The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-22

is absorbed in October After April first the said
taxes attach to the note as if credits were written
thereon. The note is go longer receivable for
public dues, and no longer exchangeable for the
new issue of currency hereafter described, but
may be exchanged for four per cent bonds after
deducting the taxes due.
These provisions necessarily enforce the funding
Of 500 bills
2 The holder of sos, eos aud los must fund
said notes by April 1864 in four per cent bonds
or pay 3S5 per cent Taxation attaching to each
bill. he can exchange the bill so taxed for new
issue OF treasury notes at the of 81 of new for
S3 OF old bls or for four per cent call certificates
at the same Fate, payable call in the new issue
four per cent bonds; he also pay taxes post
age and the like at the same rate. On January l,
1868, however, tax of one hundred per cent is
imposed upon all such old bills not funded or ex-
changed.
8. The holder of IS bills must fund or exchange
them in like manner-the date of funding, how
ever, being July l, 1864.
The lJO per cent tax, payable January l, 1865,
on bills not funded, does not seem to apply, how
ever, oS5 bills.
f. The bolders of bills under SIS are not affected
by the funding act So much for holders Of non
interest bearing notes.
s. Holders of 730 notes cannot use them long
er in pigment of public dues. They are convert
ed, by the direct operation of the act, into bonds
payable two years after peace.
6. Holders of call certificates are governed by
the SAINT provisions as holders of the currency into
which these were convertible. If not converted,
interest will be paid OF two-thrds of their face,
after April |, 1864, and they continue convertible
into treasury notes of the issue at the rate of
So of new tor So of old. Holders Of such certf
Gates, uncer the act of March 23d, 1868, can (by
section lO receive the bonds therein provided for
So much for the duties of holders The Incl
dents of the new issue of treasury notes as
follows, viz:
l. They are payable two years after peace and
receivable for ALL public dues Except export and
import duties.)
g They are issued 10 exchange for old notes
only, at the rate OF 50 of for So Of old bills.
3. TO prevent excess OF currency hereafter.
For So of old bills received into the Treasury
whether in exchange for new issues, or for per
cent bonds or call certificates, there may be issued
from the Treasury 81 of new notes. The aggregate
issue OF new notes is, therefore, peremptorly re-
st1icted to two-thirds of the amount of the old.
All former laws authorizing the issue of treasu-
ry notes are repealed.
The incidents of the 4 PEI cent bonds are as
follows:
l. Not being held Feb II, 1864, they are not
toued an 1864.
2 They are receivable, at their face, without
interest, in payment of all gopernn'ent dues pay
able IN 1864.
3 They are payable in 20 years, with interest
in January and July. After this year, if taxation
continues high, the debt thus funded will not be
interest bearing against the government.
4 They are registered bonds-not coupon bonds
land not negotiable by delivery, but only by
transfer on the books of the Treasury Department
s. Votl the bonds are issued, certificates are
given. Provision is made for advertisement, and
Tor an increased number of Depostories.
MIR Memminger warns people against beginning
too lae and the risks of being crowded out, in the
difficulty of getting the money counted.
States holding treasury notes are allowed to fund
them in six per cent bonds by January l, 1865;
those received into the State treasury prior to
April l, 1864, to be funded at par; those after
that date at So of old currency for 81 of bonds
The right to issue treasury notes being with
drawn from the Treasury Department, it became
to provide other means for the support
of the Government The law authorizes the Sec
retary of the Treasury to issue and negotiate GER
tain highly privileged bonds. not exceeding $780,,
900 900 Of long date-3o years or more-bearing
six per cent interest, payable semi-annually in
January and July; subject to taxa1ion; secured
by a pledge of all import duties heretofore laid,
and all export duties to be hereafter laid; and the
coupons, with gold, silver, or exchange, to be the
only means of paying such duties. These bonds
are to be sold on the best terms practicable, for
new issues, Or old issues at their reduced value.
Again: The Secretary is authorized, by consent
of contractors to pay them in six per cent. GER
tifcate of Indebtedness, untaxed, and payable two
years after peace.
The AID section of the act of May l, 1868, as
to five per cent call certificates, is repealed.
Such are the provisions OF the funding act.
Duties Of taxpayers and Currency holders in.
order time.
Before April l, 1S64-Give in profits Of 1868
on purchase and sale of merchandise, &c, and pay
10 per cent tax, now due
Corporations give iD excess of profits for 1868
over 25 per cent, aud pay % per cent. tax now
due
Fund 500 notes-nob- interest bearing.
Fund SOS, 20s and los for four per cent
bonds
Provide enough Of such bonds to pay taxes
due IN 1864, and many more as you please.
April |, 1864 Register and pay taxes on sales.
and profits under OF 1868
You can now exchange Sos, 2Os, and lus, tor
new issues
Before June l, ls64-Give in property tax at
value of property III 1860.
l. Value Of land, negroes, (unless bought since
January l, 1S62-then give in price paid for
themj-piautation stock, mules, horses, cattle and
all live stock, plantation tools and provisions, and
all property employed 10 agriculture
Keep this separate from the other property, be-
it is to be paid in the tithe, or the value OF
the latter deducted from the tax.