Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-02-23
zsaPolsrANT Laws.
- CEERE.rcT. -.

HAH GEER Ever -aE4s
In this number Of cur paper viii be found
several Of tie most importsnt acts of the late
Congress, to-wis; the act TO regulate the ma
tiousl eurency, tha new military law, the act to
su.peud Che wit tf babeas corpus, and sy-
uopsis ofths new tax bill Whether ths wisdom
Of Congress in tho passage Of these laws has
been equal to the emergency, has yet TO be de-
terhiLsd by ezper eDes; bat be theiy effect for
good or evil, they ire noS ths lass Of the land,
and obligatory upeR every citizsn. Therefore,
we need scarcely add, every one interested
/ should slu3y then carefully, and prepare to
meet ths duties imposed By their provisions
/ The currency law vii attract the greatest
share of public attention, and on some points is
so ambiguous that explanations By telegraph,
and by eircular from the Secretary Of the Treas
ury, have already tsen made FOR public Informs
ton. The Richmond Eza1lizsr calls attention
10 he leading obie;s of this lAE. which is to re-
deem the amount ef notes now in circulation;
and explains that II proposes to do this By fore
ing In great share Of the notes nOw oatslsnd-
ing. Il sccomplishes this coercion By several
means Tbs present circulation may be paid in
discharge Of taxes, OF funded in four PER cent.
| bouds, at par rates, before the 6rst Of April
next After that dslLe they viii be received foR
taxes OF in lieu Of lour per cent. bonds, only at
! a discount Of thhty-three per cent II Other
words. these notes are taxed after that date on
third Of thsir value. Tho eject Of this provi'
/ sion is to make il he interest Of everybody tc
pay their taxes by he HEst Of ApTili othsrvisc
the money which they viii cflsr in payment viii
be rated at only two thirds OF its nominal yalu'
by collecting Ofieers.
Many VIII fad 6 inprschcable to asceTtsiE
and pay their tAIes in the next Eve or si1
weeks. Il behoogss all such persons At once t'
convegt as many Totes as they think win NEE
the AMOUNT Of tbsir taxes into four per cent
bonds for the new law provides that these fou
per cent. bonds shall be receivable in lakes afts
April 6rsf, at par, Niihou. an allowance of in
terest- The eertainly Of losing one-shird il
value. viii pTeeipitsts the funding and eancena
fen Of the ezisiiae notes in e very decided man
I ner. Il viii probably produce reduction Q
ssveral huudred millions in the circulation tia
is 70 say. number Of hundred millions corr.
spending with the amount Of taxes about 10 b
collected. After April first, TIC present nota
may also be exchanged for the new issue
treasury notes At the rsts of thses dollars Of Ol
for two dollars Of new notes. Bat the new foV
per cent bonds viii net be ezchaugabls into Ii
new noies.
-Four classes Of treasury notes aTe exceptc
6roa tie fal effect Of the provisions just alude
70: First interest beasiDg hRndred dollar NOT
are not called in OF required to be funded, b
remain on the footing Of bonds. Seeoad, noi
intsTest.bssring oDo hundred dollar notes ms
be Paid 10 .axes OF funded in four per cen
bonds at par, before April irst After th
d date sbey shall not be payable in taxes b
msy be funded in four per ceah bonds, sib
being taxed ons third, aad also taxed ton p
cent for every Nh 4h which they shah Eeme
cut after the frst q &eril These non-inteFss
bearing hundred dollar noles viii not be eo
r veTtble into the nav issues A. any rate 81 velu
Third, Eve dollar treasury notes shah be
es csiEable in taIss and fundsble a. par, until q
flsl day Of July rexi, then they viii be taxi
p oae-thisd, and be payable IN taxes, fundsbls a.
cozve1tbls ss tie tate Of ihreo for two, like o.
= er notes. Fourth notes beloN lbo valus Of 6
dollars are not affected by the new law.
i. TIE right 70 fuId treasury noles Of the prese
issues. or 70 congirt them into new notes, or
nav tssm II taxes st he reduced value, is to ces
. Absolutely On the frsi Of January, 1865 wb