Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-02-24
THE CURRENCY RIII.

THE CURRENCY BILL ..
AN ACT TO BE ENTITLED IAN ACT 70 FUND, TAX AND
LIMIT THE CURRENCY"
SECTION !. The Congress OF the Confederate States
Of america do enact That the holders of all Trea,
sury notes above the denomination of five dollars,
not bearing interest shall be allowed until the first
day of Apri, 1864 east of the Mississippi, to fund
the same, and until the periods and ut the places
stated, the ho}ders0f all such Treasury notes shall
be allowed to fund the same in registered bonds
payable twenty years after their date bearing inter-
est at the rate OF four per cent per annum payable
onthe LIST Of January and July Of each year.
SEC. 2. The Secretary Of the Treasury is hereby
authorized to issue the bonds required for the fund
ing provided for in the preceding section, and unA
the bonds can be prepared he may issue certificates
to answer the purpose. Such bonds and certificates
Shall be receivable without interest in payment Of
all government dues payable'in the year 1864 OK.
cept export and import Duties -
SEC. g. That all Treasury notes Of the denomiaa.
ton CT one hundred dollars, not bearing interest
which shall not be presented for funding under the
provisions OF the first section of this act shall from
and after the first day Of April 1864, east of the
Mississippi river, and the first day Of july, 1864,
west OF the Mississippi, cease to he receivable in
payment OF public Dues and said notes, if not SO
presented at that time, SHALL in addition to the tax
VI tn,r tytIree and one-thrd cents imposed in the
fourth section Of this act be suffice Ia ,.x ~
ten per cent per month ustil so presented :: which
taxes shall attach to said notes wherever circulated
a..d Snail be deducted from the face of Said notes
whenever presented for payment or for funding, and
sao notes Shall not be exchangeable for the new is
sue OF Treasury notes provided for in this act.
SEC. T. That on oil said Treasury notes not fund.
ca or used in payment of taxes at the dates and
places prescribed in the first section of this act,
mere shall be levied at said dates and places tax
OF and onethird cents for every dollar
PROMISED on the face of said notes; said tax shall
stacn to said notes wherever circulated and shall
by deductng thesame at the treasury its
repositories and by tax collectors and by all gov.
eminent officers receiving the same whenever pre-
sented Tor payment or for funding or in payment of
dues, or for postage or in exchange for
new notes, as hereinafter provided and said Trea-
s"fy notes snail De fnndab'e in bonds as provided
IN the first section of this act, until the FIRST day of
January, 1915, at the rate of sixty.six and two
thirds cents on the dollar and it shall be the duty
OF 'he secretary OF the Treasury, at any Zine be
tween the LIST Of April ard the LIST of July. 1874
west ct the mississippi river, and the LIST Of Jansa
~, 1865, to substitute and exchange new Treasury
notes for the same at the of sixty six and two
thirds cents on the dollar: P-ouied, That notes Of
the denomination of one hundred dollars shall not
" sIo pitSuCSc VI Salu tXC08Qge: NO.
eaaea further, That the right to fund any of said
Treasury notes, after the first day of January 1865
Is hereby taken away: 44nd procided further, That
upon all such Treasury notes which NAV remain
outstanding on the LIST day of January, 1865, and
which may not be exchanged for new Treasury
notes as herein provided, tax of one hundred Der
cent. il hereby imposed
SEC b. That after the first day of April next all
authority heretofore given to the Secretary of the
Irp1 XII
hereby, revoked; Prooided, the Secretary of the
treasury may, after that time, issue new Treasury
notes, IN such form as he may prescribe PAYABLE
Two years after ratification of treaty of peace
with the United States, said new issues to be re-
cevaole in payment of all public dues, except ex
port and import duties to be issued in exchange for
oa notes at the rate oftwo collars The new orthree
dollars OF the old issues whether said old notes be
surrendered or exchanged by the holders thereof /!
or be received into the Treasury under tho provis
ions OF thus act and the holders Of the new notes
or Oh the old notes. except those of the denomination
oi one hundred dollars, after they are reduced to
sixtysix and two thirds cents on the dollar bv tho
tax aforesaid may convert the same into call certif
cates bearing interest at the rate of four per cent
per ahnom' ana payable two years after rat,6ca.
ton OF treaty of peace with the United States nm.
less sooner converted into new notes,
DEC. D. That to pay the expenses of the govern.
ment not otherwise provided for, the Secretary of
the treasury is hereby authozed to issue six mar
ceht. oGnas 10 an amount not exceeding five hun. |
'ked millions of dollars, the principal and interest
whereof Shall be free from taxation and for the pay
ene Oh interest thereon the entire nett receipts Of
any export duty hereafter laid the value of any
coeeon tobacco, and naval Stores which shall be ex
ported from the Confederate States, and the nett
proceeds OF the import duties laid, or so much
.hefeo' as may be necessary to pay annually the in
terest, are hereby specially pledged: Prooided
mat the duties now laid on imports are hereby
peoged and Shall hereafter be paid in specie or in
sterling exchange or in coupons of saids bonds.
SEC {. That the Secretary Of the Treasury is
sereby authorized, from time to time as the wants
d tne treasury may require it. to sell or hypothe
cate Tor Treasury notes said bonds, or any part
thereof upon the best terms he can, 50 as to meat
appropriations by Congress- and at the same time
,educe and restrict the amount of the circulation in
Treasury notes within reasonable and safe limits.
DEC. 9. The bonds authorized by the sixth section
d this act may be either registered or coupon bonds
IS the parties taking them may elect; and they
nay oe exchanged for each other under such regus
at1ns as the Secretary q the Treasury may pre-
'eroe. They shall be for one hundred dollars. and
shall, together with the coupons thereto attached
be IN such torn and of such authorization az the
secretary OF the Treasury may prescribe; the inter
ISL shall be payable half yearly on the first of JAN
1ar7 and July in each year the principal shall be
payable not less than thirty years from their date
oEc. T. All call certificates shall be fundable. and
hall be taxed in all respects as is provided for the
treasury notes into which they are convertible.
L converted before the time fixed for taxing the
treasury notes. such certificates shall from that
me Dear interest upon only sixty six and two third
;en,s tor every dollar promisedupon their face and
mail oe redeemabe in new Treasury notes at that
aee out alter the passage Of this act no call certie
April, 1864. D''' u"y "
SEC. 10. That if any bank of deposit shall rive
IS deposItors the bonds authorized BY the rst Sec.
Ion OF this act in exchange for their deposits and
specifying the same on the bonds by some>distinct-
We mark or token, to be agreed upon with the Sec.
s'sry OF the treasury then the said depostor shall
10 entitled 70 receive the amount of said bonds in