The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-04-19
AN ACT TO REDUCE THE CURRENCY

til the lst day ofJuIy. 1854 west of the Mississ-
ippi river, to fund 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
re gstered 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.
2. The Secretary of the Treasuary is hereby au-
thorized 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 III payment OF all
government dues payable i'll the year 1904, except
export and import duties.
3 That all Treasury notes of the denomination
of one hundred dollars rot bearing interest which
shall not be presented for funding under the pro~s,
ions of the first section of this act shall from ana
after the first day of April 1864. east of the Miss
issppi river, aud the first day Of July. 1864 west
of the Mississippi river cease to be receivable IN
the payment Of public dues and said notes if not so
presented that time. shalt IN addition +" the tax
of thirty three and one third cents imposed in the
4h section of this act be sub Jet to tax OF ten per
cent a month until so presented,wch taxes shall at
tach to said notes wherever circulated and snail be
deducted from the face of said notes whenever pre-
scented for payment or for funding, and said notes
shall not be exchangeaPle for the new issue OF
Treasury notes provided for in this act
4. That all said Treasury notes not funded or
used in payment of taxes at the dates and places
prescribed in the lt section OF this act there shall
be levied at said dates and places tax OF thirty
three and one third cents for every dollar promised
on the face of said notes. Said tax shall attach to
said notes wherever circulated. and shall be collec-
ted by deducting the same at the Treasury Its de-
and by the collectors, and by all Gov
eminent officers receiving the same whenever pre-
scented for payment, for funding, or IN payment
of Government dues, or for POSTAGE or In exchange
for notes hereafter provided; and said rea-
sury notes shall be fundable in bonds as provided IN
the first section of this act until the LIST day of Jan
fbor ofo of Ciy tvs nd two
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 1st January, 1865, to substitute and ex-
change treasury notes for the same, at the rate
of sixtys and two thirds cents on the dollar pro-
vded that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange prdrided. further that the right to fund
any of said treasury notes after lst day of January
1865, is hereby taken away; and procided, further,
that upon all such treasury notes which may remain
out standing the LIST January. 1865, and which
may not be exchanged for new treasury notes as
herein provided, a tax OK one hundred per cent is
hereby imposed.
s. That after the LIST day of April next all author
ty heretofore given to the Secretary of the Treas
ury to issue treasury notes shall be and is hereby
revoked: Provided. the Secretary Of the Treasury
may, after that time. issue new treasury notes, i'll
such forms as he may prescribe, payable two years
after the ratification of treaty of peace with the
United States; said 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, the of two dollars of the for three
dollars of the old issues, whether sud old notes be
surrendered for exchange by the holders thereof or
be received into the treasury under the provisions
of this act: and the holders of the notes or of
the old notes. except those of the denomination OF
one hundred dollars, after they are reduced to six
ty-six aud two thirds cents on the dollar by the
tax aforesaid, may convert the same into call cert-
fcutes, bearing interest the of four per cent.
per annum and payable two years after the ratlh-
cation of treaty of peace with the United States,
unless sooner converted into new notes.
g. That to pay the expenses of the Government
not otherwise provided for. the Secretary of the
Treasury is hereby authorized TO issue six per cent
bonds, to amount not exceeding five hundred
millions of dollars, the principal and interest
whereof shLll be free from taxation, and for the
payment of the interest thereon the entire nett re-
ceps 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 in-specie i'll ster
ling exchange, or in the coupons of said bonds.
Z. That the Secretary of the Treasury is hereby
from time to time, the wants of the
treasury may require it, to sell or Lypothecate.
for treasury notes said bonds OF any part thereof
upon the best terms he can, to meet appro-
priations by Congress. and at the time reduce
and restrict the amount n the circulation in treasu
~ notes within reasonable and safe limits.
3. The bonds authorized by the 9th section of this
act may be either registered coupon bonds the
parties taking them may elect and they may be
changed for each other under such regulations
the Secretary of the Treasury may prescribe. They
shall be for one hundred dollars, or some multiple
IF 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 on the 1st 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 fundahle and shall
be taxed in all respects. is provided for the Trea
sury notes, into Which they arc 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. aud
shall BE- redeemable only in new Treasury notes at
certificates shall be issued until after the LIST day of
April. 1864.
10. That if any bank of deposit shall give its de-
posit"rs the bonds authorized by the Ist section of
this in exchange for their deposits and specify
the on the bonds by some distinctive mark or
token, to be agreed upon with the Secretary of the
Treasury. then the said dcpo<tor shall be entitled to
receive the amount of said bonds in Treasury notes
bearing no interest and outstanding at the passage
Of this act: Preceded, the said bonds presented
before the privilege of funding said notes at par
shall cease, as herein prescribed.
IL. That all treasury notes heretofore issued of
the denomination of five dollars shall continue to be
receivable in payment of public dues. as provided
by law and fundabe at par under the provisions of
his act, until the 1st Of July 1864, east and until
he Ist October. 1864, west of the Mississippi but
after that time they shall be subject tn fax IF thr