The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-03-02


new Tor three dollars Of the old issues,
whether said old nstes be surrendered for
exchange BY the holders thereof, or be re-
celsrd into the Treasury under the provi-
slons OF this act !; and the holders Of the
new notes Or Of lhs old netes, except these
oi The denomination OF one hundred dollars,
alter they ara ,edaccd TO sixty six and two
third cents On the dollar by the tax afore.
said, may convert the same into call GER
tihcates bearing interest at the rate Of four
per cent. per annum, and payable two years
alter ratification OF . treaty Of peace with
the United Statss. unless sooner cunyerted 4
into new notes.
SIC. .. That to pay the expenses Of the
6pvernment not otherwise provided for,
the Secretary af The Treasury is hereby au :
thsrlzed TO issue six per cent. bonds to an
amount not exceeding FIVE hundred mil
lions Of dollars. the principal and intere i
whcresi shall % free from taxation aud for
the payment Of the interest thereon the en- :
tire net receipts Of any export duty here
alter laid on The value Of any cotton, tubac
CO, and naval stores. which shall be export
ed irom the Confederate States, aud the
net praceeds ol til. import duties now laid,
or 50 much thereof a. may be necessary 10
pay annually the interest, are hereby spe-
cIally pledged: ProUided, That the duties
now laid upon imports and hereby pledged
snail hereafter be paid in specie, or in
sterliag exchange. or in coupons Of sald
bands.
sEc. T. That the Secretary Of the Trea-
sury Is hereby authorized, from time 10
time, - the warts OF the Treasury may
require Il. 10 sell or hipoiheca,e for rrea-
sury autes, said bouds. oi any par, thereof,
upon the best terms he can, 50 a. to meet
appropriations BY Congress, and at the
same time reduce and restrict the amount
ol the circulation IL Treasury notes within
reasonable aud safe limits
Sac. 8. The binds authorized by the
snth section Of this act may be either re.
sistered Or coupon bonds. as tile parties
tskins them ,may elect; and they mar be
exchanged for each other under such resu
latlons a the Secretary of the Treasul !
may prescribe. They shall be Tor one hun
dred dollars, and shall, together with the
coupons thereto attached, be III such form
and si such authenticatIon as tile Secretary
81 The Treasury may prescribe; the IL.
terrst shall be payable half yearly, on The
hrst Of January aud July in each year Lie
prinelpal shall be payable not less than
thirty years ironi their date.
SIC. 9. AilcAli certificates shall be fund
able, and shall be taxed 10 all respects a.
is provided for the treasury notes intu
which they are convertible. lfnnt cun,erte.
oe!"re the time fixed for taxing the Urea.
sury nntes. such certificates shall from tha
time bear interest upon only sixiy.six AM
tNo. third cents Tor every dollar promised
upon their face. aud shall be redeemabl,
ia new Treasury notes al that rate; bu
alter the passage OF this act no call certiii
Gates shall be issued uuti after The Isl da,
Of April, 1861.
She. 10. That ii aay bank Of deposii
shall give its depositors the bonds author,
lied by the first section of this acl. III ex,
change for their deposits. and specifying
the same on The binds BY some distinctive
mark o. tsSsn, 10 be agreed upsn with III,
Secretary Of the Treasury, then the ssts
deposltor shall be eatitled 10 receite ta.
amount of said bonds 10 Treasury nete,
bearing no interest and outstanding at ih,
passage Of this act: Previdea, The sait
bonds are presented before The privilege .
funding said sstes at par shall cease a
hereia prescribed.
sEo. IL. That NIL Treasury notes here
toiorc issued Of the deasminatisa Of hv,
dollars, shall continue 10 be reseivable ii
payment Of public dues. - provided b.
law, and fundabls At par sader the prsvi
sions Of this act, satil the frst sf July
1864. cost, and sntil The Lot sf October
/ 1864, west Of the Mississippi river, bstaf
ter that time they shall - subject to e.
4 sf thirtY-thrae and sns third nsr cent. sI