The daily clarion. [volume] (Meridian, Miss.) 1863-1866, 1864-08-05

An Act to reduce tho currency and to authorize new
issue of notes and bonds.
Tho Congress Of the Confederate States Of America
do enact That the holders of ALL treasury notes above
the denomination Of 6ve dollars, not bearing interest
shah be allowed until the first day Of April eighteen
hundred aud rxtyfour, east OF the Mississippi river
and until tho first day OF July echienn hundred and
Bxyouf, west Of the Mlssssipp r,ser, to fund tba
same and until the periods and at the places stated
the holders of all such treasury shall be allowed
to fund the Unregistered bonds, payable twenty
years after their date bearing Interest at the rate ot
four per cent Elnum fable on the first day OF
January and July ofHach year,
Sec q Tho Secretary oftis Treasury Il lierssby
authorized TO issue the bonds required for the funding
provided in the preceding section aud until the
bonds can be prepared he may issue certificates to
the purpose Suchhonds and certifcafes shall
bcrsceivabe, without interest IN payment of All Gov
ernnlent dues payable In the year eighteen hundred
and sixtyfour, exec export and import lutios.
fec3 That all .easury notes of the determination
Of one hundred dollars, cot bearing Interest, which
shall not be presented for funding under the provs-
ions of the FIRST section Of this act. shall FROM and
after the first day of April, oighteen hundred and
sixtyfour, Of the Mississpf river sud the first
day Of July, eighteen hundred andslxtYfour west of
the Missa4tpp river, to be receivable in the
payment Of public dues and said hotps if not pre-
sented at tnaA time shall, in addition to tho Of
thiryhrec and onetbird cents, imppsedn tho fourth
section Of this ct besubiect to tax Of ten per cent
per month until presented which shall attach
TO said notes wherever circulated, anltBha be de-
dacted from the face Of said notes whenr presented
for payment funding and said noessall not be
cxcha9geabe for the new issue Of reasury NOTES pro-
vided FOR In this act
Sec 4. Thatsp all said treasury notes not funded or
used in payment Of taxes at the dates and places pre-.
scribed in the rst section of this act there shall be
levied at said dates and places of thrty-three
aud onethird cents for every dollar promised on the
face of said tgs Said tax shall attach Raid
wherever circulated and shall lbe collect9dby deducng
the same at the Treasury its repositories and By the
tax collectors. and by all Government officers reeeiv
ing the sane whenever presented for Payment orfor
funding or IN payment OF Government dues, or for
postage or In exchange for new notes hereinafter
provided and said treasury noies shah be fundable
In bonds provided in Tie first section Of this act
until the trst day Of january, eigh.n hundred anil
sixtyive at the rate of sxy-sx and twosthrd cents
the dollar Ana It eall ba the duty OF the Sncrtta
ry Of the Treasury at any time between the first of
April, east and the trst July. eighteen hHpdred and
sixtyfeur, west Of te Nssisippiryer and the first of
January eghteea hundred snd sixty.fye to substi.
tutc and exchange y notes for IKE same at
the rate cfsiSty-sx and two third cents the dollar:
Provided, That notes Of tho determination Of one
hundred dollars shall not be entitled TO the privilege
Of said exchange: Provided further Thatthe figLfto
FIND auy ossaid treasury notes after the first div al
JauuaIy, eighteen hnndrsd and SIXTY five, is hereby
taken away And provided further, That upon oil
ouch treasury notes Which may rerain outstanding
the first day Of January eighteen hundred and sixty
fva and which may not be exchanged for new, treas
ury notes as herisn provided, tax Of one hundred
per cent, is hereby imposed
Sec S. That after tAe first day of April next all
authority heretofore giyea to ihe Secretary Of tha
Treasuryto to issue traasury potes shall be and the
of the Treasury may after that time Issue new treas
ury notes In such form he may prescribe sssAolo
two years after tbe rathcatlcn Of treef q peace
with the Uuted States said new sswaa to be recely
able IN payment If ali pub dues except export and
import tntes, and to be iset. ~ oxchatge for cd
a9tss sQ ssss NJ iHif N N lug -
be received into the ssugy under the provsionsof
this act and the holders of the notes Of the
old notes. except those Of the deBon,ipaton 81 one
hundred dollars after they age reduced 90 dxfy-sx
and two-tird cents on the dollar by the tax aoresad,
ma the into call certificates, bearing
interest at helaie o four per cent per annun, and
~ IA 3ra ft1
peace with the United States unless sooner converted
into new notes
ment not otherwise provided fur the feeiaary Of the
Treasury is hereby authorized 70 issue sixsTer cent
bonds amount net exceeding FIVE iundYod mill
ions Of dollars the principal and terest whereof
shall be free from saxaton and for ia payment Of
the interest thereon the ene nett reee pts amy
port duty hereafter laid on the value Of ali cotton,
tobacca, apd naval sofesg which shall be exported
from e Confederate 81 les, and the nett proceeds of
the import duties G.1 SO much thereof may
be necessary to pay annually the interest are hereby
laid upon imports and hereby pledged, shall herea.V
he paid in specie, or in sterling exchange, OF in the
apons of said btn's
Sec Z That The Secretary of the Treasury s here.
