The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-01
AN ACT TO FUND. TAX AND LIMIT TEE
CURRENCY.

J. The Congress of the Confederate States OF
America do enact That the holders OF all treasury
notes above the denomination OF hVe collars, not
bearing interest, shall be allowed until the ISL DAY
of April 1864 east of the Mississippi river, and un-
til the LIST day of July, 1864 west of the Missss-
ippi river to fund the same. and until the periods
and at the places stated, the Sholders of all such
treasury notes shall be allowed to fund the in
registered bonds, payable twenty years after their
dates bearing interest at the rate of four per cent
per annum, payable the Let day of January and
July of each year.
3. 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 can be prepared be may issue certificates to
answer the purpose, Such bonds and certificates
shall be receivable without interest i'll payment OF all
government dues payable in the year 1904, except
export and import duties.
3. That all Treasury notes of the denomination
of one hundred dollars not bearing interest. which
shall not 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
isspptriver and the first day of July. 1864, west
of the Mississippi river cease to be receivable IN
the payment of public dues, and said notes if not SO
presented at that time, shall, IN addition to the tax
of thirty three and third cents imposed in the
4th section of this act, be subject to tax of ten per
cent month until SO presented which taxes shall at
tach to said notes wherever circulated anG shall be
deducted from the face of said notes whenever pre-
sented for payment or for funding, and said notes
shall not be exchangeable for the new issue of
Treasury notes provided for in this act. -
4. That all said Treasury notes not funded OF
used i'll payment of taxes at the dates and places
prescribed i'll the lst 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
on the face of said notes. Said tax shall attach 10
said notes wherever circulated, and shall be colec-
ted by deducting the same at the Treasury, ts de-
postores 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 new notes hereafter provided; and said Urea
sury notes shall be fundable in bonds provided in
the first section of this act until the lst day of Jan
uary, 1865, at the rate of sixty six and two third
cents the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the lst April east
aud the lst July, 1864 west of the Mississippi river
and the LIST 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
vided that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange prorided, further, that the right to fund
any of said treasury notes after LIST day of January
1865, is hereby taken away; and provided, further,
that upon all such treasurysnotes which may remain
out standing the LIST January, 1865, and which
may not be exchanged for new treasury notes as
herein provided, tax of one hundred per cent Is
hereby imposed.
5. That after the LIST day of April next MI author
,ity heretofore given to the Secretary of the Treas
ury to issue treasury notes shall be and is hereby
revoked: PROVIDED. the secretary OF the lresufy
may, after that time. issue new treasury notes, III
such forms as he may prescribe payable two years
after the ratification of treaty Of peace with the
United States; said 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. at the rate of two dollars of the for three
dollars of the old issues whether said old notes be
surrendered for exchange by the holders thereof,
be received into the treasury under the provisions
of this act; and the holders of the notes or OF
the old notes, except those of the denomination of
one hundred dollars, after they reduced to six
ty-six aud two thirds cents the dollar. by the
tax aforesaid, may convert the into call certi
hcates, bearing interest at the rate of four per cent
per annum and payable two years after the rath
Cation OF treaty of peace with the United States
unless sooner converted into new notes.
b. That to pay the expenses of the Government
not otherwise provided for. the Secretary of the
Treasury is hereby authorized to issue six 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 nett
cepts OF any export duty hereafter laid the value
of all cotton, tobacco, and naval stores which shall
be exported from the Confederate States, and the
nett proceeds of the import duties laid, so
much thereof as may be necessary to pay annually
the interest are hereby specially pledged, provided
that the duties now laid upon imports and hereby
pledged shall hereafter be paid in specie or in ser
ling exchange, or in the coupons of said bonds.
q That the Secretary of the treasury is hereby
authorized, from time time. as the wants of the
treasury may require it, to sell or lypothecate.
tor treasury notes said bonds any part thereof
upon the best terms he can, to meet appro- |
priations by Congress- and at the same time reduce
and restrict the amount of the circulation in treasu
ry notes within reasonable and safe limits,
g. The bonds authorized by the 9th section of this
act may be either registered coupon bonds, the
parties taking them may elect and thoy may be ex
changed for each other under such regulations as
the Secretary of the Treasury may prescribe. They
shall be for one hundred dollars, or some multiple
of one hundred dollars, and shall, together with the
coupons thereto attached, be in such form and of
such Authorization the Secretary of the Treas
ury may prescribe. The interest shall be payable
half yearly, the LIST of January and July in each
year-the principai"shall be payable not less than
thirty years from their date.
3. All call certificates shall be fundabe, and shall
be taxed in all respects, is provided for the Trea
sury notes, into which they convertible. If not
converted before the time fixed for taxing the Trea-
sury notes. such certificates shall, from that time.
bear interest upon only .sixty-si and two third
shall be redeemable only in Treasury notes at |
that rate but after the passage of this act call
certificates shall be issued until after the LIST day of
April, 1864.
10 That if any bank of deposit shall give its de-
postors the bonds authorized by the 1st section IF
this act in exchange for their deposits, and specify |
the same on the bonds by some distinctive mark or
token to be agreed upon with the Secretary of the
Treasury then the said depositor shall be entitled to
receive the amount of said bonds in Treasury notes
bearing no interest and outstanding at the passage
of this act: Prorided. the said bonds presented
before the privilege of funding said notes at par
shall cease, as herein prescribed.
IL. That all treasury notes heretofore issued OF
the denomination of five dollars shall t ha