Year: 1863

|
Of Treasury Notes.


SECTION 1. The Congress of the Confederate
States Of America do enact, That all treasury
notes not bearing interest issued previous to
the first day of December, eighteen hundred
and sixty-two, shall be fundable in eight per
cent bonds or stock, until the twenty-second
day of April, eighteen hundred and sixty
three; that from that date until the first day
OF August, eighteen hundred and sixty-three,
they shall be funded in seven per cent. bonds
or stock, and after the said first day of August
they shall no longer be fundable at the pleas
ure of the holder, but shall be receivable in
payment OF public dues, except the export duty
on cotton, and payable six months after the
ratihcatlon of treaty of peace. as specified on
their face. All treasury notes not bearing
interest, issued after the frs, day of December,
eighteen hundred and sixty two and within
ten Gays after the passage of this act, shall be
| luhdaole IN seven per cent bonds or stock
until the first day of August next; and after
the said first day of August, shall be fundable
! only In bonds bearing interest at the rate of
/ 1our per cent. per annum, and payable ut anv
time not exceeding thirty years from the date
/ thereof; and all such notes not funded shall
be receivable in payment of all public dues.
except the export duty on cotton, and shall be !
! payable SIX months after the ratification of a |
| treaty OF peace between the Confederate poy-
1
tlhcates bearing eight per cent interest, shall, |
| with the accrued interest, be fundabe on or
| before the first day of July, eighteen hundred !
! and sixty-threc, into bonds of the Confederate
States, bearing interest at the rate of eight !
per cent. per annum, and payable at any time
not exceeding thirty years after their date
! PTouided 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 sixty-three
! 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 II ON the said first day of July, eighteen
/ hundred and sixty-three.
SEC. ?. In lien 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 he 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 the
! Confederate States and the United States. and
fundahle 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 funGabe into bonds bearing four
per cent. interest per annum. These notes
shall bear upon their face the month and year
Of shOir issu" and if not funded shall be paid
at the time speclneu tlIvi, faoo 'i.i.,---.
interest.


SEC. 3. After the passage of this act the
authority heretofore given to issue call certih-
i 4. -.
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 aunum 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 he exchanged for n
bond payable at any time not exceeding thirty
years from the expiration of the said six
Z months, and bearing interest at the rate of six
per cent. per annum. Treasury notes, which
by the operation of this act become fundahle
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
nun, from their date until reconverted or paid;
the said certificates being reconvertible AT any
time by the holder into notes fundabe in four
per cent. bonds, and payable and receivable
as heretofore prescribed, but the said ccrtih-
Gates may be redeemed by the government
after six months from the ratification of
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 redeemable five years after date,
at the pleasure of the government, and shall in
other respects conform to existing laws,


SEC. D. The Secretary of the Treasury shall
use any disposabe 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
shall not exceed one hundred and seventy-five
millions of dollars


SEC. 6. The treasury notes hereby allowed
to be issued, shall be of any denomination 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 hfteen 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 cotton, but
shall not be fundable.


SEC. 8. That the Secretary of the Treasury
be authorized to sell bonds bearing six per
cent interest per annum, and payable as here
int efore 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 Confederacy


upon such plan as may be determined by the
Secretary of the Treasury, for treasury notes
on such terms as he may deem advisable, to
the highest bidder, and not below par: Pro-