Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1864-03-03

provided the Secretary OF the Treasury may
after that time issue new treasury notes,
in such forms as he may prescribe, paya-
BILE two years after the rat ifcation of a
treaty OF peace with the United States,
said new issues to be receivable in pay
ment of all public dues except export and
import duties, and to be issued in exchange
for old notes, at the rate Of two dollars of
the new for three dollars of the old issues,
whether said old notes be surrendered for
exchange by the holders thereof, or be re-
ceived in the Treasury under the provis-
ions of the act and the holders of the new
notes or of the old notes, except those Of
the denomination Of one hundred dollars,
after they are reduced to sixty'six and two
third cents on the dollar, by the tax afore>
said, may convert the same into call GER
tifoates, bearing interest at the rate of
four per cent per annum, and payable
two years after the ratification of treaty
of peace with the United States, unless
sooner converted into new notes.
6. That to pay the expenses of the Gov
ernment not otherwise provided for, the
Secretary of the Treasury is hereby anthor-
lied to Issue six per cent. bonds, to an a.
mount not exceeding five hundred mill
ions of dollars, the principal and interest
whereof shall be free from taxation, and
for the payment of the interest thereon
the entire nett receipts Of any export duty
hereafter laid on 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 now
laid, or so much thereof as may be neces>
sary to pay annually the interest, are
hereby specially pledged. provided that
the duties now laid upon imports and here
by pledged shall hereafter be paid in spe-
Gle or in sterling exchange, or in coupons
of said bonds.
7. That the Secretary of the Treasury
is hereby authorized, from time to time,
as the wants OF the Treasury may require
it, to sell or hypothecate for Treasury
notes said bonds, or any part thereof, upon
the best terms he can, so as to meet ap
preparations by Congress, and at the same
time reduce aud restrict the amount of the
circulation in Treasury notes within rea-
sonable and safe limits.
8. The bonds authorized by the 9Th Sec
ton of this act may be either registered or
coupon bonds, as the parties taking them
may elect, and they may be exchanged
for each other under such regulations as
the Secretary Of the Treasury may pre-
scribe. They shall be for one hundred
dollars, or some multiple of one hundred
dollars, and shall, together with the cou-
.pons thereto attached, be in such form and
such Authorization as the Secretary of
the Treasury may prescribe. The interest
shall be payable half yearly on the 1st
January and July in each year-the prin-
cipal shall be payable not less than thirty
years after their date
9. AL! call certificates shall be fundable,
and shall be taxed in all respects, as pro-
vided for the Treasury notes, into which
they are convertible. IF not converted be-
fore the time fixed for taxing the Treas
ury notes, such certificates shall, from that
time, bearing interest upon only sixty-six
and two-third cents for every dollar prom
ised upon their tace, and shall be redeem
able only in New Treasury notes at that
rate, but after the passage of this act, no
CAL certificates shall be issued until after
the LIST day of April 1854. s ts..yl.~ s..a}
10. That if any bank OF. deposit shall
give its depositors the bonds authorized
by the 1st section of this act in exchange
for their deposits, and specify the sarr on
the bonds by some distinctive mark OF to-
ken, TO be agreed upon with the Secretary
of the Treasury, then the said deposition
shall be entitled to receive the amount of
said bonds id Treasury: notes bearing no
interest and outstanding at the passage of
this act, p2Ovaded, the said bonds are pre-
sented before the privilege of funding said