Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-02-25
THE CURRENCY BILL.
AN ACT TO FUND Tx AND LIMIT THE cvRRz

|
AN ACT TO FUND THE CURRENCY
l. The Congress of the Confederate States Of America
do enact That the hold of all Ire notes above the
allowed until the day April 1864 of the Missssp
p river and until the day of July 1894 west OF the MISS
sspp river fund the same and until the periods and at
the places stated lie holders of all such Treasury notes
shall be allowed to fund the same in registered bonds
able twenty after their dates bearing interest at the
January and July of each year.
fhe secretary OF the Treasury hereby antoozeo 10
issue the bonds required for the funding Tor in
preceding section and until the bonds can be prepared ne
aud certificates shall be receivable without interest pay
of all dae payable in the year 1854 ex
| ctpt export and import duties
Ihst al Treasury notes e the Denomination Of enc
presented funding provisions the first
ton of this act shall from and after the st day Of April
1854 Mississippi river be receivable
in the payment Of public Dues and sad notes. if not so
thirty and impc sed in the 9TH section
of this act be subject to tax of ten cent per noa
whsreyer circulated shall deducted from the face
said notes wheney presented for payment or for
ing, ard said notes shall not be exchan eebe for the n"
issue Of treasury Iotes provided for In this act: -
n A on IL sac thu . nos presc1bed the
section Of this act there shall be levied at said dates
every dollar promised said SAID
shall attach to said notes wherever circulated and shall be
coectd by dedncti the Treasury is deposi
officers wing the same, Whenever presented for pay
or tor postage or il exchange new hereina.
tor provided said Treasury-uoes fundable
bonds provide n the first section of this act until the
LIST dsy OF JaOuary 1885, the of sixysix and two
third cents On the dollar.
And it shall be the duty OF the Secretary of the Treasu
~ ct any tins the LIST April east and the st July
1864 of the Mississippi river ard the LIST july 1854
st Ct tho Mississippi river and The LIST January 1866 to
subs tate and Treasury for the at
rate of xysix and tWoh I'd cents the dollar proV
that notes of the denomination OF one hundred dollars
shall Lot be emitted to the privilege of said exchange
proosdea Arh tha the III h to fund any OF sad Treasu
and prOylded further that upon all such Treasury notes
sad which may be exchanged for Treasury notes
as herein po7'd7d fax OF one hundred per cen" is here
by imposed.
s. That after the fist day Of April next all a1hority
heretofore given to the Secretary of the Treasury to Issue
Secretary the Treasury may that time issue
new Treasury notes. in such forms as be my pres crbe
with The United States said issues to be receivable in
pa men CT all public dues except export and import du
of lars three dollars old issues
whether sd old notes be for exchange by the
holders thereof be received into the Treasury under the
provisions of this act and the holders OF the notes
of the old notes. except those of the denomination OF
hundred dollars, aer they reduced to and
two-thrd cents the dollar by the tax aforesaid may
convert the into call certificates ing interest at
the rate four per per annum, and payable two
years after the ratification of treaty of with the
Unite States unless sooner converted into noteP.
&. Tnat 30 pay the expenses of the Government not
otherwise provided for the Secretary of the Treasury
not exceeding five hundred millions Of dollars the
principal and Rterest whereof shall be free from axaton
for tbs of the interest thereon the net
receipts of any expot duty hereafter laid the
all cotton tobacco, and naval stores, which shall be ex
ported from the Confederate States and the proceeds
OF the in port du les now laid, MUGS thereof may
be nee ssary to annually the interest," hereby
imports and hereby pledged shall hereafer be paid in
spece in sterlrg exchange in the coupons of said
Z. That the F1cretary of the Treasury is hereby
thorzed from ii to time the wants Of the Treasury
require it. I yell or hypothecate for Treasury
said bonds part thereof upon the best terms he
can SO as to meet 3P by Congress- and at the
ton in Treasury notes within reasonable and safe limits
g. The bonds hozsd by the sth section of this
lay be either regis erred coupon bonds the
taking them elect and they may may be exchanged
s T5ea 0Re sah 1ss a9 the G
drod dollars, - 6tple of one hundred dollars and
'9 and ss hs
the the r. may prescribe The interest shall be payable
procipa shall be payable not less than thirty
their date.
taxed in all respects provided for the Treasury notes.
which they ae convertible If not converted before
the fixed for taxing the Treasury notes. such
Gates sha from that tme bear interest upon only
tde face and shall be redeemabie only in new Treasury
notes at that rate but after the passage of this call
1884. f'
TO- That any bank deposit shall give aepositors
he BONDS authorized BY the st section of this
bonds BY distinctive mark token agreed up
on with the Of the Treasury then the said dspos
IN Treasury notes bearing no interest and outstanding at
a OF tbs act PROVIDED the said bonds are pre-
shall cease as herein prescribed.
H. That sll Treasury heretofore issued of the de-
mination of Eve dollars shall continue be receivable in
payment Of public dues as provided by law and undable
at under the provisions of this of July
1864 east, and until the lst October 1864
ssippi but after that time they shall be subject tax
of ythree and cents every dollar promised
the thereof said attach to said notes wher
ever circulated, and said notes to be fQndabe and
Changeahe for new treasury notes. herein provided
subject to the deduction of said tax.
II That State holding treasury notes. received
tore the times herein fixed for taxing said notes. shall
allowed until the ls day OF January 1866
in six per cent bonds Of the States payable
tWen years ter date and the interest
nuay But all treasury nstes received by State after
the time fixed for taxing the aforesaid
held to have been rece wed diminished by the amount
the tax and those not subject shall left to the good
faith OF each State and the certificate of the Governor
thereof shall in each case be Conclusive.
H. That treasury no "a heretofore issued bearing
dred dollars per anGum shall longer be received Ia
ueut OF public dues bat shall be deemed and consdersd
bonfs Of the States payable two after
bearing the rate Of interest specified payable
the lst January in each and every year.
a. That the Secretary Of the Treasury be and he here
oy ashorzeo IN case the exigeucies OF fhe government
should require it, to pay the demand of public creditor
whose debt may De contracted after the passage OF
ac willing to receive the in eertIhcee OF lndebt
edness to be issued said Secretary 10 sucn form ga he
peace with the United States bearing nterest
the Of six ger cent annum semi
ay and transferable only by special enforcement nnder
uaons be prescribed b the Secretary Of the rea
suy said certificates snail De exempt from taxation
principal and interest
l5 The Secretary of the Treasury authorized to
quiremenss of act with that employ such
banks of the several States "a he may deem expe
snt. :. La
Is. The Secretary Of the Treasury shall forthwith I'D.