Washington telegraph., 1863-04-22

u the court may direct
THE CURRENCY Acr.-We find in our
exchanges the following synopsis of this
act as it has passed both houses Of Con-
gress. We feel confident. that in connex,
ion with the tax bill, it will appreciate the
currency considerably.
All Treasury Notes not bearing inter-
est, issued previous to the LIST December
last, shall be fundable in eight per cent,
stock or bonds until the 22d of April next:
from that date TO the lst August, 1868,
they shall be fundabe in seven per cent,
bonds or stock, aud after the said LIST
August they shall no longer be funiable,
but shall be received in payment OF pub
lie dues, except the export duty on cot
ton, and payable six months after the
ratification Of treaty Of peace. All
Treasury Notes, not bearing interest, is
sued after the LIST December, 1862. and
within ten days after the passage Of this
act, shall be fundable in seven Der cent.
bonds or stock until the lst August next.
and after that date shall be fundable on
ly in bonds bearing four per cent inter-
est, and payable at any time not exceeding
thirty years from the date thereof, and
all such notes not funded shall be receiy.
able in payment OF public dues except the
export duty on cotton, and shall be paya-
BILE six months after peace. All call GER
tific ties bearing eight per cent. interest,
shall, with the accrued interest, be fun
dable on or before the lst Of July, 1868.
into bonds bearing interest at the rate Of
eight per cent. aud payable at any time
not exceeding thirty years after their date,
provided that the accrued interest afore-
said may. at the option Of the holder, be
paid Instead Of being funded. All call
certificates of every description outstand-
ing on the. Isl Of July, 1868, shall, after
that date, tie deemed to be bonds, bearing
Interest of six per cent. and payable at a
date not exceeding thirty years from the
said lst July. 1868.
In lieu of the power heretofore given
to issue Treasury Notes, tho Secretary Of
the Treasury is authorized to issue month,
ly, an amount of such notes, bearing no
interest, not exceeding fifty millions of
dollars, receivable for public dues, except
export duty on cotton, payable six months
after peace. and fundable at the pleasure
Of the holder during the twelve mouths
from the first day of the mouth of their is.
sue, in bonds bearing differen: rates of
interest, according to the time Of their
funding. Iffunded within twelve months,
six per cent; if funded after that period.
four per cent.
The third section provides that no
more Call certificates shall be made, but
the notes bearing six per cent. interest
may be converted at pleasure into call
certificates bearing FIVE per cent. interest
Every such certificate shall bear upon its
face the monthly date Of the oldest Of the
notes which 1t represents, and be conver.
tible into like notes at any time within
six moths from the first day of the month
of its issue. But every certificate not
recovered within six months from the first
day Of the month Of its monthly date,
shall be exchanged for bond payable
within thirty years from the expiration
Of the said six months, and bearing six
per cent. interest. Treasury notes which,
by the operations Of this act, become fun
dable into bonds bearing yearly interest
of four per cent, may be converted into
call certificates beiring interest at the
rate Of four per cent. from this date until
recoverable at any time by the holder
into notes fundable into four per cent
bonds. But the said certificates may be
redeemed by the Government: after six
months from the ratification Of a treaty OF
peace.
The fourth section provides that all
bonds or registered stock authorized BY
this act, shall be payable in not less than
thirty years. but shall be redeemable i've
years after date, at the pleasure OF the
Government, and shall in all other respects
conform to existing laws.
Section fifth provides for the purchase
by the Secretary Of the Treasury Of notes
bearing no interest and issued after the
passage of this act, until the whole cur.
rency il reduced to one hundred and seven
ty FIVE millions.
Section sixth provides that Treasury
notes hereby allowed to be issued, may
be Of any denomination not less than five
dollars, and that the authority given by
the act shal, cease at the expiration of
the first session Congress after the ratif-
cation Of peace.
The seventh section allows the Seoreta.
ry Of the Treasury to issue notes Of the
denominations Of one dollar, and two dol
lars and City cents to such an amount Is,