Washington telegraph. [volume] (Washington, Ark.) 1839-1871, 1863-05-13
i'i'7'
AN ACT
70 Provide for the Funding and Further L,saie
Of Treasury Notes


SECTION !. The Congress Of the Confeicrate
States Of America do enact, That all treasury
notes not bearing interest issued previous 20
the first day Of December. eighteen hundred
and sixty-two shall be fundable in eight per
cent. bonds stock, until the tweuty-secOnd
day Of April. eighteen hundred and sixty
three; that from that date until the first day
of August, eighteen hundred and sixt--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 n treaty Of peace. a. specified on
their face. All treasury notes not bearing
interest, issued after the hrsi dav Of December.
eighteen hundred and sixty two. and within
ten days after tie Passage Of this act shall be
fundable IT seven per cent. bonds or stock
untl! me hrst day Of August next: and after
the said first day Of August, shall be fundahle
only in bonds bearing interest NJ The rate II
four per cent per annum. and PAYABLE at any
time not exceeding thirty years from the date
thereof; AMI al such notes not funded shall
oe receivable 10 payment IF all public dues
except the export duty on cotton and shall be
payable six months after the ratification az a
treaty Of peace between the Confederate gov
erument and the United States. All call Ger
tncates bearing eight per cent interest. shall.
Win 'he accrued interest, be fundable
before the nrst day Of July. eighteen hundred
aud siIty-three, into bonds of the Confederate
States, bearing interest at the rate of eirs,,
per cent per annum, and payable at any time
not exceeding thirty years after their date:
fT0piaed- lhat the accrued interest aforesaid
may, NJ the option OF the holder he paid in
stead OF being funded All call certificates
Of every description, outstanding the first ,lav
81 July, eighteen hundred and si1,v-threr.
snail, after that date. be deemed to be bonds
bearing an annual interest Of rix per cent.
ana payable at date not exceeding thirty
years nom me said first day Of July. eighteen
hundred and sixty-three.
SEC. 2. In lieu Of the mower heretofore riven
oy law 70 the Secretary Of the Treasury. 70
issue treasury notes. be shall be authorized to
issue monthly, an amount of such notes. hear.
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 fter the
rauncation OF treaty of peace between the
confederate States and the United States. and
fundaoie at the pleasure of the holder, during
| twelve months from the first day of the month
| OF .heir 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 mon tn of their
ISSUE the bonds shall bear six per cent. inter.
est per annum if funded after that period
| they shall be fundabe 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 thi. act. the
fv hnro fafn 49, 81 m
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 Tina,
every such certificate shall bear upon its face
the monthly date Of the oldest Of the notes
which 1t represents, and be convertible into
ike notes Mt any time within six months from
the hrst day Of the month Of its monthly date
Aforesaid. But every certificate not recon
yerted within six months from the first day
OF its monthly date, shall be exchanged for q
bond payable at any time not exceeding thirty
years from the expiration of the said si1
months, and bearing interest at the rate of siz
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 bearinp
interest ut the rate of four per cent. DER an.
mum, from their date until reconverted or paid
the said certificates being recoverable at any
time by the holder into notes fundable in fou,
per cent. bonds, and payable and receiyabl,
as heretofore prescribed, but the said certif.
Gates may be redeemed by the government
after SIX months from the ratification of |.
treaty OF peace between the Confederate State,
and the United States.
SEC 4. That all bonds or registered stool
authorized to be issued by this act, shall b,
payable not less than thirty years after date
but shall be redeemable FIVE years after date
at the pleasure Of the government, and shall II
other respects conform to existing laws.
SEC. o. The Secretary of the Treasury shall
use any disposable means in the treasury
which can be applied to that purpose withou
injury to the public interest, to the purohas
o. treasury notes bearing no interest, anc
issued after the passage Of this act, until tn,
whole amount Of treasury notes in circulation
shall not exceed one hundred and ssyenty-fy,
millions Of dollars.
SIC. g. The treasury notes hereby allowet
to BE- issued, shall BE- Of any denominstiou o