The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-08
AN ACT TO REDUCE THE CURRENCY,
- - .E No.. nnd Rnnds

J. The Congress of the Confederate States of
America do enact That the holders OF al treasury
notes above the denomination of hve dollars not
bearing interest, shall be allowed until the lst day
of April 1864 east of the Mississippi river, and I'M
til the list day of July, 1864, west OF the Mississ-
ippi river to fund the and until the periods
and at the places stated the holders of all such
treasury notes shall be allowed fund the same in
registered bonds, payable twenty years after their
dates bearing interest at the rate of four per cent
per annum, payable the Istday of January and
July of each year.
g. The Secretary of the Treasuary is hereby au-
thorized to issue the bonds required for funding
provided for in the preceding seotion and until the
bonds can be prepared he may issue certificates to
answer the purpose, Such bonds and certificates
shgf be receivable without interest in payment OF all
government dues payable IN the year 1904 except
export and import duties.
3 That all Treasury notes of the denomination
of one hundred dollars not bearing interest. which
shall not be presented for funding under the provis
ions of the first section of this act, SHALL from and
after the first day of April, 1864. east of the Miss
issippi river, and the first day of July 1864, west
of the Mississippi river, to be receivable III
the payment of public Dues and said notes if not
presented at that time, shall, in addition to the tax
ofthrty three and one third cents imposed in the
4th section of this act, be subject to tax of ten per
cent a,monh until 80 presented which taxes shall at
tach to said wherever circulated and shall be
deducted from the face of said notes whenever pre-
scented for payment or for funding and said notes
Treasury notes provided for in this act.
4. That on all said Treasury notes not funded or
used in payment of taxes at the dates and places
prescribed in the LIST 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
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-
positores and by the tax collectors, and by all Gov
eminent officers receiving the same, whenever pre-
scented for payment, or for funding, or IN payment
of Government dues, for postage, or ill exchange
for new notes hereafter provided; and said Urea
sury notes shall be fundabe in bonds provided in
the first section of this act until the LIST day of an
uary, 1865, at the rate of sxty-six and two third
cents on the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the lst April east,
and the LIST July, 1864 west of the Mississippi river
and the LIST January, 1865 to substitute and ex-
change treasury notes for the same, at the rate
of sixty six and wothirds cents the dollar pro-
vded that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange provided, further, that the right to fund
any of said treasury notes after 1st day of January
1865, is hereby taken away; and Proulded, further
that upon all such treasury notes which may remain
out standing on the LIST January, 1865, and which
may not be exchanged for treasury notes as
herein provided, d tax of one hundred per cent is
hereby imposed.
5. That after the LIST day of April next all author
ity 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 treasury notes, in
such forms as he may prescribe, payable two years
after the ratification of treaty of peace with the
United States; said new 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, at the rate of two dollars of the for three
dollars of the old issues whether said old notes be
surrendered for exchange by the holders thereof
be received into the treasury under the provisions
of this act; and the holders of the of
the old notes. except those of the denomination of
one hundred dollars, after they reduced to six
ty six and two-thlrds cents on the dollar, by the
tax aforesaid, may convert the into call certi
fcates bearing interest at the of four per cent
per annum, and payable two years after the ratif-
cation of treaty of peace with the United States,
unless sooner converted into new notes.
6. 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 an amount not exceeding five hundred
millions of dollars, the principal and interest
whereof shall be free from taxation, and for the
payment of the interest thereon, the entire nett
cepts 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 now laid, or so
much thereof as may be necessary to pay annually
the interest hereby specially pledged, provided
that the duties laid upon imports and hereby
pledged shall hereafter be paid in specie, in
ling exchange, or in the coupons of said bonds.
Il. That the Secretary of the Treasury is hereby
authorized, from time to time, the wants of the
treasury may require it, to sell or hypothecate.
for treasury notes said bonds any part thereof
upon the best terms he can to meet appro-
prations by Congress, and at the same time reduce
aud restrict the amount of the circulation in reasu
ny notes within reasonable and safe limits.
8. 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
of one hundred dollars, and SHALL together with the
coupons thereto attached be in such form and of
such authentostion as the Secretary of the Treas
ury may prescribe. The interest shall be payable
half yearly, on the LIST of January and July in each
year-the principal shall be payable not less than
thirty years from their date.
g. All call certificates shall be fundable, and shall
be taxed in all respects. is provided for the Urea
sury notes, into which they 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, and
shall be redeemable only in new Treasury notes at
certificates shall be issued until after the Ist day of
April, 1864.
10. That if any bank of deposit shall give its de-
positors the bonds authorized by the LIST section of
this act in exchange for their deposits, and specify
the same the bonds by some distinctive mark or
token, to be agreed upon with the Secretary of the
Treasury then the said depositor SHALL be entitled
receive the amount of said bonds in Treasury notes
bearing no interest and outstanding at the passage
Of this acts Propided the said bonds are 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 contnne to be