The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-02-23
THE FUNDING ACT.

1t is the result of great labor land hard work and
will we have no doubt, reduce the currency, and
I Ieneve the country from the tremendous weight
that now Expresses all trade and paralyzes every
kind of production.
AN ACT TO FUND, TAX AND LIMIT THE
| CURRENCY. ....
| j. The Congress of the Confederate States of
America do enact, That the holders of all treasury
notes above the denomination of five dollars, not
bearing interest shall be allowed until the LIST day
of April 1864 east of the Mississippi river and un-
til the 1st day of july 1864. west of the Mississ-
ipp river to fund the same, and until the periods
and at the places stated the holders of all such
treasury notes shall be allowed to fund the same in
registered bonds, payable twenty years after their
dates bearing interest at the of four per
per annum payable on the LIST day of January and
July of each year.
| 2 The Secretary of the Treasury is hereby au-
| thorized to issue the bonds required for funding
provided for in the preceding section and until 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, except
export and import duties.
3. That all Treasury notes of the denomination
of one hundred dollars not bearing interest, which
shall not be presented for funding under the provis
ions of the first section of this act shall, from and
after the first day of April 1864 east of the Miss
issipp river. and the first day of July. 1864, west
| of the Mississippi river to be receivable in
the payment of public dues, and said notes if not
presented at that time, shall, addition to the tax
OF thirty three and one third cents imposed in the
4h section of this act, be subject tax of ten per
cent month until so presented which taxes shall at
tach to said notes wherever circulated, and shall be
deducted from the face of said notes whenever pre-
scented for payment or for funding, and said notes
shall not be exchangeabe for the new issue of
Treasury notes provided for in thisa
A. That on all said Treasury notes not funded
used in payment of taxes at the dates and places
prescribed in the 1st section of this act there shall
be levied at said dates and places a tax of thirty
three and third cents for every dollar promised
the face of said notes. said shall attach to
said notes wherever circulated, and shall be coec-
ted by deducting the same at the Treasury, its de-
posories and by the tax collectors, and by all Gov
eminent officers receiving the same, whenever pre-
scented for payment. or for funding, payment
of Government Dues or for postage, in exchange
for notes as hereafter provided and said Trea-
sury notes shall be fundable in bonds provided in
the first section of this act until the LIST day of IAN
uary, 1865, at the rate of sixty six and two third
cents on the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the lst April east
and the LIST July, 1864 west of the Mississippi river
end the LIST January, 1865. to substitute and
change treasury notes for the at the rate
of sixty six and wo-thrds cents the dollar. pro-
vded that notes of the denomination of one hundred
dollars shall be entitled to the privileges of said
exchange Procided, further, that the right to fund
any of said treasury putes after lst day of January
1865 is hereby taken away; and provided, further,
that upon all such treasury notes which may remain
out standing the 1st January, 1865 and which
may not be exchanged for new treasury notes as
herein provided, tax of one hundred per cent. Is
hereby imposed.
5. That after the lss day of April next all author
ty heretofore given to the Secretary of the Treas
ury issue treasury notes shall be and is hereby
revoked: Provided. the Secretary of the Treasury
may, after that time. issue treasury notes, IL
such forms as he may prescribe, payable two years
after the ratification of treaty of peace with the
United States; said new issues to be receivable in
payment of all public dues except export and i'm
port dues, and to be issued in exchange for old
notes, the rate of two dollars of the for three
dollars of the old issues, whether said old notes be
surrendered for exchange by the holders thereof or
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
one hundred dollars after they are reduced to six
ty-six and two thirds cents on the dollar, by the
tax aforesaid, may convert the into call certi
cntes, bearing interest at the of four per cent
per annum, and payable two years after the ratih-
cation of treaty of peace with the United States
unless sooner converted into new notes.
D. That to pay the expenses of the Government
not otherwise provided for, the Secretary of the
Treasury is hereby authorized to issue six per cent
bonds, to amount not exceeding five hundred
millions of dollars, the principal and interest
whereof shall be free from taxation, and for the
payment of the interest thereon the entire nett
cepts of any export duty hereafter laid the value
of all cotton. tobacco, and naval Stores which shall
be exported from the Confederate States, and the
nett proceeds of the import duties now laid, so
much thereof as may be necessary to pay annually
the interest, hereby specially pledged, provided
that the duties laid upon imports and hereby
pledged shall hereafter be paid in specie, or in ster
ling exchange, or in the coupons of said bonds.
7. That the Secretary of the Treasury is hereby
authorized, from time to time. the wants of the
treasury may require it, to sell hypothecate for
for treasury notes said bonds any part thereof
upon the best terms he as to meet appro
priations by Congress- and at the time reduce
and restrict the amount of the circulation in treasu
ry notes within reasonable and safe limits.
g. The bonds authorized by the 9th section of this
act may be either registered or coupon bonds, the
parties taking them may elect and they may be ex
changed for each other under such regulations as
the Secretary of the Treasury may prescribe They
shall be for one hundred dollars, multiple
of one hundred dollars, and shall, together with the
coupons thereto attached, be in such form and of
such Authorization the Secretary of the Treas
ury NAV prescribe. The interest shall be payable
not less than thirty years from their date.
8. All call certificates shall be fundable. and shall
be taxed i'll ali respects is provided for the Trea
sury notes. into which they convertible. If not
converted before the time fixed for taxing the Trea
sury notes. such certificates shall, from that time,
bear interest upon only sixty six and two third
cents for every dollar promised upon their face and
shall be redeemable only in Treasury notes at
that rate. but after the passage of this call
certificates shall be issued until after the LIST day of
April, 1864.
10. That if any bank of deposit shall give it's de-
positors the bonds authorized by the lst section of
this act in exchange for their deposits, and specify
tho fho hnn1 hx,.