The south-western. [volume] (Shreveport, La.) 1852-1870, 1864-01-13
Recommendation Of the Secretary Of the

Recommendation Of the Secretary Of the
TREASURY FOR THF RELIEF OF THE CURRENCY.
| In his report to congress the cecretary Of the
treasury makes the following recommendations
for the improvement of the currency. which,
through his incompetence and nismanagement
has been brought almost to ruin:
Richmond Examiner.
/. THAT congress Forthwith authorize a loan
| of 81, 0000G0,0J0 in six per cent. bonds, the
principal payable in twenty years, the interest
/ semi-annually to be extended hereafter from
time to time, so as TO consolidate the whole pub
lie debt
2. THAT the secretary Of the treasury be
authorised to sell at par as many of the said
bonds as will be sufficient to take up the out
standing currency and to pay the appropriations
made by congress
3. THAT deposits of treasury notes on ac-
count Of the said loan may be received at the
treasury or any Of its repositories, or by com
missioners to be appointed; said deposits to be
in sums Of one hundred dollars, or in sums OF
which one hundred is perfect divisor.
f. "Certifcates shall be issued for such depos
It's which shall entitle the holder to bonds for
the amount, with interest from the date Of de-
post If the deposit be made N the month OF
January, the bonds issued for the same shall be
exempt from the tax of five per cent. for the
present year, hereinafter mentioned; if made in
the month Of February, they shall be exempt
from one-haIf of the tax; and if made in the
month Of March, they shall be exempt from one
fourth Of the said tax. Officers, soldiers, and
seaman in service shall be entitled to eXemp-
ton from the whole tax Tor sums paid at any
time before April !, 1864.
a G -t,o4I IN yyy,YNr ,col an
all property and credits (other than the new
issue Of notes hereinafter mentioned) which may
be held on the lst Of April next, to be paid on
the ist Of July, one halt III treasury notes and
one half in coin, or in the coupons OF the bonds
issued for the loan.
8. In case the coupons should advance in the
market to premium exceeding % per cent.
any taxpayer shall be permitted TO pay his tax
in Treasury notes Of the new issue, with % per
cent. added.
Z. ''Within six months new and improved
issue shall be made Of two hundred millions of
treasury notes in substitution for that amount
Of old issues, and all the old issues shall be can
celled, and the faith Of the government is pledged
not to increase said issues.
s. Notice shall be given to holders Of
treasury notes, (other than The said two nun
dred millions, requiring then to present their
notes at the treasury, or at some Of the depoBi-
tories, on or before the LIST day Of April next,
and receive payment thereof in bonds Of the
said consolidated loan, or in default thereof the
notes not so brought in shall cease to be current
or receivable at the treasury for dues but shall
remain evidences Of the debt payable by the
Confederate States according to their tenor.
2. ''Ln the States beyond the Mississippi the
time mentioned in the last clause shall be ex-
tended until the lst day Of July.
10. &C Six months more shall be allowed all
holders Of treasury notes 10 come in and reg
lister and verify their notes as demands against
the treasury, and exchange the same for a GER
tifcate Of debt; or if they prefer TO keep the
notes, the name Of the holder shall be endorsed
thereon, after which said notes shall be negota-
bic only by special assignment, and all notes not
so registered within the same time shall be bar
red from any further claims on Che government.
H. "Any holder ofa bond Of the Coafeder-
ate States may convert The same into one ct the
bonds under this loan; the per cent. bonds at
par, and the Others at proportionate rate and
the loan shall be extended SO as absorb all
bonds which may be offered in exchange.
H.. The interest coupons Of this loan shall
be held equivalent to specie in all future deal
ings OF the government, and shall be accepted
IN payment OF any tax hereafter made payable
il coin
- The faith Of the government IS pledged
to make adequate provision for the payment Of
the principal and interest Of tie said loan by
the continuance OF the tax mentioned in ar
tice 8 until census shall be taken, after which
like provision shall be made by Adirecs taxes or
by duties On imports and exports
II. "Lhe notes Of denominations under five
dollars shall not be affected by the provisions OF
this scheme"
TIE SrATa CoTToS Bo1Ds.-The State Ga
zette publishes the cotton bond law and the law
providing FOR the purchase Of cotton by the
State and meet the bonds. The first authorizes
the sale OF 81 900, 900 not over per cent. in
terest, based on cotton to be delivered at any
port Of Texas not in the hands OF the enemY,
whenever demanded at fixed rate to be speci-
fed in the bonds II not claimed before six
months ag5er the war the State reserves the !
right TOD pay in specie. The main feature OF
the second act is found IN the following section:
SEC. 2. Should ohere not be sufficient funds in
the treasury Of the State, to meet the appro-
priation made III the first SECTION of this act, or
should the governor Of the State, in aisg direc-
ton, deem it advisable to use the lands Of the
State to ca@rv into effect the object 81 tins act
III either case, the Governor * hereby author
ised to execute the bonds OF this State PAYABLE
from six to twelve wears after the present war
between the Confederate States Of America and
the United States Of America redtcmable az
the pleasure Of the State, for the sum Of two
millions Of dollars, or so 1uch thereof as he
may deem necessary, and in such sums as be
may consider most saitable bearing interest at
the rate Of seven per cent. per amman from tne