The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-05-10
AN ACT TO REDUCE THE CURRENCY

America do enact, That the holders of all treasury
notes above the denomination of five dollars, not
bearing interest shall be allowed until the LIST day
Of April 1864 east of the Mississippi river. and
til the 1st day of July, 1864, west of the Mssiss
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 to fund the same in
registered bonds, payable twenty years after their
ties bearing interest at the rate of four per
per anmum, payable the lst day of January and
July Of each year. -
2. The Secretary of the Treasuary is hereby au-
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 eertlhcates
shall be receivable without interest in payment Of all
government dues payable in the year 1901, except
export and import duties.
3 That all Treasury notes of the denomination
of one hundred dollars not bearing interest which
shall 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
issipp river, and the first day of July. 1864 west
of the Mississippi river, to be receivable IN
the payment of public dues, and said notes fnot so
presented at that time. shall, IN addition to the tax
of thrty-three and one third cents imposed in the
4th section of this act, be subject to tax of ten per
cent month until SO 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 for funding, and said notes
shall not be exchangeable for the issue of
Treasury notes provided for in this act.
4. 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 10
said notes wherever circulated, and shall be colec-
ted by deducting the at the Treasury, It's de-
postorirs, and by the collectors, and by all Gov
eminent officers receiving the same. whenever pre-
scented for payment, for funding, in payment
of Government dues, or for POSTAGE or in exchange
for notes as hereafter provided and said Irea-
sury notes shall be fundable iii bonds provided in
the first section of this act until the lst day of Jan
uary, 1868 at the rate of sixty-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 s July, 1864, west of the Mississippi river
and the 1st January, 1865, to substitute and eX-
change treasury notes for the at the rate
of sixty six and twothirds cents on the dollar pro
yided that notes of the denomination of one hundred
dollars shall not be entitled to the privileges of said
exchange; proUded, further, that the right to fund
any Of said treasury notes after lst day of January
1865, is hereby taken away; and Prorlded further,
that upon all such treasury notes which may remain
out standing on the 1st january. 1865, and which
may not be exchanged for new treasury notes as
herein provided, tax of one hundred per- cent. is
hereby imposed
s. That after the 1st day of april next all author
itY 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 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 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
ii Il
ty-sX and two thirds cents on the dollar, by the
tax aforesaid, may convert the same into cali certi
cutes, bearing interest at the rate of four per cent
per annum, and payable two years after the ratiti
cation of treaty of peace with the United States,
unless sooner converted into new notes.
3. That to pay the expenses of the Government
not otherwi se provided for, the Secretary of tn
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
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
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, orin ster
ling exchange, or in the coupons of said bonds.
T. That the Secretary Of the Treasury is hereby |
authorized, from time to time, the wants of the
may require IL, 10 SSll OF nypOtDpCate, I
for treasury notes said bonds any part thereof !
upon the best terms he to appro-
priatons by Congress, and at the same time reduce
and restrict the amount of the circulation in reasu
ny notes within reasonable and safe limits.
g. The bonds authorized by the 9th section ofths |
act may be either registered or coupon bonds the
parties taking them may elect and they may be ex-
changed for each other under such regulations rs
the Secretary OF the Treasury may prescribe. They
shall be for one hundred dollars some multiple /
If one hundred dollars, and shall together with the
coupons thereto attached be in such form and of |
such Authorization as the Secretary of the Treas
ury may prescribe. The interest shall be PAYABLE |
half yearly on 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 sha
be taxed in all respects, is provided for the Trel
sury notes. into which they convertible. If not
converted before the time fixed for taxing the Urea
sury notes. such certificates SHALL from that time
bear interest upon only sixty and two third |
cents for every dollar promised upon their face. and
shall be redeemable only in Treasury notes at /
that rate, but after the passage of this no call
certificates shall be issued until after the lst dav of
a april, 1861.
10. That if any bank of deposit shall give its de-
poStors the bonds authorized by the 1st section of
this act in exchange for their deposits, and specify
the same on the bonds by some 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 interest and outstanding at the passage
Of this act: Prorided 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
the denomn alton of five dollars shall continue to be