Substitute for the bill (H.R. 229) to provide more effectually for the reduction and redemption of the currency

H.fi.tt. ^^

[EODSE OF REPRESENTATIVES.]

HOUSE OF REPRESENTATIVES, December 14, 1864,-Order-
ed to be printed.

[By Mr. Perkins.]

SUBSTITUTE

For the Bill (H. R. 229) to provide more effectually for the reduc-
tion and redemption of the currency.

1 Whb&EAS, The securing of the currency against depreciation

2 from cxi avA a want of confidence in its ultimate

3 redemption, would be an inestimable benefit to both govern-

4 nir-nt ani citizen*. Therefore,

1 ^iciioxl. ike Canfehrate States of America

9 enact, Hereafter, and until the full redemption of the Con-

3 fi 3 ' 'reasury notes, now outstanding, and of such

4 as are author! • to be issued, the said notes,

ed prior 'venteenth d ■■bruary,

hundred and sixty+OUT, shall l»e free from all taxation
7 whatever.
1 - _. Pendins the war. one-fifth of the Treasury notes

into the ent of taxes, during each

5 yea the amount

4 outstanding shall not be reduced at any time to les3 than

5 one hundred and fifty millions of dollars ($150,000,000.)

1 Sec. 3. Upon a declaration of peace between the Cenfederate

2 States and the United States of America, the tithe received by

3 the Government of the annual crops or produce of cotton, (other

4 than Sea Island cotton,) wheat and corn, in the ratio of four-

5 ninths of cotton, four ninths of corn and one-ninth of wheat,
Ci shall be applied to the payment of such certificates of indebted-

7 ness for Quartermaster and Commissary supplies as the govern-

8 ment shall hereafter issue, until the whole shall have been re-

9 deemed ; the tithe of cotton being valued at fifty cents a pound,

10 of corn at two dollars a bushel, and of wheat at four dollars a

11 bushel, and being delivered by the Government at one er more
3 2 shipping ports in each of the Confederate States, to be select-

13 ed by the Secretary of the Treasury : Provided, however, That

14 the tithes aforesaid, or any part thereof may, by consent of

15 the parties entitled to receive the same, be delivered elsewhere
1G than at a shipping port: Provided, further, That the cotton to

17 be delivered under the authority of this act shall be equal to

18 cottou classed and held as " middling cotton " iu the ports where

19 such cotton may be delivered.

1. Sec. 4. That all acts and part3 of acts now in force, providing

2 for the assessment and collection of the tax in kind of cotton.

3

3 corn and wheat, be, and the same arc hereby, rc-eracted and

4 shall continue in force until all certificates of indebtedness here-

5 after issued by the government for Quartermaster and Cora-

6 rnissary supplies shall have been redeemed in full; and the per-

7 sons paying taxes in kind under this act from and after a ratifi-

8 cation of a treaty of peace shall receive credit for the then

0 market value of any cotton, corn and wheat, delivered after

10 the termination of the war, so as to equalize their taxes with

11 other tax payers, the value to be ascertained at the time of de-

12 livery in the mode prescribed by law.

1 Sec. 5. The holders of such certificates of indebtedness desi-

2 ring to receive the tithes aforesaid in payment thereof, shall

3 convert the same into treasury certificates, bearing an interest

4 of six per cent, per annum, which shall be issued by the Seere-

5 tary of the Treasury in exchange for said certificates of in-

6 debtedness, and shall express on their face the object for which
T they are indebted ; the holders of which said certificates shall

be entitled to receive payment therefor, in the tithes afore.-:ii«l.

9 at the rate of one-fifth of the amount a; Dually : Provided, how
1° ■ than one-fifth of the amount of tithe due upon
11 any such certificate, or the whole Ol raofa amount, nay be paid

W in an; it the election of the 3 tary of the Trc;

IS ' - or farmen liable to the tax in kind shall

4

2 be permitted to satisfy the same by payment after the war of

3 such certificates as aforesaid.

1- Sec. 7. Certificates issued under the authority of this act

2 shall be in the following proportions, to wit: four-ninths in a

3 separate certificate, payable in cotton ; four-ninths payable in

4 corn, and one-ninth payable in wheat ; but the amount to be

5 made payable on the face of each certificate shall be such as the

6 Secretary of the Treasury shall judge to be most suitable and

7 convenient for the purposes of this act, which said certificates

8 shall be assignable in writing in such form and with such au-

9 thentieation as the Secretary of the Treasury may prescribe.

1 Sec. 8. The public faith is hereby pledged to the collection of

2 the tax in kind, in all articles now liable to such a tax, and to

3 the application of such tax, in wheat, corn and cotton, as afore-

4 said, until the redemption of such certificates of indebtedness

5 for Quartermaster and Commissary supplies as -the government

6 shall hereafter issue.

1 Sec 9. This act shall be in force from the passage thereof.