Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1864-12-15
An Important Measure.

tatives, on the 25th ult., Mr. Lyons OF Ala.
from the Committee on Ways and Means,
reported the following bill A bill to be
entitled can act to provide more effec-
tually for the reduction and redemption
Of the currency.
Whereas, the recovery from its depre
citation of the currency and the sreassur-
ance of the public of its ultimate payment
in full. would be an inestimable benefit
to both government and citizens and as
means tor accomplishing tins end 1t is
expedient to exempt the same from taxa
tion, and to pledge the public faith, not
only against any addition to the amount
OF the currency now authorized by law,
bu. also to the reduction it, by cancel
ling annually a material part thereof, and
TO the dedication of an ample fund tor re-
deening the residue to be applied to that
purpose from and after the close OF the ex-
,isting war; Therefore,
The Congress Of the Confederate States
of America do enact: /. Hereafter and
until the full redemption of the Conted-
crate States Treasury notes, now outstand-
ing, and of such as are authorized by ex-
listing laws to be issued, the said notes ex-
cept those issued prior to the seventeenth
day OF February, eighteen hundred and
sixty four, shall be free from all taxation
whatever. ~ ss1 .5 d..
2. Pending the war, one fifth of the
Treasury notes annually received INTO tue
Treasury in payment OF taxes, shall be
therenpon cancelled until the amount out
standing shall have been reduced to one
hundred and fittv millions of dollars.
g. Upon declaration Of peace between
the Confederate States and the United
Of the f1th0
by the Government of the annual crops or
produce OF cotton, (other than Sea Island
cotton,l w heat and corn in the ratio of
four-ninths of cotton four ninths of corn
one ninths of wheat, shall be applied to
the redemption Of the Treasury notes in
circulation until the whole shall be redeem
ed the tithe of cotton being valued at fifty
cents I,onnd, of coIn at two dollars
a bushcl. and being, deliverable by the
Government at oneoranore shipping ports
in each of the Confederate States % be se-
lected by Secretary ofthe Treasury, Pro-
vided no wever, that the 1.-THE aforesaid, or
any part thereof, may by consent OF the
parties entitled 20 receive the same, be
deliverable elsewhere than, at q shipping
port. Provided, further, that !. the csttoii
to be delivered under the authority OF this
act shall be equal to cotton classed ''and
held as !" middling cotton" in the. port
where such cotton may be delivered. SO
e. That all acts and parts ot acts now in
| force providing for the assessme'ntand col
lection of taxIin. kind Of fscotton, corn and
wheat be, and the same are hereby, re
enacted, shall continue III. force until all
Treasury notes issued, Or authorized zled to be
issued, by '.an act to reduce the currency
and to authorize new issue of notes and
bonds" approved Feb. 17ih, 1864, shall
have been redeemed ins fall and tleg per-
sons paying axes n kihd under this act act
from and afteraa fatifcation of treaty soof
peace shall receive credit for rrftthle the then,
mark ct valnes of any cotton, lcorn, and
wheat 6ehvered after the termination OF
the war ar 50 as eaaalize tllelrstaxes with
other payers, tie alus 70 be ascerfained
eatthetiine of delivery in, the motfe Pre- PIE
scribeda byolaw. Tsg aai ssiag 81 Fiiw hrsqv
5. Pie holders Of Treasury notes, de-
string to receive itRe titfest foressaid IN
pay nants thereof, shall convert the sans lqs
lssT dsse 7t,I lie,