The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-04-12

gllsd at sad dates and places tax of thirty
three and third cents for every dollar promised
the face of said notes. Said tax shall attach tc
said notes wherever circulated and shall be collec
ted by deducting the at the Treasury. its de:
postories and by the tax collectors, and by all Gov
ernment officers receiving the same, whenever pre-
scented for payment. or for funding, in payment
of Government dues, for postage. in exchange
for notes as hereafter provided and said Urea
sury notes shall be fundable in bonds provided i'll
the first section of this act until the LIST day of
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 at any time between the LIST April east
and the 1s July, 1864, of the Mississippi river
and the LIST January, 1865. to substitute and ex-
change treasury notes for the same at the rate
of sixty six and two thirds cents the dollar pro-
vided that notes of the denomination of hundred
dollars shall not be entitled to the privileges of said
exchange; Prouided, further that the right to fund
any OF said treasury notes after LIST day of January
1865, is hereby taken away; and progided, further
that upon all such treasury notes which may remain
outstanding on the lst January. 1865 and which
may not be exchanged for treasury notes as
herein provided, tax of one hundred per cent. is
hereby imposed
S. That after the LIST day of April next all author
itY heretofore given to the Secretary of the Treas
,ury toissue treasury notes shall be and is hereby
revoked: Provided the Secretary of the Tresury
may, after that time. issue treasury notes, in
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,
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 reduced to six
ty-six and two thirds cents on the dollar, by the
tax aforesaid may convert the into call certi
cates bearing interest at the of four per cent
per annum, and payable two years after the ratif-
cation Of a treaty of peace with the United States,
unless sooner converted into new notes.
6. That to pay the expenses of the Government
not otherwise provided for the Secretary of tn
Treasury is hereby authorized 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,
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, as the wants of the
treasury may require it, to sell or hypothecate,
for treasury notes said bonds any part thereof
upon the best terms he can, so as TO meet appro-
priations by Congress- and at the same time reduce
and restrict the amount of the circulation in treasu
ry notes within reasonable and safe limits.
8. The bonds authorized by the 9th section of this
may be either registered coupon bends as the
parties taking them may elect and they may be eX-
changed for each other under such regulations
the Secretary of the Treasury may prescribe. They
shall be for hundred dollars, multiple
of hundred dollars and SHALL together with the
eoapens 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 1st 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
be taxed in all respects, as is provided for the Urea
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 aot no call
certificates shall be issued until after the LIST 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 act in exchange for their deposits, and specify
the the bonds by distinctive mark or
token to be agreed upon with the Secretary of the
Treasury then the said depositor shn be entitled to
receive the amount of said bonds i'll Treasury notes
bearing no interest and outstanding at the passage
of this act: Propided. the said bonds presented
before the privilege of funding said notes at par
shall cease, as herein prescribed.
H. That all treasury notes heretofore issued of
the denomination of five dollars shall continue to be
receivable in payment of public dues as provided
by law. and fundable at par under the provisions of
this act until the lst of July 1864 and until
the 1st October, 1864. west of the Mississippi, but
after that time they shall be subject to tax of thir
ty three and onethird cents eyerydolar promised
on he face thereof said tax to attach to said notes
wherever circulated, and said notes to be fundable
and exchangeable for treasury notes herein >
provided, subject to the deduction of said tax
IL. That any State holding treasury notes, re- /
cefsea before the times herein fixed for taxing said
notes shall be allowed until the lst day of January
1865 to fund the same in six per cent bonds of the
Confederate States payable twenty years after date
and the interest payable semi annually. But all
treasury notes received by any State after the time
fixed for taxing the same aforesaid shall be held
TO have been received diminished by the amount of q
said tax. Tho discrimination between the notes