The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-02-24

q.
! Az ACT 10 Reduce the Currency and TO- Authorize
a NED issue Of Notes and Bonds.
| The Coeoysa Of the Confelercte States y A~e.ed
do enact That the holders o. Az nns searins
, interest, email be allowed until me hfst day oi
Anr, eighteen hundred and sixty tour east Q. ihe
Mississippi river. and nn,' f ,ns ss, n3 tho MI,
si-sippt river, 10 fund the same, ana unti tue pc.
| RODS and at the places stated the holders On an
| such Ireasury notes shall De allowed 20 und me
Ter their date bearing interest at the rate OF four
| rer cent. per annum, payable on the first day OF
| January and July of each year
! see 2 The Secretary Of the Treasury Is hereby
autho ICED to issue the bonds required for the fund
lug provided for in the preceding section, and until
the bonds be prepared he may Issue certificates
10 answer the purpose. Such bonds and certificates
shall, be receivable without interest In payment of
all Government dues payable in the year eighteen
hundred and sixty four, except export and import
| duties.
| See g. That all Treasury notes Of the denomi-
| nation Of one hundred dollars not bearing inter
est, ich slal, not be presented for funding under
the provisions Of the first section OF this act sna
from and af er the lst day of April, leb4, east OF
the Mississippi river, and the LIST day OF Jny ieo4
| vest of the Mississippi river, cease 4" be recev
able In the payment Of public Dues ana SAID nocs,
if not so presented at that time, shall, in addition
10 the tax of thirty three and one third cents I'M
posed in the fourth section of this act, be SUBJECT u
tax Of ten per cent pr month !intii so pfesehro,
| which taxes shall attach to sald Gotes wherever
| said notes whenever presented tor payment or Tor
| funding, and said notes shah not he exchapgeabie
for the new Issue of Treasury notes provided Tor In
this act.
| Ner 4 That on all said Treasury notes not fund
| ed or used I'm payment Of taxes ut the dates and
paces prescribed in the first section OF this act
| there shall be levied at said dates and places tax
of thirty three and one third cents for every dollar
| pcmisrd on the face of said notes; said tax shall
| attach 10 said notes wherever circulated, and shall
| he collec,ed by dedncting the same at the Ttcasu
ifuVi.c auhhv
Mi Government mt officers receiving the saine when
ever presented tor payment, or Tor "ndIhg, or In
uaymrnt Of Government dues, or Tor postage, or IN
! exchange for new notes as hereinafter provided !;
and said Treasury notes shall be fundahle IN bonds
as provided in the first section Of this act until the
first day of January, eighteen hundred and sixty
FIVE AT The rate Of sixty six and two third cents on
The dollar And IL shall be the duty Of the Secre
tary OF the Treasury al any time between the firSt
of Anil cast, and the first OF July, eighteen hun
dred and sixty four west OF tne niIsslssipP fiVef
| and the first Of January, eighteen hundred and
| ,ixtv five to substitute and exchange new trca
sury notes for the same at The rate OF sixysiy and
two third cents on the dollar; or7cea, mai notes
nj the denomination of one hundred dollars shall
no, he entitled the pr!viicgc0f said exchange :;
,1yortiod further that the CHIT to fund any of said
treasury notes after first day OF January, eighteen
hundred and sixty FIVE. is hereby taken away and,
,,yoidd further, that upon all snch treasury notes
| which may remain outstanding on the first day Of
| January, eighteen hundred and sixty five, and
! which NAV not be exchanged for neW treasury
l
| cant is hereby imposed
| See < Tina; after the fist dsy of April next all
authority heretofore given to the Secretary OF the
| Treasury to Issue Treasury notes shall be, and is
| hereby. revoked: Provided, the Secretary of the
Treasury may, after that tine, issue new Treasury
| notes in such for.ss he may prescribe, payable
| two wears after the ratification 0 treaty of peace
with the United States, said new is,ucs TO he re,
| ce vahe in plymCnt o. all public dues except ex
! mort and import duties, and TO he issued in es-
change fer Old nofes at the rate o' tWo d"i'srs OF
L .I,yra pty hot ,.r
said old uors hc surrendered for exchange By the
| holders thereof OK he received into the Treasury
| under the provisions Of This act; and the holders
of the new notes OF the q notes except those of
! ,h. denomination of one hundred dollars, after
they are reduced 10 sixty six and two thirds cen
| on lie DOLLAR by the tax aforesaid, may convert
the same into cali certificates, bearing interest 1T
| the rate Of four ger cent per annum, and payable
| Two wears after the ratification OF treaty Of peace
| with the United States, unless sooner converted
, I'M. new notes.
