Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1864-02-24
The Funding Act. E
AN ACT TO FUND, TAX AND LIMIT THE

The Funding Act.
AN ACT TO FUND, TAX AND LIMIT THE
CURRENCY. ="
L.. The Congress of the Confederate
States of america do enact, That the hold
ers of all treasury notes aboye the denomi.
nation of FIVE dollars, not bearing interest,
shall be allowed until the LIST day of April,
1864, east of the Mississippi river, and un-
til the LIST day of July, 1864, west Of the
Mississippi 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
dates, bearing interest at the rate of four
per cent per aunum, payable on the LIST day
of January and July of each year.
2. The Secretary of the Treasury is here.
by authorized to issue the bonds required
for funding provided for in the preceding
section, and until the bonds can be prepar-
ed, he may issue certificates to answer the
purpose. Such bonds and certificates shall
be receivable without interest in payment of
all government dues payable in the year
1854, except export and import duties.
8. That all treasury notes of the denomi-
nation of one hundred dollars; not bearing
interest, which shall not be presented for
funding under the provisions of the first
section of this act, shall from aud after the
first day of April, 1864, cast of the Missis.
sippi river, and the LIST day of July, 1864,
west of tho Mississippi river, cease to be
receivable in the payment of public dues,
and said notes, if not so presented at that
time, shall, in addition to the tax of thirty
three and one third cents imposed in the
4th section of this act, be subject to a tax
of ten per cent. q month until so presented,
which taxes shall attach to said note wher-
ever circulated, and shall be deducted from
the face of said notes whenever presented
for payment or for funding, and said notes
shall not be exchangeable for the new 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 lst Sec
ton of this act, there shall be levied at
said dates and places tax of thirty three
and one third cents for every dollar. prom
ised on the face of said notes, said tax shall
attach to said notes wherever circulated,
and shall be collected by dedueting the
same at the Treasury, its repositories, and
by the tax, collectors, and by all Govern
ment officers receiving the same, whenever
presented for payment, or for funding, or in
payment of Government dues, or for post.
age, or in exchange for new potes as herein
after provided; and said treasury notes
shall be fundable in bonds as provided in
the first section of this act, until the 1st day
of January, 1865, at the rate of sixty six
and two thirds cents on the dollar.
And it shall be the duty Of the Secretary
of the Treasury, at any time between the
1st April east, and the 1st July, 1864, west
of the Mississippi river, and the. lst Janu'
ary, 1865, to substitute and exchange new
treasury notes for the same, at the rate of
sixty six and two thirds cents on the dollar,
provided that notes of the denomination of
one hundred dollars shall not be entitled'to
the privilege of said exchange; provided,
further, that the right to fund any Of said
treasury notes after LIST day Of January,
1865, is hereby taken away; and, proui.
ded further, that upon all such treasury
notes which may remain outstanding on the
lst January, 1865, and which may not be
exchanged for new treasury notes as here.
in provided, a tax of one hundred per cent.
is hereby imposed.
5. That after the LIST day of April, next,
all authority therefore, given to the Secre-
'tary of the Treasury to issue treasury notes,
shall be and is hereby revoked Provided,
the Secretary of the Treasury may, after
that time, issue new 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 is
sues to be receivable in payment of all pub
lie dues except export and import dues,
and to be issued in exchange for old notes,
at the rate of two dollars of the w'for
three dollars of the old issues, whether said
old notes 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 new notes or the old
notes, except those of the denomination of
one hundred dollars, after they are reduced
to sixty six and two thirds cents on the dol
lar, by the tax aforesaid, may convert the
same into call certificates, bearing interest
at the rate of four per cent per annum, and
payable two years after the ratification of
treaty of peace with the United States,
unless sooner converted into new notes.
6. That to pay the expenses of the Gov.
ernment not otherwise provided for, the
Secretary of the Treasury is hereby author
lied to issue six per cent. bonds, to an
amount not exceeding FIVE hundred millions
of dollars, the principal and interest where
of shall be free from taxation, and for the
payment of the interest thereon, the entire
nett receipts of any export duty hereafter
laid on the value of all cotton, tobacco and
naval stores, which shall be exported from
the Confederate States, and the nett pro-
ceeds of the import duties now laid, or SO
much thereof as may be necessary to pay