The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1865-03-29

NH 25-ht Assastane AdJutant-}eneral.
TnsAsrRy DEPARrMENr,l
CONFEDERATE STATES OF AMERICA,
RICHMOND. March ~, 1865. }
VNO THE BANKS AND PRIVATE
CAPITALISTS IN THE CONFEDERATE
STATES.-By an act OF Congress, approved March
IL 1868, entitled an act to raise coin for the pur-
pose Of furnishing necessary supplies for the army"
II is provided
i. That the Secretary Of the Treasury shall bor-
row the of three millions Of dollars in coin, on
the terms therein set forth.
=. That in case Of failure to borrow the SUM
above named, a tax OF twenty-five per cent. shall
be levied upon the amount Of all gold and silver
coin, gold dust and bullion and foreign exchange, in
the Confederate States, payable in kind, and to ba
collected on the LIST Of April, proximo, or soon
thereafter as possible.
copy of the act is annexed. the more clearly to
exaibt the intention and application thereof. and
the limitations and conditions By which its PROVE
sons are controlled or modified The leading fea-
tures are those set forth above, by which it viii be
seen that the first object is to obtain loan Of three
millions Of dollars; and that, this object being
complshed, the tax levied under the second section
is not to be enforced collected.
The purpose Of this circular is to call the atten-
ton OF those concerned to the operation Of the law
and invite prompt and concerted measures to in
sure the success of the loan. Under the authority
vested in me by the act, propose to hypothecat,.
City thousand bales OF Government cotton as col
yernment price Of twenty cents per pound giving
the privilege of exportationl. the security will BIZ
fifty per cent. in excess of the loan In order to
give every advantage to lenders, and promote the
speedy return of their money, with fair opportu-
nty OF profit, those who electto take cotton at onc
in payment shall receive the same ut the rate OF
fifteen cents per pound with the right Of exporta>
tlon. free from all restrictions and conditions ex.
oept the duty of one-eghth per cent. per pound
The cotton will be delivered In Georgia, Alabama
or Mississippi at the option OF the lender, and at
some place convenient for the expectation thereof.
Institutions and persons liable to the tax inn
posed by the act, and who shall determine to sub.
scribe to the proposed loan. are requested to COM.
uun;cat, their decision to this Department without
delay stating the offered, and designating the
dapositaIy at which it will be convenient for them
to make payment of the same. Prompt action ii,
respectfully requested in order that the collection
the be arrested, it the required sum shOuls
g. A. TRENHOLM,
Secretary Of the Treasury.
mo. lS9.
AN ACT TO RAISE COIN FOR PURPOSE FUE-
SIsnISo NECESSARY SUPPLIES FOR THE ARMY.
TIE Congress Of the Confederate States Of An'.,-
,ic0 do enact, That in order to procure the mean
OF purchasing supplies for the army, the Secreta1 =
OF the Treasury, under the direction Of the Press
dent, be, and he is hereby, authorized to bOrro n
from any bank, banking company, corporation, a.
sociation. or person, any sum or sums in coiri,
not to exceed three millions Of dollars IN the ag-
gleeate; and to secure the repayment of any SUI
or sums borrowed, at such TIME as may be agree
upon exceed two years afterthe ratification .t
d treaty Of peace between the Confederate states
and the United States to to be issued bonds CT
Confederate States in such convenient sums as
may be agreed upon, payable IN coin, and to bear
iaterest ut the rate Of six per cent. per annuna,
payable semi-annually in specie and to secure the
repayment Of any sum or sums SO borrowed. W.T. a
the interest thereon, the said Secretary be further
authorized and empowered to pledge, III such legal
form may be agreed upon any cotton or tobacco
owned by the Government, to the extent IN value
Of any such loan so obtained, or the proceeds
thereof when sold, or to convey such cotton and
tobacco, or any part thereof, in absolate payment
Of such foan, with the right Oh the part OF TIE
lender Of such coin to export transport such cOb.
ton and tobacco beyond the limits OF the C0nfede-
rate States, free from any moestation on the part
ot the authorities OF the Confederate States or tht
payment Of any duty. except to the extent o3 one
eighth per cent. now imposed by law.
SECTION 2 In the event the Secretary of the
Treasury shall not be able at once to obtain coin
t. the amount Of three millions OF dollars, under
the provisions Of the first section OF this act the
and in that event, a tax shall be levied and col.
lected Of twenty-five per cent. upon the amount OF
foreign exchange, the Confederate States, payable
IN kind, which tax shall be due and collected on
the first day Of April next or as soon thereafter As
possible: Prorjded, That the above tax shall not
be levied upon the gold silver coin, gold dust and
bullion and foreign exchange owned or possessed
by any person when the amount SO owned or pos
sessed shall not exceed two hundred dollars in
value, shall the said tax be levied on gold or
silver coin, gold DUST bullion or foreign exchange,
which, within thirty days after the passage OF this
provisions Of the rst section Of this act Nor upon
the gold or silver coin gold dust, bullion foreign
exchange, of any person who has made aloan to the
Government. according to the said first section, of
not less than twenty per cent. Of the gold or
silver con gold dust, bullion OF foreign exchange,
owned and possessed by such person at the time Of
the passage Of this act and any State Of the Con-
fedsracy borrows from any bank, coin or bullion,
and lends it to the Confederate Government, the
bank that lends such coin or bullion shall be al
lowed credit against this tax to the extent Of such
loan: And prooided also, That the delay Of thirty
days. mentioned in this section, shall be extended
to hundred and twenty days for all portions OF
the Confederscy beyond the Mississippi river.
SECTION 5. Thsts the limitation Of three millions
of dollars, expressed in the first section Of this
act shall not be construed to prohibit the Secretary
Of the Treasury from receiving greater amount.
offered loans aecruing taxes under this act
P,oeided, That the tax imposed by the provisions
Of this act upon gold and silver coin. gold and sill
Yer bullion, gold dust aud foreign exchange, when
paid, or the amount thereof loaned in pursuance Of
the first and second sections Of this act shall be in
lieu Of all other taxes imposed the same articles
by any other act PrOcided further, That the tax
oftwenty-dve per cent levied BY the second section
Of this act shall be in lieu Of all other taxes imposed
on the same article by sny other act, and the tax
imposed by this act shall be assessed at the date
0f the passage Of this act
Approved March II, 1865.
true copy: -