Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1864-02-23
THE CURRENCY BILL ,-,
ACT m Re I.Sr1fl Ed Al Rcf TO F6ND TAx AND

SEeTEoN |. The C6iJrESs 0ftite fedefdte oeuteo
Of 4eric4 do enact, That the holders of all Urea
sury notes above the denomination OF Ave collars,
not bearing interest shall be allowed until the hfst
day of April 1854, east of the Mississippi to .und
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 dale bearing inter
est at the rate offour per cent per annum payaoie
on the st Of january and July ofeach year.
SEC 3. The Secretiry of the Treasury IS hereby
authorized to issue the bonds required for the fund
n5 provided for in the preceding section, and until
the bonds can be prepared he may issue certificates
to the purpose. Such bonds and certihcates
shall he receivable without interest in payment Of
all government dues payable in the year 1854 ex!
cept expert and import duties. 3D.. 90.
Sec 3. That all Treasury notes of the denomina-
ton Of one hundred dollars, not bearing interest,"
which shall not be presented for funding undor the
provisions of the first section Of this act SHALL from
and after the first day of April 1854 east OF the
Mississippi river, and tire first day of July, 1861
west Of the Mississippi, cease to be receivable IN
payment Of public dues, and said notes, if not SO
presented at that time, siTai IN addition to the tax
Of thirty three and Unc-thrd cents imposed in the
fourth section OF this act, be subjected to tax OF
ten per cent per month until so presented; which
taxes shall attach said notes wherever circulated,
and shall be deducted from the face of said notes
whenever presented for payment or for funding and
said notes shall not be cxchangeable for the new Is
sue of Treasury notes provided for in this act.
SEC. 4. That on all said Treasury notes not fund.
ed or used in payment of taxes at the dates and
places prescribed in the first section Of this act
there shall be levied at said dates and places tax
Of thrtythree and onethird cents for every dollar
promised on the face of said notes said tax shall
attach to said notes wherever circulated, and shall
be collectedby deducting at the treasury its
repositories and by tax collectors, and by all gov
No.
sented for payment for funding or in payment of
government dues or for postage or in exchange for
new notes, as hereinafter provided, and said Trea-
sury notes shall be fnn6abie in bonds as provided
in the first section OF this act until the first day Of
January, 1873, at the rate of sixty six and two
thirds cents on the dollar and it shall De the duty
of the Secretary of the Treasury, at any zine be-
tween the LIST OF April and the lst Of July, 1864,
west of the Mississippi river, and the 1st of Janua
ry, 1863, to substitute and exchange new Treasury
notes fur the sans at the rate Of sxtysix and two
thirds cents on the dollar: PrOUidcd That notes Of
the denomination of one hundred dollars shall not
be entitled to the privilege of said exchange Pro.
uidel further, That the right to fund any of said
Treasury notes. after the first day Of January 1866,
is hereby taken away: And PrOuided further, That
upon ali such Treasury notes which may remain
outstanding on the LIST day Of January, 1865, and
which may not be exchanged for new Treasury
notes, as herein provided tax of one hundred per
cent is hereby imposed
Sec .. That after the first day of April next, all
authority heretofore given to the Secretary OF the
Treasury 10 issue Treasury notes shall be, and is
hereby, revoked Procjded, the Secretary of the
Treasury may after that time issue new Treasury
notes, III such form as he may prescribe, payable
two years after ratification Of treaty Of peace
with the United States, said new issues to be re-
ceiVable in payment Of all public Dues except ex-
port and import duties, to be issued in exchange for
old notes at the rate oftwo dollars ofhe orthree
dollars of the old issues whether said old notes be
surrendered or exchanged by the holders thereof,
or be received into the Treasury under the provis-
ions of this 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
sixtySx and two thirds cents on the dollar by the
ta~ aforesaid may convert tho oAo into oAl crrtif
icates bearing interest at the rate of four per cent
per annum, and payable two years after ratlffca-
ton of treaty of peace with the United States un-
less sooner converted into new notes, 49,.
SEC. q. That to pay the expenses Of the govern
ment not otherwise provided for, the Secretary of
the Treasury is hereby authoized to issue six per
cent bonds to an amount not exceeding five hun
dred millions OF dollars, the principal and interest
whereof shall be free from taxation and for the pay-
meat OF interest thereon the entire nett receipts of
any export duty hereafter laid the value OF any
cotton tobacco, and naval Storus which shall be ex-
ported from the Confederate States, and the nett
proceeds of the import duties now land or so much
thereof as may be necessary to pay annually the in
terest, are hereby specially pledged Provided,
that the duties now laid on imports are hereby
pledged and shall hereafter be paid in specie, or in
sterling exchange, or in coupons of saids bonds
SEC. Z. That the Secretary of the Treasury is
5ereoy authorized, from time to time, as the wants
ofthe Treasury may require it, to sell or hypothe.
cate for Treasury notes said bonds or any part
thereof upon the best terms he can, so as to meet
appropriations by Congress, aud at the same time
reduce and restrict the amount of the circulation in
Treasury notes within reasonable and safe limits.
SEC. 8. The bonds authorized BY the sixth section
oil 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 regu-
lations as the Secretary of the Treasury may pre-
scribe. They shall be for one hundred dollars, and
shall, together with the coupons thereto attached,
be in such form aud OF such authorization as the
Secretary Of the Treasury may prescribe 1.-The inter
est shall be payable half yearly, the first of Jan
uary and July in each year the principal shall be
payable not less than thirty years from their date
SEc. Q. All call certificates shall be fundabIe, and
shall be taxed in all respects as is provided for the
Treasury notes into which they are convertible.
If converted before the time fixed for taxing the
Treasury notes, such certificates shall from that
time bear Interest upon only siXtysx and two third
cents for every dollar promisedupon their face and
shall be redeemable in new Treasury notes at that
rate but after the passage of this no call certi
icates shall be issued until after the first day of
April, 1854.
SEC. TO- That if any bank of deposit shall give
its depositors the bonds authorized by the irst sec
ton OF this act in exchange for their deposits and
specifying the same on the bonds by some distinct
i've mark or token to be agreed upon with the Sec,
rotary of the Treasury then the said deposition shall
be entitled to receive the amount of said bonds in
Treasury notes bearing no interest and outstanding
at the passage of this act ProDided thesaid bonds
are presented before the privilege of funding said
notes at par shall cease as herein prescribed -
Sec II. That all Treasury notes heretofore is
sued of the denomination of five dollars shall con-
tinue to be receivable in payment of public dues as
provided by law, and fundable at par under the pro-
visions of this act until the fret of ulv 1894 aoot