Proposition on finance

Q.^. \

, (.lIoirsE OF Representatives — Secrjjt Session.]

IIOUSl?^F^RdiPflES?N'^ATjMs;^anuary 11, 1S64.— Ordered

to be printc'l. ^ -- '

[By Mr. Garnett.]

PROPOSITI N OF FINANCE.

1 I. Thut for two months, from and after the passage of thit

2 act, treasury notes, not bearing interest, heretofore issued, shall

3 be receivable in payment of public dues at the rate of five doll trs

4 for one dollar due, and may be fuhd-.-d at the game rate in six
o per cent, stock, and not otherwise; and after the expiration of

8 the said two months, the said treasury notes shall be receivable
7 and fundable as aforesaid, at one-tenth of their nominal value,
3 and not otherwise ; and those notes still outstanding at the eiid

9 of the war, shall, when due, be paid at one-twentieth of their

10 nominal value. Call certificates heretofore issued may be funded

11 at the same rates with notes into which they are convertible:

12 Frovidedy however, That all taxes due on the business or incomes

13 01 18G3, under the act, approved April 24, 1863, entitled *' An

14 Act to lay taxes for the common defence and carry on the

15 Government," may be paid, as heretofore, in treasury notes of

16 existing issues at par.

1 II. The authority heretofore given to the Secretary of the

2 Treasury to issue treasury notes is hereby revoked, and instead

3 thereof, he is authorized to issue treasury notes, not bearing

4 interest, and not fundable at the pleasure of the holder, but

5 payable in specie two years after the ratification of a treaty of

6 peace with the United States, and meantime receivable in pay-

7 ment of all public dues, except the export duty on cotton, and

8 such other taxes as may be required to bo paid in specie. The

9 faith of the Government is hereby pledged that these" notes shall

10 never be taxed, and shall be fundable, receivable, and payable at

11 par, as herein provided, and that the aggregate amount of the

12 said notes, together with the aggregate value, rated as provided

13 in the former section for funding them, of notes formerly issued

14 and outstanding, shall never exceed two hundred and fifty

15 millions of dollars. The holder of notes of former issues may

16 exchange them at the Treasury for notes of this issue at the rate

17 of ten dollars for one.

1 III. Nothing in the first and second sections shall be construed

2 to apply to the notes heretofore issued under five dollars.

1 IV. The Secretary of the Treasury is authorized to issue

^. bonds, payable and redeemable in specie, thirty years after date,

;j and bearing interest at the rate of six per centum per annum,

4 payable semi-annually on the first of January and July. The

5 said interest shall be paid in specie from and after one year after

6 the ratification of a treaty of peace with the United States.

7 These bonds shall be for one hundred dollars, or exact multiples

8 of one hundred dollars, and shall be coupon or registered bonds,
!) as the purchaser may desire, and the holdev shall have the privi-

1(1 lege, under regulatiuus to be prescribed by the Se,cretary of the

1 1 Treasury, of converting at any time coupon into registered or

12 registered into coupon bonds; and the faith of the Government

13 is hereby pledged not to tax the principal or interest of these

14 bonds.

1 V. All export duties hereafter imposed, and all excise duties

2 hereafter levied, on manufactured cotton and tobacco, are pledged

3 for the punctual payment of the principal or interest of these

4 bonds ; and the coupons thereto attached shall, as they become

5 due, be recQivable in payment of said duties, oi any other duties,

0 required hereafter to bo paid in specie.

1 VI. The Secretary of the Treasury shall, from time \^. dme,

2 sell, upon the best terms he may find practicable, for treasury
S notes of the issue herein authorized, specie, or foreign exchange,

4 so many of these bonds as may be necessary to meet the wants

5 of the treasury.

1 VII. Bonds of the Confederate States, issued under authority

2 of other acts than this, may be exchanged at the treasury for
S the bonds herein authorized at the following rates, to wit : eight

4 per cent, bonds at ; seven per cent, bonds at

5 six per cent bonds at ; four per cent, bonds at ;

6 and treasury notes bearing intercut at the rate of 7.30 per cent.

7 at . j^

1 VIII. The Secretary of rfre Treasury is autliorized during the

2 present war toissue,io any public creditor, who may be willing

3 to receive the same in distdiargo of his claim, a certificate of

4 ii.debten^^s, payable in sppcie two years after the ratification of

5 aii^ii^y <5f peace with the Unite 1 States, an 1 bearing intc'est
at the rate of eight per cent., payable aniuiliy, in troisary

7 notes. These certificates shall be made pa\ able to order, and

8 transferable only by special assignment.

1 IX. Property impressed may be paid f)r, one half in trea--

2 sury notes, and the other half in certificates of indebtedness.

AN ACT to impose duties on exports and to levy excises on manu-
factured cotton and tobacco.
1 Section -l . The Congress of the Confedf^rate States of America

"i do enact, That hereafter there shall be levied and paid a doty of

3 cents on every pound of cotton, and of cents

4 on every pound of tobacco exported from the Confederate States ;

0 and on all othrr exports there shall be levied and paid a duty of
6 per cent, ad valonm.

1 Sec 2. There shall be levied and collected an excise duty of

2 cents on every pound of cotton, and cents
iJ on every pound of tobacco manufactured in the Confederate
4 States.

AN ACT to require duties on imports to be collected in specie.
1 The Congress f the Confederate States of America do enact. That

3 from and after the first day of May all duties on imports shall bo
3 collected and paid in specie.