The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-05-17
AN ACT 10 REDUCE THE cURRENcY.

aadto outherize a neaO issue Of Notes and Boads
The Congress of the Confederate States of
America do enact That the holders of all treasury
notes above the denomination of five dollars, not
bearing interest, shall be allowed until the LIST day
of April 1864 east of the Mississippi river, and
til the lst day of July, 1864: west OF the Mississ-
ippi river, to fund the 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 the lst day of January and
July of each year.
g 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 i'll 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 provs
ions of the first section of this act, SHALL from and
after the first day of April 1861 least 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 third cents imposed in the
4th section of this be subject tax of ten per
cent monM until 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 tor funding, and SAID notes
shall not be exchangeable for the new issue of
Treasury notes provided for in this act
4. 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 a tax of thirty
three and one third for every dollar promised
the face of said notes. Said tax shall attach to
said notes wherever circulated, and shall be coec-
ted by deducting the same at the Treasury, its de-
positories, and by the tax collectors, and by all Gov
oaDfn Srnpoi vip Tho w
scented for payment, for funding, payment
of Government dues, or for postage, or In exchange
for notes hereafter provided; and said Trea-
sury notes shall be fundabe in bonds provided in
the first section of this act until the st day of an
uary, 1865 at the rate of sixtysix and two third
cents on the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the LIST April east
and the LIST July, 1864 west of the Mississippi river
and the lst January 1865. to substitute and ex-
change treasury notes for the same at the rate
of sixtys and two thirds cents the dollar. pro-
yded that notes of the denomination of 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 1st day of January
1865, is hereby taken away; and proU'dcd, further,
that upon all such treasury notes which may remain
ont standing on the LIST January. 1865, and which
may not be exchanged for treasury notes as
herein provided, tax Of one hundred per cent is
hereby imposed.
5. That after the 1st day of April next all author
ity heretofore given to the Secretary of the Treas
ury to issue treasury notes shall be and is hereby
evoked: Provided. the Secretary of the Treasury
may after that time, issue new treasury notes, in
such forms As lie may prr~cribe payable two years
after 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, 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 OF
be received into the treasury under the provisions
of this act and the holders of the notes of
the old notes, except those of the denomination of
one hundred dollars. after they reduced TO six
ty-six aud two thirds cents on the dollar, by the
tax aforesaid may convert the same into call certl
fcaes bearing Interest at the of four per cent.
per annum, and payable two years after the ratifi
cation of treaty of peace with the United States,
unless sooner converted into new notes.
e. That to pay the expenses of the Government
not otherwise provided for. the Secretary of til g
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 tho interest thereon, the entire nett
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,
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 i'll specie, or in ster
ling exchange, OF in the coupons of said bonds.
I. That the Secretary of the Treasury is hereby |
auth"rzed from time to time, the wants of the |
treasury may require it, to sell or bypothecate,
for treasury notes said bonds or any part thereof
upon the best terms he can, to meet appro-
priations by Congress- and at the time reduce |
and restrict the amount of the circulation in treasu
~ notes within reasonable and safe limits.
3. The bonds authorized by the 9th section ofthis
act may be either registered or coupon bonds the
parties taking them may elect and they 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, 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 !
ury may prescribe. The interest shall be payable |
half yearly, the LIST of January and July in each
year--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 Urea
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 six and two third !
cents for every dollar promised upon their face and
shall be redremable only in Treasury notes at
that rate, but after the passage of this act call
shall be issued until after the LIST day of
April 1861.
TO- That if any bank of deposit shall give its de-
p"s"r> the bond, authorized by the Ist section of
his 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
then the said depoSitor shall be entitled to
.eceive the amount of said bonds in Treasury notes
bearing interest and outstanding at the passage
IF this act: Prorided the said bonds presented
before the privilege of funding said notes at par