The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-15
AN ACT TO REDUCE THE CURRENCY

America do enact, That the holders OF all treasury
notes above the denomination OF flve dollars. not
bearing interest, shall be allowed until the LIST day
of April 1864 east of the Mississippi rlver ana nn-
til the 1st 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 to 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 LIST day of January and
July of each year.
g. The Secretary of the Treasuary is hereby
thorized 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 without interest in payment OF all
government dues payable in the year 1864, except
export and import duties.
g. That all Treasury notes of the 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, 1864 east of the Miss
is.ippi river. and the first day of July 1864 west
of the Mississippi river, cease to be receivable IN
the payment Of public Dues and said notes if not so
presented at that time shall, addition to the tax
of thirty three and third cents imposed IN the
4h section of this act be subject to tax OF ten per
cent month until presented which taxes shall at
tach 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
A. 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 third cents for every dollar promised
on the face of said notes Said tax shall attach to
said notes wherever circulated and shall be collec-
ted by deductng the same at the Treasury, Its de-
postories and by the tax collectors, and by all Gov
eminent officers receiving the whenever pre-
scented for payment, or for funding, or IN payment
Of 1T1aS or for in hal pl
for notes as hereafter provided and said Urea
sury notes shall be fundable in bonds provided in
the first section of this until the LIST day of jan
uary, 1865, at the rate of sixtysix and two third
cents on the dollar.
And it shall be the duty of the Secretary of the
Treasury at any time between the 1st April east,
and the LIST July, 1864, west of the Mississippi river
and the lst January, 1865, to substitute and ex-
change treasury notes for the same at the rate
of sixty six and two-thrds cents the dollar pro-
vided that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange; proUided, further that the right to fund
any of said treasury after LIST day of January
1865, is hereby taken away; and provided further,
that upon all such treasury notes which may remain
out standing the LIST January. 1865, and which
may not be exchanged for new treasury notes as
herein provided, a tax of one hundred per cent Is
hereby imposed.
5. That after the LIST day of April next all author
itv 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 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
he received into the treasury under the provisions
of this act; and the holders of the new notes of
fhn old nnfn nnnffh nSa no otin Cf
one hundred dollars, after they reduced to six
tysx and two thirds cents the dollar, by the
tax aforesaid, may convert the same iuto call certi
fcates bearing interest at the of four per cent
per annum, and payable two years after the ratih-
cation of treaty of peace with the United States,
unless sooner converted into notes.
3. That to pay the expenses of the Government
not otherwise provided for, the Secretary of the
Treasury is hereby authorized to issue six per
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
ceipts 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, so
much thereof as may be necessary to pay annually
the interest are 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.
4. 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 or any part thereof
upon the best terms he can, to meet appro- |
priatons by Congress, and at the same time reduce
and restrict the amount of the circulation in reasu
ry notes within reasonable and safe limits,
g. The bonds authorized by the 9th section of this |
act may be either registered coupon bonds as the
parties taking them may 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 may prescribe. The interest shall be payable
half yearly, 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
De taxed In all respects as 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-sx 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 lst day of
April, 1864.
10. That if any bank of deposit shall give IFS de- !
postors the bonds authorized by the lst section of
this act i'll exchange for their deposits, and specify
the same on the bonds by distinctive mark or |
token to be agreed upon with the Secretary of the
Treasury then the said depositor shall be entitled to
receive the amount of said bonds in Treasury notes
bearing no interest and outstanding at the passage
of this act: Prouided the said bonds are presented |
before the privilege of funding said notes at par
shall cease, herein prescribed.
IL. That all treasury notes heretofore issued of
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