Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-03-11

SSAF
into bonds payable two years after peace.
6. Holders of call certificates are govcrnel
| by the same provisions US holders of the ru.-
| rency into which Ties, we're convertillc.--
If not converted, interest will be naid on two.
thirds Of their face, after April |, leji. and
they continue Convertible into treasury notes
Of the new issue ct the rate Of 81 Of rev ;"F
So of old. Holders Ct sach certificate uH-
lder the act of March 23d, 1863, can ('y SCI,
. fion lSl receive the bonds therein tfo''2'e
for. r,..
So much for tho duties Of bolders. Them
,;aont, Of ,hs new issue Of treasury notes re
as follows; viz:
i Thew aro payable two years after peace
md receivable for all public dues (oxcept ex-
] port and import duties).
Q. They are issued in exchange for old notes
only. ut tho rate Of 50 of new t'r IS Of old
| bills
5. To prevent excess Of currency hereaf.
ter.
For SIS of old bills received into the Urea,
sury, whether in exchange for now issue or Tor
1 per cent. bonds or call certificates, there
NAV be issued from the Treasury 81 Of new
notes. The aggregate issue Of new notes is,
therefore, peremptorily restricted 10 t"o-
thirds of the amount Of the old. ,
All former laws authorizing the issue OIL
treasury notes are repealed.
The incidentso of the 4 per cent. ponds are Us
follows:
/. Not being held Feb. II, 1864, they are
not taxed in 1864. .,
2; They are recsisablc, at their face, with
out interest, in payment of all government
dues payable in 1861.
3. They are payable in 20 years, with inte-
a- t& khIA Won
| if taxation continues high, the debt thus
funded will not Le interest bearing against the
| government.
/. They are registered bonds-not coupon
| bonds-and not negotiable by delivery, but
| only ty transfer on the books Of the Treasury
Department.
5. Until the bonds arc issued, certificates
arc given. Provision is made for advertise
ment, and for an increased number Of Deposi.
tories.
Mr.. Memmins,r warns people against be-
ginning too late. and the risks of being
crowded out, in the mechanical difficulty Of
| getting the money counted.
States holding treasury notes arc aIlHwei to
fund them in six per cent. bonds by January
|. 1865; those received into the State treasu-
nv prior to April l, 1861. 10 be funded at par:
those after that date at s. Of OIL currency Tor
! 81 Of bonds.
Banks holding Confederate treasury noses
| on depc sit, it seems, gre expected to fund
them, it being assumed that they can pay &c.
p~ositors with the foul per cent. bonds. n lieu
Of currency. A special arrangement IL made
by which the dspositoT con rcconvert the bond
into money of the Old Tissue prior to April l, 1904.
! subject, of course, tn the tax of that date. The
| object of this provision is To allow 10 he de-
| posit,r the option Of funding or paying 30!
per cent. tax. Soma Of the banks hare gwen
notice to their depc,itors in accordance with
the f'regoios provisions.
OF course the banks will net in this mstfer
upon tho highest legal advice. Mistake is
ruin. For, if it were held nv the courts that
| the four per cent. stock could not be paid to
unwilling depositors, tho banks have no other
means of payment. They car, however, con-
vert their general deposits, by notice, into
| special deposit'. They can, by notice. cease
their agency for depcsit6rs,. ur require the
withdrawal of their deposits. Which course
they will pursue ia q matter of no small mo
ment to them. 70 the Government it makca
no difference which party funds toe Dills-the
bank or tho Gcposituv.
The right to issue treasury notes beng With
drawn FROM the Treasury Department, it bt-
came necessary to provide other means FOR the
support Of the Government. Tao law author
ICES the Secretary Of the Treasury TO issue md
negotiate certain highly privileged bonds, no,
exu.c1iug $500, 900, 00G of long dnto-@o years
or more-bearing six per cent. interest. pays
be semi-annually in January and July not
subject to taxation secured by Il pledge OF
all import duties heretofore laid, and 81. 9x-
port duties to lie hereafter laid and thu cnl-
pons, with gold. silver, or exchange, to he Il e
only means Of paving such duties. These
bonds ere to DO sci or the boSt terms pract:-
cable. for now isaucs, or old Issues ut their re-
ducsd value.
Again: The Secretary = nu,horizal. by
consent of contractors, to pay them in 4 elk
per cent. certificate Of Indebtedness, uutaxcd,
asi parable two years after pcacs.
The 42d section Of the act Of May |, 1858,
rs to FIVE per cent. call certificates, are re-
pealej.
Such are.the provisions Of tho funding act.
DUTIES OF TAXPAYERS AND CURRENCY HOLDERS
IN ORDER or TINE.
Before April |, lSG4--Girs in profits Of
1856 ON purchase and sale Of s~la.cnandize,
IT,, and pay 20 per cent. tax, now due.
Corporations give in excess Of profits for
1868 over % Per cent, ard pay . per ceat.
tax now due.
Fund 500 potcs-non.interest bearing.
Fund j0., 20j, and l0s for four per cent.
bends. a
Provide enough Of such bonds to pay taxes
duo in 1864, aud as many more ~ you please.
April |, lS64-Register and nay taxes on
sales and profits under act Of 1853.
You can now exchange SOS, 2Os, and los,
for new issues.
Before June ], lSG4-Givo in property tax
at value of property in lS6n.
|. Value of land. negroes. unless bought
since January /. lSG2-then give in pric,
paid for them j-plautat!Oa stock, mules,
horses, cattle, and all live stock, plantation
tools and provisions. and all property en-
Il3ved in agriculture
Keep this separate from the other property, !
because ii ia to be paid in the 1.-THE. or the
valne Of the latter deducted from the tax.
=: Other property, viz: real estate rrt
used in agriculture, furniture, books, prrrci-
slons, utensils, cotton, tobacco, H., Is. IL ut
il cotton aud tobacco, bought since January,
l>52, vaine it OF the price paid for ~
). Coin. and bullion held in this %eouutry,
Confederate bonds, mot including the I per
cent. bonds last authnrized) bank bills, and
o!her currency, (e1cspt non-interest bearing
c ,nfederats Treasury notes, and except capi-
tai or notes, &C., employed in trade, otherwise
also, credits, notes, account. Co.
bends.
4. nloncy held abroad, at. its market va!nc
!, currency.
5. Joint s.ocil, ut market value IN cur
reucy.
8 Plate, jewe)ry and watches, 10 per con-.
tax
Merchandise is NOT given in nor tazei as
property, the income being taxed.
Juno l, lSs4.-Pay property tax on the
foresoing-except on agricultural property; |
on this pay tithes, from time to tlme-Ahd the
when ascertained. in money. I
Pay gold and silver coin tex, exchange, &C., |
in kind.
Before july !, 1864, fund IS bills.
July ], l8G4.-Give in ard pny sale or
nro6t taxa, under net 1863: comm enr, nav