Washington telegraph., 1864-05-11

otalcS, sdlu ieW issues 10 hn receivable
ia payment Of all public dues except
export and import duties. AMI 10 hr H.
sued IN exchange for old notes. at the
rate Of two collars uf tile new fur three
dollars Of the old issues. whether said
old notes he surrendered for eXciIangr
by tile holders thereof. Ur be received
into the Treasury under thr prnviSiun~ nf
THIS act; and the holders of tie new
:.otcs or uf tie Old notes, except those cf
the rennIninatiTn rf one hundred dollars.
after they are reduced 10 sIxty-sIx and
two-third cents On the dollar, hy the tax
aforesaid, may convert the same into call
certificates, bearing interest at the rate
OF four per cent. per annuni, and payable
two years after the ratification of
treaty Of peace with the United States,
unless sooner converted into new notes.
g. That 10 pay the expenses Of the
Government not otherwise provided for,
the Secretary of the Treasury is hereby
authorized to issue SIX per cent. bonds,
to an amount not exceeding five hundred
millions of dollars, the principal and In
terest whereof shall be free from taxa
thereon the entire net receipts of any
export duty hereafter laid on tie value
Of all cotton, tobacco and naval stores,
which shall he exported from the Con
fedcrate States, and the net proceeds Of
the import duties now laid, or so much
thereof as may he necessary 10 pay an
nually 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
sterling exchange, or in the coupons Of
said bonds.
l. That the Secretary Of the Treasury
is hereby authorized, from time to time
as the wants Of the Treasury may re
quire it, 10 sell or hypothecatc for Trea
sury notes said bonds, or any part there
of, upon the best terms he m, so as 10
meet appropriations by Congress, and
at the same time reduce the amount Of
the circulation in Treasury notes within
reasonable and safe limits.
b. The bonds authorized by tile sixth
section Of this act may be either regis
tered or coupon bonds, as the parties
taking them may elect, and may be ex(
changed for each other under such reg
ulators a. the Secretary Of the Treasu-
ry may prescribe They shall he for
one hundred dullars, or some multiple
Of one hundred dollars, and shall. tn-
gether with the coupons thereto attached
Ue ia such form and pf such antheOtica-
ton n, tile Secretary pf the Treasury
may prescribe The interest shall be
payable halt yearly oil the lst January
and July in each ycar-the principal
shall be payable not less than thirty
years from their date.
q ALL certificates shall be fnndable.
and shall he taxed in all respects, "a is
provided for the Treasury notes. into
which they are convertible If not cen
verted before the time fixed for taxing
tho Treasury notes, such certificates
shall, from time tn time, bear interest
upon only siXty-six and two-third cents
for every dollar promised upon their
face, aud shall be redeemablc only in
new treasury notes at that rate, but
after tue passage Uf this act. no call
certificates shall be issued until after
the LIST day Of April, 1864
To- That il any bank Of deposte shall
give its depositors the bonds authorized
by the let section Of this act in exchange
for their deposits, and specify the same
on the bonds by some distinctive mark
or token, tn be agreed upon with the
Secretary Of the Treasury, then the said
dcpositur shall be entitled to receive the
amount Of said bonds in Treasury notes
bearing no interest aud outstanding at
. the passage Of This act, provided, the
said bonds are presented before the
privilege Of funding said notes at par
shall cease, az herein prescribed
III. That all Treasury notes her etofure
issued vt the denomination of five dol
lars shall continue to be receivable In
payment Of public dues. as provided by
law, and fundable at par under the pro-
visions Of this act. until the lst Of July,
1864, east. and until the LIST Of October,
1864, west Of the Mississippi, but after
that time they shall be subject to a tax
of thirty-ihrec and one-third cents Oh
every dollar promised OH the face there
of, said tax to attach to said notes
wherever circulated, and said notes to
be fundable and exchangeable for new
Treasury notes, as herein provided sub
j3ct 10 the deduction Of said tax.
Il. That AIRY State holding Treasury
notes, received before the times herein
fixed for taking said notes, shall be al
lowed until the lst day Of January, 1868,
to fund the same in six per cent. bonds
Of the Confederate States, payable TWEEN
ty years after date. and the interest pay
able semi-annually But al Treasury
notes received hy any State after the
| time fixed for taxing the same, a. aiore
said. s'rall be held 10 have been received
diminished hy the amount Of said tax
! The dIscr;nin alton between the notes
! subject Ia tie tax and those not 10 sub
iect shall he left ~ the good faith of
each State, and the certificate ni the
Governor thereof shall III each case be
conclusive
Is. That the Treasury notes hcrsto-
fore issued, bearing Interest al the rate
Of seven dollars and thirty cents en the
hundred dollars per annum, shall 10 Ion
ger he received III payment of public
dues, but shall lie deemed aud consider
ed bonds Of the Confederate States, pay
/ abla t@o wars ,Ttpr :, r.t.rttra rIan ,.f a,