Year: 1863

| Interest 1oSu0U


the hrst day of December, eighteen hundred


and sixty-two, shall be fundable in eight per


cent ponds or stock, until the twenty second
uay Vi April, eighteen hundred ana sixty


thsee; that from that date until the hrst day
! OF august, eighteen hundred and sixty-three,
| tney snan be funded in seven per cent. Donds


OF STOCK, and after the said first day OF August,
they shal no longer be fundable at the pleas


ure OF the holder, but shall be receivable In
payment of public dues, except the export duty
Oh cotton, and payable six months after the
ra'incation of treaty of peace. as speclhed on


.nelr lace. All treasury notes not Dearing
interest, issued after the first day OF December,
eighteen hundred and sixty two, and within
ten days after the passage of this act, shall De


iundable in seven per cent. bonds or stock


until the first day of August next; and after
the said first day of August, shall be fundaole
only IN bonds bearing interest at the rate OF


iour per cent. per annum, and payaoie at any


time not exceeding thirty years from the date


tnereOf; and all such notes not fnnded shaii


De receivable in payment of all pubic dues,


except the export duty on cotton, and shall be


payable six months after the ratification OF


treaty of peace between the Confederate gov


ernment and the United States. All call GER


lhcates bearing eight per cent. interest. snail,


with the accrued interest, be fundable on or
oSioiO ehO hISl Jay Oh July. elSutSCh


and slxty-three, into bonds of the Confederate


States, bearing interest at the rate OF elSht


per cent. per annum, and payable at any time


not exceeding thirty years after their date
ProUided, That the accrued interest aforesaid
may, at the option of the holder, be paid IN


stead of being funded. All call certificates
of every description, outstanding the first day


of July, eighteen hundred and sixtythree,


shall, after that date, be deemed to be bonds


bearing an annual interest of six per cent,
and payable at date not exceeding thirty
years fl ON the said first day of July, eighteen
hundred and sixty-three.


SEC =. In lieu of the power heretofore given
by law to the Secretary of the Treasury. to
issue treasury notes, he shall be authorized to
Issue monthly, an amount of such notes. bear.
ing no interest, not exceeding fifty millions of
dollars, which shall be receivable in payment
OF all public dues, except the export duty on
cotton, and payable within two years after the
ratification of treaty of peace between tie
Confederate States and the United States. and


fundable at the pleasure of The holder, during


twelve months from the first day of the month
of their issue, in bonds of the Confederate


States, payable at any time not exceeding


thirty years after date. and bearing rates of
interest as follows: If funded within twelve


months from the first day of the month of their
issue, the bonds shall bear six per cent. inter-
est per annum if funded after that period


they shall be fundable into bonds bearing four


per cent. interest per annum. These notes
shall bear upon their face the month and year
of their issue, and if not funded, shall be paid
at the time specified on their face without
interest.


SEC g. After the passage of this act, the
authority heretofore given to issue call certiti-
Gates shall cease but the notes fundable into
six per cent. bonds may be converted at the
pleasure of the holder, into call certificates,
bearing interest at the rate of five per cent
per annum, from the date of their issue. That
every such certificate shall bear upon its face
the monthly date of the oldest of the notes


which it represents, and be convertible into


like notes at any time within six months from


the first day of the month of its monthly date


aforesaid. But every certificate not recon-


verted within six months from the first day
of its monthly date, shall be exchanged for a
bond payable at any time not exceeding thirty
years from the expiration of the said six


months, and bearing interest at the rate of six
per cent. per annum. Treasury notes, which


by the operation of this act become fundable


into bonds bearing yearly interest of four
per cent, may be converted at the pleasure
of the holder, into call certificates bearing
interest at the rate of four per cent. per an


num- from their date until reconverted or paid
the said certificates being reconvertibe at any
time by the holder into notes fundable in four
per cent bonds, and payable ana receivable
as heretofore prescribed, but the said ccrtiI-
! Gates may be redeemed by the government
after six months from the ratification of a
| treaty of peace between the Confederate States
! and the United States.


| SEC. 4. That all bonds or registered stock
! authorized to be issued by this act, shall be
! payable not less than thirty years after date ::
but shall be redeemabe five years after date,
/ at the pleasure of the government, and shall in
| other respects conform to existing laws,


| SEC. 5. The Secretary of the Treasury shall
| use any disposable means in the treasury,


which can be applied to that purpose without
| injury to the public interest, to the purchase


of treasury notes bearing no interest, and
issued after the passage OF this act, until the


whole amount of treasury notes in circulation
F, shall not exceed one hundred and seventy-fve


millions of dollars.


| SEC. 6. The treasury notes hereby allowed
| to be issued, shall be of any denomlnatiou of
! not less than five dollars which is now author
| lied by law, that the Secretary of the Treasury


may direct. The authority hereby given shall


cease at the expiration of the first session of
| Congress, after the ratification of treaty of
peace, or at the end of two years, should the
war continue so long


| SEC Z. In addition to the authority herein
| before given to the Secretary of the Treasury
| to issue treasury notes, he shall be allowed to
| issue notes of the denomination of one dollar
and of two dollars, and of fifty cents, to such


amount, as, in addition to the notes of the
denomination of one dollar, heretofore issued,
shall not exceed the sum of fifteen millions of
dollars; and saip notes shall be payable six
months after the ratification of treaty of peace
between the Confederate States and the United
States, and receivable in payment of all public


dues except the export duty on cotton, but
shall not be fundable.


SEC. s. That the Secretary of the Treasury
be authorized to sell bonds bearing six per
cent interest per annum, and payable as here
/ inbefore directed, at par for treasury notes
issued since the first day of December, eighteen


hundred and sixty two, TO such OF the Confed


crate States as may desire to purchase the
| same; or he may sell such bonds, when guar
| anteed by any of the States of the Coniederacy
upon such plan as may be determined by the
Secretary of the Treasury, for treasury notes
| on such terms as he mag deem advisable, u


the ighest bidder, and not below par: Pro-


vided, ho'ceper, That the whole amount OF sucf
| bonds shall not exceed two hundred millions


of dollars: And provided, further, That the
treasury notes thus purchased shall not be re


issued, if the effect of such reissue would be u
| increase the whole amount of treasury notes
| hearing no interest which are in circulation n