Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-05-17
CONFEDERATE CONGREs IS
SECOND ooHGRESS-HRsT SESSION.
SENATE.

MONDAY, May 10, 1854.
Prayer by the Rev Mr. Doggett of the Methodist
Episcopal Church.
The House joint resolution providing for the appoint
meut of sp cal committee of the Senate aud House
of Rpresfn atves on the eubect OF impressment was
considered and passed.
On motion Of Mr. SPARROW, the Committee on Mil
iafy Affairs was discharged from the further conser
alton of the resolution relating to desertons from the
infantry 10 the cavalry, exc.
THE CURRENCY.
The bill reported from the Committee of Finarce 70
amend the set TO reduce the currency and to authorize
new issue, wGs taken up and considered.
The following is copy Of the bill:
The Congress of the Confederate Sta es of Ameriea
do enact Frat the amount Of Treasury notes which shall
be issued under the provisions Of he act OF which this
l. an amendment, shall not exceed dollar of new
issue for three dollars of tie old WHICH may have been
paid into the Treasury under the provisions OF the sad
act PROVIDED That this limitation shall not be con-
shud to restrict the authority OF the Secretary to issue
new ro.es in exchange for old es held by individuals
At the rate OF tEo dollars of the now seue for three
dollars of t, CID issue, as provided 10 the ksd act
Provided further, TIA, the Secretary OF the Treasury
ia hereby objected the Is day Of JauuarT 1855, or
as soon thereafter practicable to the amount
of Treasury notes in circulation to two hundred mill
ious OF dollars and when the circulation Ct said not
shall be thus reduced the faith of the Government is
hereby pledged that the shall not be increased
Sc 9. I1stead of the said six per cent. bonds Ou-
thoz to be issued to the Ates, under the l2h Sec
tioa of the ead act the Secretary Of the Treasury
authorized to issue TO aUy Safe which may desire tie
esme one half Of such amount the said State is
titled to claim in Treasury notes of the ISSUE aud
the other half in said tx per cent bonds Or at the op'
ton Of the State in coupon bonds payable in twenty
years with nereat at the rate OF four per cent per
num- payable hall yearly the said bones not to De tax
able either upon principal or interest," and this provision
sha not extend to any portion of the amount which
such State may BE- entitled to claim.
Sec 8 The Secretary of the Treasury is, also au
tborzed to issue to any person holding old isuss oil
Treasury notes entitled to be exchanged Tor now issues
not xaSe four per cent bonds Of the same chiracter
described id the sec.ion preceding; aud the ex-
change ss be made a. the same rate at which the old
notes may be exchanged for those Of the new issue
tha is say, the holders Of three dollars OF old Issues
shall b. entitled to four per cent. bond exempt from
tlxaor az the rate of two dolars OF bonds for three
dollars of notes '
Sec 4. Any holder of four per cent bonds or certi-
fcats issued under the first of the act OF which
this is amendment, may excbapge his bond or cer-
tcate for oar per cent. untaxaels bond such as Is
described in the eec,ion text preceding, ct the same
the rate of dollars OF uUtaxable bonds for three
dosrs OF bonds certificates Issued under said frat
sect on
Sec The bonds au horiz,d by this act shall b. in
such FORM and shall have such authorization may be
directed by regulations Of the Secretary of the Treas
uTy.
The bill was debated by Messrs. OLDHAM, HUSrLR
and sKMxE', of Kentucky.
AGer the adoption of several amendments, the fur:
ther confederation Of the bill was postponed until to-
morrow.
Ga motion of Mr.. SPARROW, the Senate went into
Executive eessiou aud after time spent therein
the doors we're opened, and the Senate aejouratd.