The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-05-03
AN ACT TO REDUCE THE CURRENCY,

notes
bearing interest, shall be allowed until the lst day
of April 1864 east of the Mississippi river, and an
til the LIST day of July, 1864, 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 10 fund the same in
registered bonds, payable twenty years after their
dates bearing interest at the rate of four per cent
per annum payable on the lst day of January and
July of each year.
g The Secretary of the Treasury is hereby au-
thorzed 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 in payment of all
government dues payable in the year 1864, except
export and import duties.
8 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
ssippi 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 so
presented that time, shall; addition to the tax
of thirty three and one third cents imposed in the
4h section of this act, be subject to tax of ten per
q month until so presented which taxes shall at
ach TO said notes wherever circulated and shall be
deducted from the face of said notes whenever pre-
scented for payment or for funding, and said notes
shall not be exchangeabe for the new issue Of
Treasury notes provided for in this act.
f. That on all said Treasury notes not funded or
used in payment of taxes at the dates and places
prescribed in the lst section of this act, there shall
be levied at said dates and places tax of thirty
three and 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 dcducting the at the Treasury, Its de-
pOStorcS and by the tax collectors, and by all Gov
eminent officers receiving the same. whenever pre-
scented for payment, or for funding. IN payment
of Government dues, for postage, or in exchange
for notes as hereafter provded; and said Irea-
1olo1- a., Id
the first section of this until the LIST day of Jan
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, of the Mississippi river
and the lst January, 1865, to substitute and ex-
change treasury notes for the at the rate
Of sixty six and two thirds cents the dollar pro
vided that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange; prouded, fitrther that the right to fund
any Of said treasury notes after LIST day of January.
1861 is hereby taken away; and pr0rlded, further,
that upon all such treasury notes which may remain
out standing the 1st January, 1868, and which
may not be exchanged for new treasury notes
herein provided, tax of one hundred per cent is
hereby imposed.
5. That after the 1st day of April next all author
itY heretofore 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, i'll
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 or
be received into the treasury under the provisions
of this act; and the holders of the notes of
the old notes, except those of the denomination of
one hundred dollars. after they are reduced to six
u SIX and two thirds cents on the dollar. by the
tax afore said, may convert the into call cert-
CUtes, bearing interest at the cate of four per cent
per annum, and payable two years after the ratf
cation of treaty of peace with the United States,
unless sooner converted into new notes.
&. That to pay the expenses of the Government
not otherwise provided for, the Secretary of tn e
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
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 or so
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 or in ster
ling exchange, or in the coupons of said bonds.
Z. That the Secretary of the Treasury is hereby
authorized, from time to time, the wants of the
treasury may require it, to sell or hypothecata
for treasury notes said bonds any part thereof
upon the best terms he can, to meet appro-
priations by Congress, and at the time reduce
and restrict the amount of the circulation in treasu
ny notes within reasonable and safe limits.
g. The bonds authorized by the 9th section of this
act may be either registered coupon bends, the
parties taking them1nay elect and they may be ex-
changed for each other under such regulations as
the Secretary of the Treasury may prescribe. They
shall be for one hundred dollars, or some multiple
Of hundred dollars and shall, together with the
coupons thereto attached, be in such form and Of
such authorization the Secretary of the Treas
ury NAV prescribe. The interest shall be payable
half yearly, the LIST of January and July in each
vear-the principal shall be payable not less than
thirty wears from their date
g. All call certificates shall be fundable. and shall
be taxed III all respects, is provided for the Trea
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
that rate, but after the passage of this act, call
certificates shall be issued until after the s day of
April, 1864.
10. That if any bank of deposit shall give its de-
positors the bonds authorized by the lst section of
this in exchange for their deposits, and specify
the on the bonds by some distinctive mark or
token, to be agreed npon with the Secretary of the
Treasury, then the said dppostor shall be entitled to
receive the amount of said bonds in Treasury notes
bearing interest and outstanding at the passage
of this act: Frorjded, 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