The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-22
AN ACT TO REDUCE THE CURRENCY,

America do enact, That the holders OF all treasury
notes above the denomination OF i've dollars not
bearing interest, shall be allowed until the lst oay
of April 1864 east of the Mississippi river and un
III 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 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 Oh tho LIST day of January and
July of each year.
g The Secretary of the Treasuary is hereby
thorized 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.
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
issipp river. and the first day of July, 1854 west
Of the Mississippi river to be receivable IN
the payment of public dues, and said notes II not SO
presented that time, stall, addition to the tax
Of thirty three and one third cents imposed in the
18th section of this act be subject to tax OF ten per
cent q month until so presented, which taxes shall at
tach to 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 exohangeable for the new issue OF
i
d. 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 third cents for every dollar promised
the face of said notes. Said tax shall attach to
said notes wherever circulated, and shall be coilec-
ted by deducting the same at the Treasury Its 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
Government D0Stdge, exchange
for notes hereafter provided; and said Urea
sury notes shall be fundable in bonds provided in
the first section of this until the st day of jan
uary. 1865, at the of sixty six and two third
cents on the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the lst April east,
and the LIST July, 1864, west of the Mississippi river
and the LIST January. 1865. to substitute and ex-
change treasury for the same, at the rate
of sixty six and two thirds cents the dollar pro-
vided that of the denomination of one hundred
dollars shall be entitled to the privileges of said
exchange proUided further. that the right to fund
any of said treasury after LIST day of January,
1865 is hereby taken away; and ProU,ded, further,
that upon all such treasury notes 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 all author
ity heretofore given to the Secretary of the Treas
ury t" issue treasury notes shall be and is hereby
may, after that time. issue treasury notes, IN
such forms he may prescribe, payable two years
aft 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. aud to be issued in exchange for old
at the of two dollars of the for three
dollars of the old issues whether said old notes be
for exchange by the holders thereof or
be received into the treasury under the provisions
of this act; and the holders of the new notes of
the old notes. except those of the denomination of
one hundred dollars, after they reduced to six
ty six and two thirds cents on the dollar by the
tax atore said, may convert the same into call cert
hcntes, bearing interest at the of four per cent
per apnum, and payable two years after the rath |
cation of treaty of peace with the United States,
unless sooner converted into new notes.
g. 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 |
pay ment of the interest thereon. the entire nett
oeps 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. |
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 ster
ling exchange, or in the coupons of said bonds
Z. That the Secretary of the Treasury is hereby
treasury may require it, to sell or hypothecatc.
for treasury notes said bonds or any part thereof
upon the best terms be 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
may he either registered coupon bonds. as the
parties taking them may elect and they may be ex
changed for each other under such rega cations 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, on the lst of January and July in each
your-the principal shall be payable not less than
thirty years from their date.
9. All call certificates shall be fundable. 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 and two third
for every dollar promised upon their face and
shall be redeenable only in Treasury notes at
that rate but after the passage of this call
shall be issued until after the LIST day of
April, 1864.
TO- That if any bank of deposit shall give it's de-
partors the bonds authorized by the lst section of
thu in exchange for their deposits. and specify
the on tue bonds by distinctive mark or
token, to be agreed upon with the Secretary of the
Treasury. then the said depostor shall be entitled to
receive the amount of said bonds in Treasury notes
oearing interest and outstanding at the passage
Of this act: Provided, the said bonds presented
,, Ere the privilege of funding said notes at par
shaii cease. - berein prescribed.
II. That all treasury notes heretofore issued of
he demo niuation of five dollars shall continue to be