[SevvteBill, No 168] 
 
 SENATE, D'cemVr '>8, 18(5 3 —Tlpa-1 first nnd secon I times, and 
 ordered to be pl.«ced upon the Calendar anl piiutei. 
 
 I By Mr. Semmes, from the Committee on Finance.] 
 
 A. BILL 
 
 To be entitled An Act to provide for a new issue of treasury notcSj. 
 and for fan ling all such notes now outstanding. 
 
 1 Section I. The Ciiignss of the Cunftderate States of Am2 ica do 
 
 2 enact. That no treayury note outstanding at the time of the pas- 
 5 sage of this act shall be receivable in payment of public dues, or 
 
 4 fundable after the day of , in the year 1364, 
 
 5 east of the Mississippi river, or after the day of 
 
 6 , west of the Mississippi river, but until the privilege of 
 
 7 funding is taken away, as above prescribed, all treasury not> ^ 
 
 8 outstanding as aforesaid, shall be fundable in bonds payab.e 
 
 9 twenty years after their date, and bearing interest at the rate of 
 
 10 six per cent, per annum, payable serai annually — the said six p:r 
 
 1 1 cent, bonds to be taxable as other property : Provided, however^ 
 13 That all holders of said treasury notes shall be allowed until the 
 13 funding privilege ceases at the times and places above prescribed, 
 1 i to fund the same in bonds of the Confederate States, payable 
 
B , 
 
 15 twenty years after their date, arul bearing interest at the rate of 
 
 16 fjiir per cent. p?r anninn, payahlj semi-annuilly, and the sii«l 
 
 17 four per cent, bond? shall never be t^xecl by the Confederate 
 
 18 States, in piincipal or inter, st; and a'l holders of bond.-i or stock 
 
 19 oT iho Coiifodcrate States, beaiiiig interest at ihc rate of six per 
 2') cent, per annum, or more, i-h.ill be allowed to exch:inge the same 
 21 at pir, for the said four per cent, bonds. 
 
 1 Sf.c 2. That after the psssago of tliis^ act, the Secretary of 
 
 2 the T.easury shall proceed to issue *reasurj' notes to the amount 
 
 3 of two hui.dred and fifty millions of dollars, which shall be piy- 
 
 4 able two years after the ratification of a treaty of peace between 
 
 5 the Confederate States and the United States, and receivable in 
 G pajment of all public dues oxcopt the export duty on cotton, and 
 
 7 such other dues as may be declared payable in specie only, and 
 
 8 the sail notes may be converted into call certificates, as hereto- 
 
 9 fore, the said certificates to beir interest at the rate of three per 
 
 10 cent, per annum, and to be reconvertible, at the pleasure of the 
 
 11 holder. And the faiih of the Government is hereby pledged 
 
 12 that the issue of said treasury notes and call certificates shall not 
 
 13 exceed the amount cf two hundred and fifty millions of dollars, du- 
 
 14 jing ihe}car 18G4, or thesum of two hundred millions of dollars 
 
 15 during the year ISjo, or any year thereafter during the war. And 
 I J the Secretary of the Treasury is hereby directed to cause fifty mil- 
 17 lions cf said treasury notes to le cancelled, after being collected 
 
3 
 
 18 for taxes, or by the sale of bonds, during the year 18C4 ; but tli3 
 
 ID Secretary of tlae Treasury miy. at his uiscreiion, reissue saitl 
 
 20 treasury notes, or rephce them with now notes, so long as the 
 
 21 Avhole sum outstanling shall not be increased thereby beyond 
 
 22 the limits herein prescribed: Provided, Tkat sail] trea-ury notes 
 
 23 shall not be fun lable at the pleasure of thj holdjr. 
 
 1 Sec. 3. That aM call certificates oustanding at the time of the 
 
 2 passage of this act shall cease tube reconvertible after the 
 
 S day of , in the year 1S(j4, east of the Mississippi river, 
 
 4 and after the day of , in the year 1864, west of 
 
 5 the Mississippi river, and all call certificates not reconverted 
 
 6 within the periods, and at the places above prescribed, shall be 
 
 7 deemed and c>:nsi lered four per cent, bond.s, payable twenty 
 
 8 years after the date of the 'lassagc of this act, the interest pay- 
 
 9 able semi-annually. 
 
 1 Sec. W. That any holder of treasury notes, outstanding at the 
 
 2 passage of this act, depositing said notes for the purpose of fund- 
 
 3 ing them, in compliance with the provisions of this act, shall be 
 '^4 allowed to take one-tenth of the amount so dcpoiited in the new 
 
 5 issua of treasury notes hereinbefore provided for. 
 
 1 Sec. 5 That if any bank of deposit shall give its depositors the 
 
 2 said four per cent, bonds in exchange for their deposits, and 
 
 3 specify the same on the bonds by some distinctive mark or token, 
 
 4 to bo agreed upon with the Secretary of the Treasury, then the 
 
4 
 
 5 sail! depositor shall be entitled to receive the amount of said 
 
 6 bond.s in treasury notes bearing no interest, and outstanding at 
 
 7 the passage of this act : ProvUed, That the said bonds are pre- 
 
 8 scnted before the privilege of funding said notes shall cease, as 
 
 9 hereinbefore prescribed. 
 
 1 Sec. 6. That after the passage of this act, all authority hereto- 
 
 2 fore given to the Secretary of t^3 Treasury to issue treasury 
 
 3 notes &hall be, and is hereby, revoked, and all acts and parts of 
 
 4 acts are hereby lepealed, so far as they may conflict with the 
 
 5 provisions of this act: Provided, however, That nothing herein 
 
 6 contained shall be so construed as to apply to the treasury notes 
 
 7 of a denomination less than five dollars, which have been, or may 
 
 8 be issued, according to law.