The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-05-24

AN ACT TO REDUCE THE cgRRENcx
andto authorize near issue Of Notes and Bonds
j. The Congress of the Confederate States oil
America do enact, That the holders of aAtreasury
ties above the denomination of five dollars, noi
-aring interest shall be allowed until the LIST day
If April 1864 east of the Mississippi river, and
til the list day of July, 1864 west OF the Mississ-
ippi river to fund the same, and until the periods
and at the places stated, the holders of all such
treasury notes shall be allowed to fund the same in
registered bonds, payable twenty years after their
dates bearing interest at the rate OF four per cent
per annum, payable on the LIST 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
provided for in the preceding section, and until the
bonds be prepared he may issue certificates to
answer the 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.
3. That all TREASURY notes Of the denomination
of one hundred dollars not bearing interest. which
shallnot 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
issipp river. and the first day of July, 1864, west
of the Mississippi river, cease to be receivable in
the ayment of public dues, and said notes not so
pressed at that time shall, IN addition to the tax
of thlty thrse nd third cents imposed in the
4th sectcn If r. act be subject to tax of ten per
cent mo- III 1ut..s presentedwh taxes shall at
tach to sa q "a tes circulated. and shall be
deducted from til Eac of said notes whenever pre-
scented for payment VI for funding, and said notes
shall not be exchangeable for the new issue OF
Treasury notes provided for in this act.
A. That ON all said Treasury notes not funded or
used in payment of taxes at the dates and places
prescribed in the LIST section of this act there shall
be levied at said dates and places tax of thirty
three and one third cents for every dollar promised
the face of said notes. Said tax shall attach to
said notes wherever circulated, and shall be collee-
ted by deduetng the same at the Treasury, its de-
postories and by the tax collectors, and by all Gov
eminent officers receiving the same whenever pre-
scented for payment, or for funding, or in payment
of Government dues, for postage. or in exchange
for notes hereafter provided; and said Urea
sury notes shall be fundabe in bonds provided in
the first section of this act until the LIST day of an
uary, 1865. at the rate of sixty and two third
cents the dollar.
And it shall be the duty Of the Secretary of the
Treasury at any time between the LIST April east,
and the st July 1864, west of the Mississippi river.
and the 1st January, 1865, to substitute and ex-
change treasury notes for the at the rate
of sixty six and two thirds cents ON the dollar pro.
vded that notes of the denomination of hundred
dollars shall not be entitled to the priv es of said
exchange; prorided FURTHER, that the right to find
any of said treasury aijec III lay of JANUARY,
1865, is hereby taken away; unu provlded, ttlhcr,
that upon all such treasury notes which may remain
put standing on the lst January, 1865, and which
may not be exchanged for new treasury notes as
herein provided, taA'of one hundred per cent. is
hereby imposed.
s. That after the LIST day of April next all author
tY heretofore given to the Secretary o@the Treas
lry to issue treasury notes shall be and is hereby
revoked: Provided, the Secretary of the Treasury
may. after that tipe. issue new treasury notes. in
such forms as he may prescribe, payable two years
after the ratification Of treaty of peace with the
United States said new issues to be receivable in
payment of all public dues except export and i'm
port duties, and to be issued in exchange for old
notes, the of two dollars of the new for three
loars of the old issues, whether said old notes be
surrendered for exchange by the holders thereof or
De received into the treasury under the provisions
IF this act; and the holders of the notes of
hesold notes, except those of the determination of
1ne hundred dollars, after they are reduced to six
y-six and two-tdirds cents on the dollar, by the
aforesaid, may convert the same into call certi
icates, bearing interest at the rate of four per cent
oer annum, and payable two years after the ratif
cation of treaty of peace with the United States,
lnless sooner converted into NV notes.
g. That to pay the expenses o.. the Government
aot otherwise provided for the Secretary of tn g
Treasury is hereby authorized to ssue xix per cent
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
,epts of any export duty hereafter laid on the
If all cstton tobacco, and naval stores, which shall
BE exported from the Confederate States, and the
letL pfoceeus oI the import duties now HlQ, or:
much thereof may be necessary to pay annually
he interest are hereby specially pledged, provided
hat the duties laid upon imports and hereby
pledged shall hereafter be paid in specie, in ster
ing exchange, or in enc coupons of said bonds.
q. That the Secretary of the Treasury is hereby
from time to lime, the wants of the
reasury may require it,, to sell or hypothecate,
or treasury notes said bonds any part thereof
lpon the best terms he can, so as to meet appro-
'riations by Congress, and the same time reduce
md restrict the amount of the circulation in treasu-
y notes within reasonable and safe limits.
8. The bonds authorized by the 9th section of this
ct may be either registered coupon bends as the
parties taking them may elect and they may be ex
changed for each other under such regulations as
he Secretary of the Treasury may prescribe. They
hall be for one hundred dollars, or some multiple
# one hundred dollars and SHALL together with the
coupons thereto attached, be in such form and of !
Try may prescribe. The interest shall be payable
alf yearly, ON the 1st of January and July in each
'ear-the principal shall be payable not less than
hirty years from their date
9. Ali call certificates shall be fundable and shall
re taxed i'll all respects, provided for the Trea
ury notes, into which they convertible. If not
onverted before the time fixed for taxing the Trea-
ury notes. such certificates shall, from that time
ear interest upon only sixty-six and two third |
ents foS every dollar promised upon their face, and
hall be redeemable only in new Treasury notes at |
hat rate, but after the passage of this act no call
certificates shall be issued until after the lst day of
APRIL 1864.
TO- That if any bank of deposit shall give its de-
osiors the bonds authorized by the 1st section of /
his act in change for their deposits, and specify
ie the bonds by some distinctive mark or |
'ken to be agreed upon with the Secretary of the
treasury then the said depostor shall be entitled to
nceve the amount of said bonds i'm TraaS urv ,o,o,