by authorized, from time to time the wants Of tie
Il easury may quire it, to sell or hypothecae fer
treasury notes said bonds, any part thereef upon
the beat terms he can so as to meet appropriations by
Congress, and at the time reduce and restrict
the amount Of the circulation in treasury notes, within
and safe limits.
Ses 8 The bonds authorized by tho sixth section
of this act may be either registered coupon boads,
as the parties taking them may elect and they may be
exchanged for each other under such regulations as
the Secretary Of the Treasury may prescribe. They
shall be for hundred dollars SEINE multiple Of
one hundred dollars and SHALL together with the
ponsthereto attached be In such form and of such
Identification as the Secretary of the Treasury may
prescribe, The interest shah be payable half yearly
on the first January and July in each year-he prin-
cpal shall be payable not less than thirty years from
their date .
Sec O. All call certificates shall be fnndalle. and |
a,alh hat tn ed a,ig idad
treasury nstes, into which they are convertible If
not converted before the time fixed for taxing the /
treasury notes, such certificates shall from that time
interest upon only sixty six and twoihrd
tor every dollar promised upon their face and shall
be redaemabe only in new treasury notes at th7t rate
but after the passage OF this act call certificates
shall be issued until after the first day of April |
eieh een hundred and slxty,fJur.
See. 10. Thai If any bank of post shall give its
epostors the bonds authorized by the first section of
this in exchange for their deposits and specify the
1ame the bonds by some distinctly mark token,
10 be greed upOn1Nith the Secretary of the Treas
ury then the said deposition shall be entitled to receive
the amount of said Londs in treasury bearing no
interest and outstanding at the passage Of this act:
Provided, The said bonds presented before the
privilege Of funding said notes at par shall cease
Sc IL That all treasury nstes heretofore issued
be receivable in payment of public dues as provided
BY law and fundableat par under the provisions of
his act until the first Of July eighteen hundred aud
xtyfour east and until the first of October eighteen
hundred and sixty four, west Of the Mississippi river
out after that time tbey shall be subject TO
hitythree and third cents every dollar prom.
sed the face thereof, said tax attach to said
notes wherever circuate and said notes be funda
Die aud exchangeable for new treasury notes, as |
aerein provided subject TO the deduction of ax
Sec. IL. That any state holding treasury notes.
received before the ties herein fixed for taxing said
notes. shall be allowed until the first day Of January
sighteen hundred and sixty five, TO fund the same m
ix cent bonds Of the Confederate States payable
twenty years after date. and the interest payable
'emi annually. But all treasury notes received by
any State after the time fixed for taxing the same as
aforesaid, shall be held to have been received al.
ninshed by the amount Of said tax The discriuina-
ion between the notes subject to the tax and those
lot subject shall be left the good faith Of each
state and the certificate ofthe Governor thereof shall
n each case be conclusive.
Sec 13 That treasury notes heretofore issued /
bearing interest at the rate of dollars thirty
.ents on the hundred dollars per annum, shall no
onger be received in payment ofpublc dues but shall
,e deemed and considered bonds Of the Confederate
states payable two years after ratification OF |
reafy Of peace with the united States bearing the
aie Of interest specified ttPir face, payable on
he first of January in each and every year.
eec. IA That the Secretary of tie Treasury be, |
nd he Is hereby authorized in the exeencies ef
he 0oyernuenf should require il, TO pay the demand
4 any public creditor whose debt may be contracted
far the passage Of this act, willing to receive the
arns Ia 3 certificate Of Indebtedness to be issued by
aid Secretary in such form a. he may deem proper,
1ayable two years after ratification OF treaty Of
,eace with the United States bearing interest at the
ate Of six per cent per annum, payable semi-annu.
Nv, and transferable only by special endorsement
ndsr regulations TO be prescribed By The tee-etary