| notes not bearing interest issued previous to
the first day of December, eighteen hundred
ana slxty-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. bonds
OF stock, and after the said first day of August,
| tney 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
ra.ihcatlon of a treaty of peace. as specified on
thelr 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
1our per cent per annum, and payable at any
time not exceeding thirty years from the date
tnereof; and all such notes not funded shall
De 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 fundablc on or
SNAOiO thC III 81 VI July. elRlteen
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:
FToutded, 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 three
shall, after that date, be deemed to be bonds
bearing an annual interest of six per cent
and payable at a date not exceeding thirty
years fl 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 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
ratification Of 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 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 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 8. After the passage or this act. tLa
authority heretofore given to issue call certif-
Gates shall cease, but the notes fundable into
six per cent. bonds may be converted at the
pleasure of the holder, into call certificates,
bearing interest at the rate of FIVE per cent.
per annum, from the date of their issue. That
every such certificate shall bear upon its face
the monthly date 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 its monthly date
aforesaid. But every certificate not recon-
verted within six months from the first day
of its monthly date, shall be exchanged for
! bond payable at any time not exceeding thirty
years from the expiration of the said six
months, and bearing interest at the rate of six
per cent. per annum. Treasury notes, which
by the operation of this act become fundable
into bonds bearing 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 reconverted or paid:
?
I time by the holder into notes fundable in four
! per cent bonds, and payable and receivable
as heretofore presci ibed, but the said certih-
Gates may be redeemed by the government
after six months from the ratification of a
: treaty of peace between the Confederate States
and the United States. ..
SEC. 4. 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 after date,
at the pleasure of the government, and shall in
| other respects conform to existing laws,
SEC. 3. 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 in 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 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 a treaty of
peace, or at the end of two years, should the
war continue so long.
SEC. T. 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 a 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
Iinte efore 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 Coniederaey
upon such plan as may be determined by the
Secretary of the Treasury, for treasury notes
on such terms as he may deem advisable, 10
the highest bidder, and not below par: Pro-
vided, hoveper, That the whole amount OF such
bonds shall not exceed two hundred millions
of dollars: And prouided, further, Ihat tne
! treasury notes thus purchased shall no. oe re.
issued, if the effect of such reissue wouid oe "
increase the whole amount of treasury notes
bearing no interest which are in circulation.