! src G. That 10 nav the expenses of the Govern
| men, not otherwise provided for the Secretary of
. ,h, Treasury is hereby authorized to issue six
! per cent bends, 10 an amount not exceeding nVe
: ! hundred millions Of dollars, the principal and in
| t,rpst whereof shall be free from taxation, and
for the paymen, Of the interest thereon, the entire
| net: receipts of any export duty hereafter laid on
,h value ofsii cotton, tobacco, and naval stores,
| which shall be exported from the Confederate
l States and The nrtt proceeds al the import duties
| now laid or 50 muci: thereof rs may be necessary
10 pay annually the interes', are hereby sn@cal'y
| D,1...ts and hereby pledged shall hereafter b paid
in Specie in sterling exchange or in the coupons
| OF said bonds.
| See 7. That the Secretary OF the Treasury is
| hereby authorized from tine TO time, as the wants
! of the treasury may require it, to sell or nypothe-
cate for traasuary notes said bonds or any part there
| Of upan the hes: terms lie can, so as to meet al,
| urDpfiationH by Congress, and at tue same tine
| reduce and restrict the amount OF the circulation
! in treasury notes within reasonable and safe limits
| See. 8. The bonds authorized ny the sixth see
ton of this act may be either registered or upon
| bonds as the parties taking them may EJECT, and
| they may be exchanged for each other under such
! regulations as the Secretary of the Treasury may
| prescriDc. They shall he for one hundred dollars,
or some multiple of one hund;cd dollars and shall
together with the coupons thereto attached, he In
such form ard of such differentiation as the Secre
| tary of the Treasury may prescribe. The Interest
shall be payable half yearly, on the first day OF
January and July in each year-thc principal shall
be payable not less than thirty yea from their date
| Sac, 9. All call certificates shall be undabe,
ard shall be taxed in all respects. AS Is provided
/ for the Treasury mites, into which they coli
veribe. If not converted before the time fixed loi
| t3yng the Freasur; notes such certificates shall
from that time, bear interes; upon only sixty six
AM; two third cents for every dollar promised upon
their face, and shall be redeemable only in new
Treasury notes "A, tina; but after the passage
Of this call certificates shall be issued until
| after the first day OF April, 1864.
| Sec. TO- That If any bank of deposit shall give
it, dcposiiors the bonds authorized by the LIST
ton OF this act in exchange for their deposits, ard
| snecify the OF the bonds by sOiae distinctive
| mark or token, 10 he agreed upon with the S-cfe-
arv of the Treasury, then the said deposition shall
he entitled to receive the amount Of said bonds in
Treasury notes bsa Ing interest aud outstanding
at tic massage Of this act: rotied the said bonds
| are presented before the privilege of funding said
| notes AT par shall cease, as herein prescribed.
See II. Ibat ali Treasury nnies heretofore issued
| of the denomination Of FIVE dollars shall continue
To be receivable in payment Of p.i5c dues as pro
| v;ded by law, and tundaie AT par under the provi-
sions of t:.is act unit the ist day of July, 1864
| east and until the LIST dry of October. 1864, west
| of the Mississippi river. hut after that time they
shall be subject ioa tax of thirty three and
| third cents on every dollar promised the face
thereof said tax I" attach 10 said notes wherever
| circulated aud said notns TO be filndaba and ex-
| chau.pahie for new treasury notes, herein pro-
| yj,ied subject To the deduction of said tax.
Sec. u That any State holding Treasury notes
received before the time herein yed for taxing said
notes. shall be allowed until the ist day Of January,
1855 10 fund the SAM in six per cent. bonds OF the
| Confederate States payable twenty years after
| date, And the interest payable semi annually. But
ali Treasury noies received by any State after the
time fixed for taxing the same aforesaid, shall.
| b. held to have been received diminished by the
| amount Of said tax. The Discrimination between
| the notes subject to the tax and those not sub
lect shall be left to the good faith OF each .;tatr,
and the certificate of the Governor thereof shall in
each case be conclusive
| See IS. That Treasury notes heretofore issued,
| bearing interest nj the rate OF seven dollars and
! thirty cents the hundred dollars per annum,
shall no longer he received In payment Q! public
dues hut shall be deemed aud considered bonds
| Of the Confederate states, payable two years after
q ratification Of treaty Of peace with the United
| States, bearing The rate OF interest specified on
their face, payable on the first day of January In
each and every year.
Sec hat cAn nj fhc fH,ua- hn