The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-05-31

til the lst day of July, 1904: west oI the Msslss
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 III
registered bonds, payable twenty years alter their
dates bearing interest at the rate OF Iouf per cent
per anmum, payable on the 1st Gay ol january anu
July Of each year
z The Secretary of the Treasuary 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 ceftihcates TO
answer ti1e purpose, Such bonds and. certificates
snail be receivable without interest i'll payment of all
government dues payable III the year 1904, except
export and import duties.
3. That ali Treasury notes ofthe denomination
Of one hundred dollars not bearing interest which
shall be presented for funding under the Provs
ions Of the first section of this act, SHALL from and
after the first day OF April, 1854. east Of the Miss
asipgi river, and the first day of July 1864, west
Of the Mississippi river, cease to be receivable III
the payment Of pubIic dues, and said notesf not SO
presented that Time shall, addition to the tax
OF thirty three and third cents imposed i'll the
18th section o.; this act be sub ect to il tax OF ten per
cent n1H until so presented,whch taxes shall at
t.ch to said notes wherever circulated, and shall be
deducted from tue face Of said notes whenever pre-
scented for payment or for funding. and said notes
shall not be exchangeable for the new issue OF
Treasury notes provided for in this act.
4. That all said Treasury notes not tundeG,or
used in payment of taxes at the dates and places
prescribed in the st section Of this act, there shall
be levied at said dates and places tax ofthirty-
three and third cents tor every dollar promised
the face of said Said tax shall attach to
said wherever circulated, and shall be eollec
ted by deductlng 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, for funding, or III pay ment
OF g government dues, for postage, or III exchange
for notes hereafter provided; and said lrea-
sury notes shall be fundabe in bonds provided in
te first section OF this act until the LIST day OF Jan
uary 1865, at the rate Of sixty six. and two-third
cents the dollar.
And it shall be the duty of the Secretary of the
Treasury ut any time between the LIST April east
and the lst Jul 1864 west OF the Mississippi river
and the lot january, 1865, to substitute and ex-
change treasury notes for the salle at the rate
of sixtysx and two thirds cents the dollar pro
vdrd that notes Of the denomination Of one hundred
dollars shall be entitled to the privileges Of said
exchange prOtldcd further, that the right to tune
any of said treasury after LIST day of January,
1865, is hereby taken away; anQ prOrtded, JNfhef,
that upon ali such treasury notes which may remain
standing the list January, 1865, and which
may not be exchanged for new treasury notes as
herein provided, tax OF one huaarea per cent. Is
hereby imposed.
). That after the lst day of. pr next all author
itY heretotor" given to the Secretary of the Treas
ury 10 issue treasury notes shall be and is hereby
revoked: Provided, the Secretary of the Treasury
may, after that time, Issue treasury notes, i'll
sucn forms Us he may preocribc payable two years
after the ratification OF treaty of peace with the
United States; said issues to be receivable in
pay nient of all public dues except export and i'm
port duties,. and to be issued i'll exchange for old
notes, the rate of two dollars of the for three
dollars of 3le 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 tie notes or of
the old notes, except those OF the denomination oI
one hundred dollars after they reduced to six
ty-s.X AID two thirds cents the DOLLAR by the |
.rcsitd may convert the into call cert |
tce> bearing interest at the rate of four per cent
per annum, AND payat e two years after the rath-
cation Of treaty of peace with the United States,
unless SOONER converted into notes.
o. That To pay the expenses of the Government |
not otherwise provided for the Secretary Of the |
Treasury is hereby authorized issue six per cent
builds, to an amount not exceeding five hundred
millions of dollars, the principal aud interest |
whereof shall be free from taxation, and for the
Iavl.,ur oi the Interest thereon the entire nett
orllt Il" any export duty hereafter laid the value
III al cotton, tobacco, and avail stores which shall
n exported from the Confederate States, and the
'ieJt proceeds % the import duties laid,
nuch thereof as may be necessary to pay annually
tie interest, are hereby specially pledged, provided
tat thc dut;r> now laid upon imports and hereby
p dyed shall hereafter be paid in Specie or i'll
ing exchange or III the coupons of said bonds.
= That the Secretary Of tno Treasury is hereby
tutirorlzd, from tine to time the wants of the
reasury may require 1t, to sell or hypothecate,
IuT treasury HUte> SAID bonds OF amy part thereof
il'un the BEST terms he can, to meet appro-
1IlHtons BY Congress- and al the same TIME reduce
4ld restrict the amount Of the circulation III treisu-
y notes within reasonable ana safe limits
s. The bonds authorized by the 9th section of this
act may be either registered coupon bonds. the
parties taking them may eject and they may be ex-
changed Tor each other under such regulations as
lie Secretary OF the Treasury muy prescribe. They
snail be for one hundred dollars, some multiple
hundred dollars and shall, together with the
coupons thereto attached be in such form and of
,ucA differentiation as the Secretary of the Treas
lrY may prescribe. The interest shall be pay. able
latt yearly "n the LIST OF january and July in each
'ear-thc principal shall be payable not less than
thirty years trom their date.
. All call certificates shall be fandable, and shall
De taxed Ia all respects, IS provided for the Trea
,ury notes. into which they convertible. If not
converted before the time fixed for taxing the TrGa
urv notes. such certificates shafl FROM that time
,rar interest upon only sjxty-six and third /
for every dollar promised upon ia If tacp and
''"Il be redet'nabie onySn new Treasury notes at
hat rate, bat after the passage Of this act, no call
certificates shall be asucd until after the LIST dav of
\ prii. 1864
IL. That if any bank Of deposit shall give its de-
'o~itnrs the bonds authorized by the 1S section of
his act III exchange for their deposits and specify
hos Salne ON the U"Mds by distinctive mark or
oxen, to be agreed upon with the Secretary of the
Treasury, then the said dpoSitor shall be entitled to
eceive the amount of said bonds in Treasury notes
gearing no interest and outstanding at the passage
# this act: Prori@cd the said bonds are presented
cf"re the privilege OF funding said notes at par
hall cease, a. herein prescribed 4
IL. That all treasury notes heretofore issued of
he denomination of five dollars shall continue to be
" law. and fundabIe par under the provisions of
his act. VAtil the lst of July, 1861 east, and until
he ISt Oct0I,.r, 1864. west of the MiSsiSsipp hut
fter that time they sinai! be subjt ct To- tax of tbir