Washington telegraph., 1863-07-22
AN ACT
10 FTo0tde Jor tie Funding and Further Lssu
Of Treasury Notes.

O"J VI april, eighteen nunuIeu anu slAty-
tnfee; 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 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
fatiheauon of 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
Iundable III 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
time not exceeding thirty years from the date
thereof; and all such notes not minded shall
DE receivable IN payment Of all puohc dues,
except the export duty on cotton, and shall be
payable six months after the ratification of
treaty of peace between the Confederate gov
ernment and the United States. All call GER
thcates bearing eight per cent. interest, shall,
with the accrued interest, be iundable on or
before the first day Of July, eighteen hundred
and sixty-threc 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:
Pr0vided, 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 date not exceeding thirty
years fiom the said first day of July, eighteen
hundred and sxtv-three
SEC. 2. In lieu OF the power heretofore Given
by law to the Secretary OF the Treasury. to
issue treasury notes. be shall be authorized To
issue monthly, an amount of such notes. bear
ing no interest, not exceeding fifty millions uf
dollars, which shall be receivable in payment
OF all public dues, except the export duty on.
cotton, and payable within two years after the
rauhcatou Of Il 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 tie 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 frs 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 funGabe 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 DE paid
at the time specified on their face without
~. ~. .6I .oi1 os.
SEC. 3. After the passage Of this net, the
authority heretofore given to issue call certlh-
Gates shall cease, but the notes fundable into
six per cent bonds may be converted Mt the
pleasure of the holder, into call certificates,
bearing interest at the rate of five per cent.
81, la,o 80 I.of,. hat
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 1t 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, shalr be exchanged for "a
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, whlch
by the operation of this act become fundab'c
into bonds bearing a yearly interest oil iour
per cent, may be converted, ut 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;
the said certificates being reconvertible at any
time by the holder into notes fundable IN four
per cent. bonds, and payable and receivable
as heretofore prescribed. but the said certlil-
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 s. 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-ye
| 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 a treaty of
| peace, or at the end Of two years, should the
| war continue so long
SEC,.7 In addition to the authority herein
| before given to the Secretary of the Treasury
issue notes of the denomination of one dollar,
! and of two dollars, and of fifty cents, to sucl
| amount, as, in addition to the notes of the
denomination of one dollar, heretofore issued
| shall not exceed the sum of fifteen millions o
| dollars; and saip notes shall be payable sil
months after the ratification of treaty of peace
herwaen the Confederate States and the United
States. and receivable in payment of all public
dues except the export duty on cotton, bu
shall not be fundable.
SEC. 8. That the Secretary OF the Treasur,
he authorized to sell bonds bearing SIX pc
cent interest per annum, and payable as here
inf efore directed, at par for treasury note
issued since the first day OF Decemoer' elgnteel
hundred and sixty two, to such OF the Confed
crate States as may desire to purchase tn
same: OF he may sell such bonds, when guar
apteed by any of the States OF the ConlederacI
nnon such plan as may be determined oy th
Secretary of the Treasury, for treasury note
on sueh terms as he may deem adVlsaple,
the hi chest bidder, and not below par: fro
yided. ho,ceuer, That the whole amount OF sue
bonds shall not exceed two hundred million
of dollars: And proUidsd, further, IPat IN
treasury notes thus purchased shal not DC /.
issued. if the effect of such reissue would DC
increase the whole amount of treasury notes
hearing no interest which are in Circulation
to a sum greater than one hundred and seventy
five millions of dollars. And the Secretary
the Treasury is also authorized, at his opuon
after the first of July, eighteen hundred an
4 af pAr