The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-02-17
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rur CURRENCY QUESTION.

,,.v . ,sxlve :. FEBRUARY u, lsss
SgDESsa'Ai
rar cueREycy QUESTION.
-. Two Houses Of CongreEs, yesterday
lss 80, their protracied labon on The
'e' a.cv cnestion, and In the lower House
faH.a H'',,.c,ion Of secrecy was removed from
s1, 'as s1 The bill is entitled an act to fund.
W. ~ and n Ilni, the currency. Its nain fca'
.ares ~ viii be found annexed:
~, ladders Of all treasury notes above the de-
80, Of FIVE dollars, nos bearing iatsFess,
3D. s.e allowed until the ist day Of April, te6i,
ss'a a.ti, the LIST day OF Jay 1864, west ofshe
fas', -, plse,, 10 fund the sane In registered
la,ah:e % years aftcr their date, bearing
's' -, !, ,he rate Of four per cent.
fau s.r,r,,ry Of the Treasury Is authorized to
,,oas for the funding provided for, and until
- ,.,as can be prepared he may issue esiiics'es
-, ,l,e p,,ras,se. Such bonds and certificates
s's,s receivable without interes, in paymcntof
I. .o,e,sneat dues payable In the year 1854, sx
s,,or, and import duties.
"a ,,ss.ury notes of the ASSIMILATION of oHr
,..S dollars mol bearing iatesess, which ARE not
.,,ed for funding In the time specified. aad
,.e u,oyisions above cited, shalt cease 10 be-
'.,s,h,e In payment Of public dues, and shaII, In
,s,.oa 10 the tax Of thirty three and one third
"..,, ,mposed Ia the 18th section, be subject 70 q
n ian per cen, per month, which taxes slai
-" ~ 10 such notes wherever in circulation.
1es a,n section provides that on all Treasury
~ no, funded or used In payment Of taxes ai the
H and places prescribed above, there shall be
,ased tax Of thirty three aud one third cents for
.a,x do,,ar promised on the face of said notes;
- "a y,hesr noies are to be fundable In bonds as
a..' aas .rovidea, until the frst day ol January,
.Ss =, The rate OF sixty ix and two third cents
,ss doa, And II SAL ts the duty OF the Secre.
,a,y ,au of The Treasury u1Y ttme between the Ist
aa,,l east. and the N(z4lH 1854, west OF the Mis-
..,fs .a,s sod exchanaf. 4 Treasury notes for the
u..as :, the rae II sif3fg9ax and two third cents
= ~. d, az. provided thai notes Of the denomina-
,spf ore hundred dollars shall not be entitled 10
M hyfyilege Of said exchange; prorsted further,
,"., he risIt 10 fund any of said Treasury notes
$50, Is, lay Of January, 1865, Ia hereby taken
sw,,. and pror;aed f,ntser, that upon all sucl,
treasury notes which, may rfmain outstanding on
IN. i, January. 1865, and which may not be ex
changed for new Treasury notes as herein provided,
IA, ol one hundred pr osSt Is hereby imposed.
Z. Thai after the first day Of April next all au-
,ho,i,v heretofore given 10 the Secretary Of The
Treasury 10 issue Treasury notes shall be and Is
hereby revoked; pyoradd, Inc Secretary OF the
TFth,
rotr,. in such forms az he may prescribe. payable
,wo Years ailer the ratification of treaty of peace
win The United States, said new issues 10 be re-
reirsbic Ia payment Of all public dues except tx
v,r aud import duties, and 20 be Issued I'm ex-
stange Tor old notes at the rate OF two dollars of
th.ue for three dollars of the old issues, whether
said old noles be surrendered for exchange by The
hoieVs thereof, or he received into the Treasury
underline provisions ot this aci; and the holders of
she new notes or OF the Old notes, except those Of
,L. dgpnp,iuaitOn of hundred doItars off
lhty are r'dpced 10 sixty-six and Two third ceats
IN the dlila d, by the tax aforesaid, may convert
the same mo call certificates, bearing interest at
The ra,c Of four per cent. per aHBunl and payable
tgb years after the ratIiicst Of treaty of peace
with The United States, unless sooner converted
in'6 new notes.
10 pay the expenses of the Government, not
otherwise provided for, the Secretary of the Trea
.uIP j. authorized 10 isslie six per cent bonds tO
au amount not exceeding five hundred millions of
dollars, the principal and interest whereof shall be
fee ifom faxaiiOn. the interest to be paid by ex-
uGr and import duties, the entire receipts from
which are specially pledged for The purpose; such
duties 10 be paid in SPECIE foreign exchange, or in
The coupons OF said bonds. These bonds are Ia
be in snls Of one hundred dollars or some multi
pie thereof. The interest is payable semi annually
on The lsi of January and July in each sar; the !
principal 70 be payable not less than thirty years
from ibeir date. As the wants OF the Treasury
may require it, the Secretary is authorized 10 sell
or EypolIeca.c said bonds for Treasury notes upon
the brsi terms he can.
Call certificates shall be f,ndabe and shall be
taxed Id all respects as Is provided Tor the treasury
notes into whict they are convertible. After the
hrsi OF April they will bear interest upon only six
" sx and two third cents fo- every dollar promised
their faces, aud no call certificates shall be is
sued after the first Ct april.
The lulh section provides that if any bank shall
give lis depGsicrs the four per cent bonds author
ized by the first section Of the act, in exchange for
srir deposits, and specify iiie same on the h9nd
hy s0;c distinctive mark or token 10 be agreed up
~ with Tie Secretary or the treasury, then the
said dfEosiior shall be entitled TO receive the
,a0unl oi said bonds in treasury notes bearing no
;EeIes snd outstanding al the passage Of This ;sci;
jFa'idei, he said bonds are presented before the
privilege of funding said notes at par shall cease,
rs above prescribed.
Treasury notes Of the denomination of FIVE dol
lars shall continue to be payable nj par until the lst
oi July le6l, ST, and until the lst of Octobhr,
west Of the Mississippi after which they are 10 be
subject 10 the tax uf thlry-ihree and acd a third
per cent,
ANY state hsijing treasury notes, received be-
ie.e The limes herein fixed for taxing said notes,
shall be- aiiowed unti The lst day Of January, 1865,
TO innd the same In per cent. bonds OF the Con-
Ieiera's States, payable twenty years after date,
AND the Interest payable semi annually.
he '3o treasury noies heretofore issued shall
no longer be receivable In payment OF public dues,
baf shan be deemed and considered bonds Ut the
Confederate States, payable two years after rati-
hea'ion Of treaty of peace, bearing the rate Of i
Iffesi specified on their face, payable on the first
d January In each and every year.
ihe Secretary o! the Treasury Is auth9rfzed In
ease ibe exigrheirs OF The Government require II,
iopay The demand Of any public creditor whose debt
may be contracted after the passage Of this act,
pll,g TO receive the same, In a certificate Of In
aabedncs In such form as The Secretary may deem
Wopef, payable two years after ratification Oi q
uealy ot peace.