The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-04-05

nntes 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
til the LIST day fully, 1864. west of the Mssiss-
ipptrver, to fund the same, and until the periods
and at the places stated. the holders of all such
treasury notes shall be above to fund the same in
registered bonds. payable twenty years after their
dates bearing interest at the of four per cent
per annum, payable on the lst 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
provide for in the preceding section and until the
bonds dan be prepared he may issue certificates to
answer tae 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.
8. That ell Treasury notes OF the denomination
of 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
issppi river and the first day of July. 1864. west
Of the Mississippi river, to be receivable III
the payment of pblic dues, and said notes not sc
presented at that time, SHALL IN addition to the tax
of thirty three end third cents imposed IN the
9TH section Of this act be subject to tax of ten per
cent month until presented which taxes shall at
taoh said notes wherever circulated and shall be
deducted from the face OF said notes whenever pre-
santed for payment or for funding, and said notes
shall not be exehangeable for the issue of
Treasury notes provided for in this act.
H. That Oh All said Treasury notes not funded or
used payment or taxes az the dates ana places
prescribed in the lt section of this act there shall
be levied at said dates and places q tex of thirty
three and third cents for every dollar promised
the face of said notes. Said tax shall attach to
said notes wherever circulated, and shall! be coiec
ted by deductlng the same at the Treasury, Its de-
postories, and by the collectors, and by all Gov
eminent officers receiving the same. whenever pre-
sented for payment, or for funding. payment
of Government dues, or for postage. in exchange
for new notes as hereafter prOyided; and said Trea
sury notes shall be fundable in bonds as provided in
the first section of this act until the Ist day of j IAN
uary, 1865, at the rate of sixty six and two third
the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the 1st April east
and the st July, 1864, of the Mississippi river
and the lst January, 1865. to substitute and
change new treasury notes for the at the rate
81 sixty Six and two thirds cents the dollar. pro-
Vided that notes of the denomination of hundred
dollars shall not be entitled to the privileges of said
exchange; pro0ded, further, that the right to fund
any of said treasury notes after l>t day of January
1865, is hereby taken away; and 3roUided, FURTHER
that upon all such treasury notes which may remain
out standing on the lst January 1865 and whict'
may not be exchanged for treasury notes a.
herein provided, tax of one hundred per cent. is
hereby imposed
5. That after the 1st day of april next oil author
ity heretofore given the Secretary of the Treas
ury to issue treasury notes shall be and IL hereby
revoked: Provided the Secretary OF the Trcsury |
may, after that time. issue treasury notes, in
such forms as he may prcscribe payable two years
after the ratification of treaty of peace with the
nited States; said issues to be receivable in
payment of oil public dues except export and i'm
port duties. and tn be issued in exchange for old
notes, at 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
be received into the treasury under the provisions
of this act; and the holders of the notes or of
the old notes. except those of the denomination of
one hundred dollars. after they reduced to six
ty six and two thirds cents on the dollar, by the
tax aforo seid, may convert the same into call cert
hcates, bearing interest at the rate of four per cent
pc. annuin and payable two years after the ratf |
cation of treaty of peace with the United States
unless sooner converted into new notes.
e. That to pay tf Expenses Of the Government
bonds, to an 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 laid, so
much thereof as may be necessary to pay annually |
the interest, are hereby specially pledged provided
that the duties laid upon imports and hereby |
pledged shall hereafter be paid in specie, orn ster-
hing exchange, or in the coupons of said bonds
!. That the Secretary of the Treasury is hereby |
authorized, from time to time, the wants of the
tr aasury may require it, to sell Or hypotheCatc.
for treasury notes said bonds any part thereof
upon the best terms he can, 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.
8. The bonds authorized by the 9th section of this
act may be either registered or coupon bonds, the
parties taking them may elect and 5hey may be ex-
changed for each other under such regulations as
the Secretary of the Treasury may prescribe. They
shall be for hundred dollars multiple
Of one hundred dollars. and shall together with the
coupons thereto attached, be III such form and of
such Authorization the Secretary of the Treas
urv NAV prescribe The interest shall be payable
half yearly, the LIST of January and July in each
year-the principal shall be payable not less than
thirty years from their date.
8. All call certificates shall be fundable and shall
be taxed in all 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 sxtysix and two third
for every dollar promised upon their face and
shall be redeemable only in Treasury notes at
that but after the passage of this act call
certificates shall be issued until after the Ist day of
pril, 1864.
10. That if any bank of deposit shall give its de-
positors the bonds authorized by the LIST section Of
this in exchange for their deposits. and specify
the same on the bonds by some distinctive mark OF