Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1864-02-23
THE CIJRRiEN CY HILL.
An Act 70 ruxs, TAX AsD LENT ran cvnRrsc

above the Denomination of Eve dollars, not bearing
interest, shall be allowed until the lst day Of April
1864 east of the Mississippi river. and until the Is
day of july 864. west Of the Mississippi Ever, to
fund the same and until the periods and at the pac
stated the holders of all such Treasury notes shall
be allowed to fund the same in registered bonds pay
able twenty year after their dates, bearing nteres
at the rate of four per cent per anum payable ON the
| lst day of January and July of each year.
g. The Secretary of the Treasury is hereby author
lied to issue the bonds required for the funding pro
vided for IN the preceding section, and until the
bonds can be prepared he may issue certificates to
swer the purpose. Such bonds and certificates shall
be receivable without interest in payment OF all gov
ernment dues payable in sthe year 1864, except
port and import duties.
8. That all Treasury notes Of the denomination Of
hundred dollars, not bearing Interest," which shall
be presented for funding under the pre- visions Of
the first section of this act. SHALL from and after the
Is day of Aprn, 1854, ofthe Mississippi river,
and the lst day OF July 1864 west of the Mississippi
river to be receivable in the payment of pub
lie dues and said no:es, if not presented ut that
time SHALL in addition to the tax Of thirty three and
one third per cent imposed in section 4h of this act
be subject to tax OF ten per cent per month until
presented, which taxes shall attach to said notes
wherever circulated. and shall be deducted from the
face of said noteswhenever present for payment or
fer funding, and SAID shGl net be exchanges
BILE for the new issue Of treasury notes provided for
| in this act.
Tat On all said Treasury notes not funded or US
cd in payment of taxes ut the dates and places
in the LIST section of this act, there shall te
levied at said dates and places tax of thirty three
and third cents for every dollar promised on the
face of said notes. Said tax shall attach to said notes
wherever circulated, and shall be collected by deduc-
ting the at the Treasury its repositories. and
by The tax collectors and by all government officers
or for funding in pa yent of government dues, or
for postage, or in exchange for notes as here
matter provided and said Treasury notes shall be
fundable in bonds as provided in the first section
of this act until the lst day of January 1854 ut the
ae of sixty-sx and two third cents the dollar.
And it shall be the duty of the Secretary Of the
Trea ury at any time between the east and
the LIST July 1864 Of the Mississippi river and
the LIST January, 1885, to substitute and exchange
new Treasury notes for the same at the rate of sixty
six and two thirds cents the dollar. provided that
notes of the denomination of one hundred dollars
shall not entitled the privilege of said exchange
providfd further, that the right to fund any of said
Treasury notes after 1st day January 1865. here
by taken away, end pfo0ideG fhSiAea, tEat upon all
such Treasury notes which may Ieman outstanding
on the LIST January, 1855, and which may not beck
changed for Treasury notes az herein provided
tax Of one hundred per cent, IS hereby imposed.
g. That ate. the first of April next all authority
heretofore given to the Secretary OF the Treasury to
issue Treasury notes shalibe and is hereby revoked
.provaaed the Secretary OF the Treasury may after
that time issue Treasury notes. in sach forms as
he may prescriee payable two years after the rati-
fcation of treaty of peace with the United States
said issues to be receiyabis inpayment ofal pub
lie ues except exportand import duties, and to be
issued in exchange foraold notes. at the rate of two
dollars OF the for three dollars of the old issues
whether said old notes be surrendered for exchange
/
ury under the provisions of this act and the holders
Of the uoes of theold notes, except those o1
the denomination OF hundred dollars after they
are reduced to sxy-six and two-third cents on the
dollar by the tax aforesaid may convert the same in
to cali certificates bearing interest rate of four
ger centper annun and payable two years after the
ratification ola treaty of peac 18th the United States
unless sooner converted INTO new notes.
