Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1863-06-25

!, ,treeonverted within six months fro
the 6rst day Of its monthly dai
ehall be exchanged for bond pay
d bic at any time not exceeding :
t, years from the expiration Of the sa
g six months, and bearing interest
st the rate of six per cent per annur
c Treasury notes which, by the oPer
q ton Of this act, become fundable il
il TO bonds bearing a yearly interest 0
: forr per cent, may be converted 1
t the pleasure Of the holder, into ca
certificates, besing interest at th
: rate Of four per cent. per annum iror
q their date, until reconveried or paid
r the said certificates being reoonverJ
, able at any time BY the holder int
, notes fundable intol4 per cent. bonds
!, and payable and receivable as here
tofore prescribed, but the said certif
icates may be redeemed by the Gov.
eminent after six months from the
ratification Of treaty Of peace be-
tween the Confederate States and
the United States. y
/ SEC 4. That all bonds or regis
tered stock authorized 10 be Issued
E5y this act, shall be payable not less
than 80 years after Gate; but shall
be redeemabls five years after date,
at the pleasure Of the Government,
and shall in other respects conlorm
70 existing laws.
SEC 5. The Secretary oft Treas:
ury shall use any disposable means
in the Treasury, which, can be ap:
piled to that purpose without injury
TO the public interest, 10 the purchase
Of treasury notes bearing no interest,
and issued before the passage of this
act, until the whole amount of treas
ury notes in circulation shall not ex-
ceed Sr75,000,000.
See 6. The treasury notes hereby
allowed 10 be issued, shall be of any
denomination Of not less than five
dollars which is now authorized by
law, that the Secretary of the Treas
ury may direct The authority here.
by given shall cesse after the expira-
lion Of the first Congress, after the
Of a treaty of peace, or at
the end Of Two years, should the war
continue so long.
SEC, I. In addition to the. author
ity bereirbefore given 10 fhe Secreta.
ry Of the Treasury to issue treasury
notes, be shall be allowed to issue
notes of the denomination of one
doilor, and Of two dollars, apd Of fifty !
cents, to such an amount as, in addi.
ton TO the notes of the deEomina-
ton of one dollar, heretofore issued,
shall not exceed E!teen millions of
dollars; and said notes shall be pay.k
able six months after the ratification
of a treaty Of peace between be Con.
federate States and the United States,
and re ceiyable in pa, ment Of all pub
lie dues except the export duty on
cotton, but shall not be fJndable. !
SEC s., That the Secretary Of the
Treasury be authorized TO sell bonds L
bearing six per cent. per annum, aud
payable as hereinbefore directed, at
par for Treasury notes issued since
the first day Of December, 1862. to
such Of the Confederate States as
may desire to purchase the same or
be may sell such bonds, when guar
snteed by any Of the Siales of the
Confederacy, upon such plan as may
be determined by the Secretary of
lhe Treasury, for Treasury Notes on
such terms as he may deem adyisa-
BILE, to the highest bidder, andDot be-
ow par; Provided. however, That
the whole amount Of such bonds shall
not exceed two hundred millions of
dollars /; And provided, further, That
The Treasury Notes thus purchased
shall not be reissued, If the eff ct Of
such reissue would be to increase the
whole amount of Treasury Notes,
bearing no interest which are in circu-
alton. to sum greater than one hun.
1rsd and seventy-fiVe millions Of dol &
ars. And the Secretary of the
rreasury is also authorized, at bis
option, after the 6rst Of July, 1868,
% issue and sell, at not less than par, c
"a estimated in Treasury Notes cou- q
BON bonds Of the Confederate States, 6
bearing 9 per cent. interest per an. 9
,um end payable as hereinbebre di- i
'ected. The said coupons to be paid ID
It the pleasure Of the owner, either
nlhs currency in which interest is
,aid on other bonds Of the Coaiede-i
ale States, or else in cotton ecrtif- Ie