The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1865-04-11
mo. 1891

AN ACT TO RAISE COIN FOR THE PURPOSE OF
FURNISHING NECESSARY SUPPLIES FOR TIE
ARMY.
The Congress of the Confederate States Of America
do enact That in order to procure the Of pur
chasing supplies for tho army, the Secretary OF the
Treasury, under the direction of the President be and
he is hereby authorized 10 borrow from any bank,
banking company, corporation association, OF person
any sums in coin, not to exceed three milioos
of dollars in the aggregate, and TO secure the repay
ment of any sums borrowed nj such time az
may be agreed upon not to exceed Two after the
ratification of treaty of peace between the Confeder
States and the United States to cause to be Issued
bonds Of the Confederate States In such convenient
sums may be agreed upon payable in coin, and TO
bear interest the rate Of elk per cent per Rnnum
payable semi-annuay in specie; and to secure the re-
payment of any sum sums SO borrowed, with the
interest thereon the said Secretary be further author
lied and empowered to pledge in such legal form
may be agreed upon, any cotton or tobacco owned by
the Government to the extent in value Of any such
loan Obtained the proceeds thereof, when sold,
convey such cotton and tobacco, or any part
thereof in absolute payment Of such loan, with the
right part of the lender Of such CON- export
transport such cotton aud tobacco beyond the limits
of the Confederate States free from any molestaton
the part of the authorities of the Confederate Saeg
the payment Of any duty except to the extent Of
eighth per cent now imposed by law.
Sec 3 In the of the Secretary Of the Treasury
shall be able obtain coin TO the amount OF
three millions Of dollars under the provisions Of tho fist
section of this then, and in that event. tax shall DO
levied and collected Of twenty-five per cont. upon ths
amount of all gold aud silver coin gold dust and bullion
and foreign exchange in the Confederate States, payable
kind which shall be due and collected the first
day of April next. thereafter possible: Pro-
vdcd, That the above shall not be levied the gold
or silver coin, gold dust and bullion, and foreign
change, owned possessed by airy person when tho
amount owned possessed shall not exceed two hun
dred dollars in value, shall the said be levied
gold silver coin, gold dust bullion or foreign exchange
Which, within thirty days after the passage ofths act shall
b. lent the government under the provisions of the Tst
section Of this act upon the gold silver coin. gold
dust bullion foreign exchange OF any who has
made loan to the governmen according said FIRST
ton, of less than twenty-five per Of the gold
possessed by such person The time Of the passage Of
this act and If any State Of the Concderacy borrows from
any bank coin bullion and lends it 10 the Confederate
government the bank that lends such coin bullion shall
be allowed credit against this the extent of such
loan: And provided Also That the delay Of thirty days,
mentioned in this section shall be extended TO hun
drcd and twenty days for all portions of the Conderacy
beyond the Mississippi river.
See. s. The limitation of three millions Of dollars,
expressed in the first section Of this act shall be
strued to prohibit the Secretary Of the Treasury from
ceiving greater amount offered loans Accruing
under this Provided That tho imposed by
the provisions of this upon gold and silver conn., gold
and silver bullion gold dust aud foreign exchange when
paid the thereof loaned in pursuance OF the first
aud second sections Of this act shall be In lieu Of ali oheT
taxes imposed the articles by any other act Pro-
vded further, That the Of twenty per levied
by the second section of this shall bo in ru of all other
taxes imposed the same article by any other act and
the imposed by this shall be assessed the date
Of the passage Of this act
Approved, March IL, 1865
A true copy: JAMES N. MATHEWS,
Law Clerk.