That to pay the expenses Of the Government not 9th
Ell wise provided for the Secretary of the Treasury is
hereby authorized to issue six cent bonds to ar
uOt dr. mil NJ AL
the prLcipa and interest whereof shall befree from
taxation and for the payment Of the interest thereon
the entire net receipts OF any export duty hereafter
laid on the value of ali cotton, Tobacco and nava
stores which shall be exported from the Confederate
States and the net proceeds of the import duties now
laid, CT so much thereof as may be necessary to pay
annually the interest, are hereby specially pledged
provided that the duties now laid upon imports ana
hereby pledged shall hereafter be paid in specie o,
in sterling exchange in the coupons of said bonds
T. That the Secretary of the Treasury is hereby au
thorized, from tucto time the wants of the Treas
ury may require IT. sell hypothecate for Treasu
ny notes said bonds, or any part thereof, upon the
best terms ne eau. as to meet appropriations BY
Congress, and at the same time reduce and resrie,
the amount of the circulatio Treasury notes with
in reasonable and safe limits tE&2 - -@@
g. The bonds authorized by the 9Th section Of thi,
act may be eth registered or coupon bonds as tbs
parties taking them may elect and they may beck
changed for each other regulations the
Secretary of the Treasury may prescribe They shall
be for hund ed dollars, or some multiple of one
hundred dollars, and shall together with the coupons
hereto attached be in such form and of such authen
ticatIon as the Secretary of the Treasury NAV nre
scribe The interest shall be payable half yearly on
the 1st January andJuly in each year-the principal
aha be payable not less than thirty years from their
date 81 G4s -
g. All call certificates shall be furdabe. sud shall
be taxed in al respects, provided for the Treas
ury notes, into which they are convertible If nat
converted before the time fixed for taxing the Treas
ury notes. such cer1tc ates shall from that time bear
interest uIon only sixtysix and third cents for
every dollar promised upon their face and shall be
redeemabe oaly in new Treasury notes at that rate
but after the passage Of this act no call certificates
shall be issued until the 1st day of April, 1864
10. That If any bank of deposit shall give its de-
positors the bonds authorized by the first section
this act IN exchange for their deposits and suecfs
the same on the bonds by some distinctive mark
TOKEN to be agreed upon with the Secretary of the
Treasury then the said depositor shall be entitled te
receive the amount of said bonds in Treasury noe,
ng no interest and outstanding at the passage
this act, proVaded the said bonds are presented be
fore the privilege of funding said notes at par shall
cease. as herein prescribed.
Ill. That all treasury notes heretofore issued of tht
denomination of five dollars shall continue to be re
ceIvabie IN payment 0. puoc dues, provided b.
law, apd fundabie at par under the provisions o
tins act until the let of july 1864. east and unit
the LIST October 1864, west Of the Mississippi but al
tar that time they shall be subject to Of thirty
three and one third cents every dollar promised
on the face thereof said tax to attach to said ote
wherever circulated. and said notes to be fundabl
and exchangabe for new treasury notes, as herei
, provided subject to the deduction of said tax.
IL 1naI any state nOQ1nr treasury notes, receIv
ed before the times herein xed for taxing said notes
shall be allowed until the LIST day Of January, 1856
to fund the same in six per cent bonds of the Con
tolerate States payable twenty years after date en-
the interest PAYABLE sem-annua'ly Bnt all treasur
notes received by any State after the time fixed f.
taxing the same as aforesaid shall DO held to hay
been Received diminished by the amount of said
The discrimination between the notes subject to tn
tax and those not subject shall be left TO the goo
faith of each State. and the certificate OF the Cover
nor thereof shall in each case be conclusive
Is That treasury notes heretofore issued. bearing
Interest at the rate of seven dollars ard thirty cent
on the hundred lars per annunl. shall no longer
! received in payment of public dues. but shall b
deemed and considered bonds OF the Confederat
ates, payable two years after ratification of
treaty of peace with the United States, bearing tn
rate of interest specified their face, payable th
LIST January in each and every year. 5s.se Is.
A. That the Secretary of the Treasury be ard p
is hereby authorized, IN case the exigencies Of tn
Government should require it. TO paw the demand
any public creditor whose debt may be contracted al
ter the passage of this act, willing to receive the
in certificate of ind ebtednessto be issued by sal
Secretary in such form as he may deem prof err paya
ibfs years after Ratification OF treaty of peac
with the United States, bearing interest at the rat
ofsix per cent. per annum, pay able sem-annualIy
and ira al,a 5ny ~ special endorsement undo
feHnlatipns be prescribed by the Secretary Of til
Treasury and said cerhcates shall be exempt fros
taxation IN principal and interest.
Is. The Secretary of the Treasury is authorized t
increase the number Of depositaries so to til
Requirements of tis Get, end with that view to en-
ploy such of tie banks OF the several States he
deem expedient.
16 The Searetary Of the Treasi,rv shall forthwith