The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-04-26

of April 1864 east OF the Mississippi river ana I'M
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
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
9. The Secretary of the Treasury is hereby au-
thorzed to issue the bonds required for funding
provided for in the preceding section, and until the
bonds can 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.
g. 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
issippi river and the first day of July. 1864 west
of the Mississippi river, to be receivable in
the payment of public dues, and said notes if not so
presented at that time, shall, addition to the tax
of thirty three and one third cents imposed n the
4h section of this act, be subject to tax Of ten per
cent. month until so presentedwhich taxes shall at
tach said notes wherever circulated and shall be
deducted from the face of said notes whenever pre-
scented for payment or for funding, and said notes
shall not be exchangeable for the new issue of
Treasury notes provided for in this act.
f. That all said Treasury notes not funded or
used in payment of taxes at the dates and places
prescribed in the st section of this act, there shall
be levied at said dates and places tax OF thirty
three and third cents for every dollar promised
the face of said notes. Said tax shall attach to
said notes wherever circulated, and shall be colec-
ted by deductng the same at the Treasury, its de-
postorirs, and by the tax collectors and by all Gov
ernment 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 Jan
uary, 1865, at the rate of sxtysix and two third
cents on the dollar.
Treasury at any time between the LIST April east.
and the LIST july 1864, of the Mississippi river.
and the LIST January, 1865, to substitute and eX-
change treasury notes for the same at the rate
Of sixty six and two thirds cents the dollar pro
vded that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange proUided, further, that the right to fund
any of said treasury notes after 1st day of January
1865, is hereby taken away; and Pr0Uaded further,
that upon all such treasury notes which may remain
out standing the lst 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 lst day of A pril next all 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 Treasury
may, after that time issue new treasury notes i'll
such forms as he may prescribe, payable two years
d
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. 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 or
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 and two thirds cents the dollar, by the
af m he into
cntes bearing interest at the rate of four per cent
per annum, and payable two years after the ratih-
cation of treaty of peace with the United States,
unless sooner converted into new notes.
8. That to pay the expenses of the Government
not otherwise provided for, the Secretary of til
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, aud for the
payment of the interest thereon, the entire nett re-
ceipts 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 ster
ing exchange or in the coupons of said bonds.
7. That the Secretary of the Treasury is hereby |
from time to time, as the wants of the
treasury may require it, to sell or hypothecate, |
for treasury notes said bonds any part thereof
upon the best terms he to meet appro-
oriaons by Congress, and at the time reduce |
and restrict the amount of the circulation in treasu
~ notes within reasonable and safe limits.
g. The bonds authorized by the 9th section of this |
act may be either registered coupon bonds 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
shall be for one hundred dollars, some multiple
If one hundred dollars and SHALL together with the
coupons thereto attached, be in such form and of !
such Authorization the Secretary of the Treas
lry may prescribe. The interest shall be payable |
lalf yearly, the lst of January and July in each
1ear-the principal shall be pay able not less than !
thirty years from their date
9. All call certificates shall he funlaLle and shall /
)e taxed in all respects, is provided for the Trea
ury notes. into which they convertible. If not
converted before the time fixed for taxing the Trea
Jury notes. such certificates shall, from that time
'rar interest upon only sixty-six and two third
ents for every dollar promised upon their face, and .
hall be redeemable only ins,ew Treasury notes at
hat rate, but aftersthezpassage of this act. no call
certificates shall be issued until after the Ist day of
pril. 1864.
TO- That if any bauk of de post shall give its de-
ositors the bonds authorized by the 1st section Of
his act in exchange fpr their deposits, and specify
he same on the bonds by distinctive mark or
oxen, to be agreed upon with the Secretary of the
Treasury then the said depostor shall be He'd to
eceive the amount of said bonds in Treasury notes
earring interest and outstanding at the passage
f this act: Provided, the said bonds are presented
efore the privilege of funding said notes at par
hall cease as herein prescribed
IL. That all treasury notes heretofore issued of
ne denomination of five dollars shall continue to be
pcevable in payment of public dues. 5 provided
Y law. and fundable par under the provisions of
Il, 1.fn f III, 4