The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1864-03-02
The New Currency Bill.

The New Currency Bill.
For the coursnieucs-of the great mais
Of our readers Who may not care to bur
don their meme riss with the full details
Of the new Currency Bill, with its multi
piled provisos, We give comprehensive
and carefully prepared synopsis Of this
important act, a. finally passed, contain
isg the gist Of each Of its eighteen sec
| tions:
SYNOPSIS OF THE BILL 70 FUND, TAX AND
LIMIT TuE CURRENCY.
SRcTIou l. Notes above five dollars TO
be fupded in four per cert bonds, hsSing
twenty years TO rdn, prisr to frs. Of April
next.
SKcrIos 2. The Secretary OF the Treas
ury authorized to issue Certificates until
the bonds are prepared.
Such bonds or CERTIFICATES receivable,
without interest, in the payment Of all
Government duss for 1854. exesp, export
and import duties.
SEcrioS 8 Que Aapdrsd dollar notes,
not bearing interest, besides the tax Of
50 per cent inpossd under fourth
section, shalt, after the Is, April, be sub
jsc. to tax Of 10 per cent. per month.
and no, be sIchanEsabls for The new
,ssus.
SxcroS I. Afer Is, April all no,ss.
(sbors 5's) no, funded. shall be taxed
30 8 Fer cent, and be fundsbls in I per
cent bonds. ~ SO 2 5 cents to The 81 Nm.
ut Let January, 1865, aud msy up TO the
same date, be sxehsngsble for the new
currency ., the same r.,s, one huudrsd
dollar notes excepted. All no,ss OUT
standing ai that date to bs taxed 100
per cent.
srcros s. Afssr la Of April the su
thorry heretofore given to the Secretary
Of Treasury TO issue Treasury notes to be
revoked. lie 10 authorized 10 make .
new issas to be exchanged for the old. at
the rate Of two dollars Of tho new for
three Of the old ADD ,sdesmxble for all
duo. 10 the Government except sxpor.
aud i~por. du,i-s.
New notes, or old notes reduced, may
10 converted into Call Loan Certificates
bearing per cent intsrest, payable two
years amer ratification Of peace, IL not
sooner converted into new notes.
Sscrox Q. Aothorizss the issue Of 500
millions per cont Bonds, principal and
Interest free from taxation; export and
import duties pledged fsr payment Of in.
tsrssl. Datiss oa imports to be paid In
spscis, sterling exchange. or coupons Of
said bonds.
SscrIor Z. Secretary of Treasury au.
shorizsd to sell or by pottscsts said bonds
on the best terms as can, and at the
same time with view to restrict and 70
dues the amospt oi circulation Of Treas
ory notes.
SECTION 8. Regulates i,sus Of said
bonds. in,srss, payable in January and
July. Principal 10 thirty years.
SECTION o. All certificates shall be
fuodabls and taxable in all ,sspeeis ~ the
Treasury notes, into which they are con
vsrtabls. II not converted before IL,
April, they shall from that time bsar ia
'srssr on only &C 2 8 Per cent. TO the q: 4,
and shall be redsemabls in sew issues NJ
same rats. No call certificate shall be
Issued Sn,i! after ls, April.
sEcrIoS 10. Ifany Bank shall give TO
It's dspositors 4 per cent. bonds in az
change for their deposits, they shall be
entitled 10 receive the amount OF said
bonds in Treasury notes bearing no in
tsssst and ou,stsnding at the date Of that
sct.
SscrIox IL. Five dollar notss 10 be
received us,il Let Jsly, after that 10 be
taxed s3 8 per cont, and exchanged
Tor new issuss ut same rate.
sscuox IL. Provides fof STATES hold.
ing Treasury notes funding them 10 o
psr cent. bonds before lst January, 1895.
sscros -. Iu,erest bssricg Trs.susy