\ [Senate — Secret.] ^^.MEISTDMEISrTS Proposed by the CoitrmiU^oti Finahc^. to the bill, (11. R. 92,) to tax, fund and limit the currency. i. Strike out after the enacting clause sections one, two, three, four, five, six and seven, and insort as follows : I Section* I . That upon all non-interest bearing treasury notes 3 of and above T,he denomination of five dollars, and upon the 3 principal sum of all call certificates outstanding on the 1st day 4 of April, 1864. there shall be levietl and collected a tax of sixty- .") =»ix and two-thirds cents for. every dollar promised on the face of fi said notes and call certificates; said tax shall attach to said notes 7 and call certificares wherever circulated, and shall be collected by 5 a deduction at the Treasury and its depositories, and by the tax !) collectors, from all such notes and call certificates whenever 10 presented for payment, or for funding, or in payment for public 1 1 dues : Frovidcd, That after the 1st day of April, 186 I, the interest. 1 2 shall be allowed from that date on one third only of the amount 13 specified on the ficc of e^aid rail certificates. \ Sec. 2. That all payments by the Government r.ftcr the 1st 2 day of April, 1864, shall be made in the new notes hereinafter 8 authorized to be issuetl : Providid, however. That in liquidatioa 4 of all contracts with the Government made between the lat day 2 5 of January, 1863, and the date of the passage of this act, and 6 to be executed in the Confederate States, except public pecuriticR, 7 payments in the new iFPue of treasury notes shall be made at the 8 rate of one dollar of said new issue for three dollars due under said contracts: Prmnded further ^ That the interest on all public 10 securities, the pay of officers of the army and navy, and of 1 1 soldiers and seamen, and the salaries and compensation of all 1 2 officers and employees of the Government in all its departments 13 shall be paid in the new issue of treasury notes at par: And 14 provided further. That the tax laid for the year, 1863, shall be 15 payable in treasury notes of the old issue sit par, and without 16 deduction. 1 Sec. 3. That from and after the passage of this act, and until 2 the let of April, 1864, treasury notes of the old issue shall be 3 fundable in bonds under existing laws only at the rate of one 4 dollar in bonds for three dollars in treasury notes ; and on and 5 after that time they shall be so funded according to their nominal 6 value, with the deduction of the tax hereby imposed. 1 Sec. 4. That said non-interest bearing treasury notes of the 2 old issue, when collected in payment of public dues, or by the 3 sale of bonds, or by funding, shall not be re-issued ; but, instead 4 thereof, the Secretary of the Treasury shall issue one-third of 5 the amount thereof in new notes, payable two years after the Q ri^tifipfttioDi of R treaty of peace with the United StRtes? Rnd T receivable iu payment of all public dues, except export duties, -^3 5 8 and any tax declared by law payable in specie. 1 Siic. o. That all holders of treasury notes bearing nv 2 interest, and issued prior to 1st day of April, 1864, shall, on and 3 after that data, i.-e entitled to exchange the same for the ne•v^ 4 issue, at their num'nal value, deducting therefrom the tax .5 imposed by this act. 1 Sec. -tt. That all certificates not reconverted into notes prior to ij April I, 1864, shall thereafter be paid in notes of the new issue, a deducting from the principal sum on the face of such certificates 4 the tax imposed by the first section of this act. That all treasury 5 notes of the old issue, bearing no interest and outstanding on 6 1st April, 1864, under regulations to be prescribed by the Sec- 7 retary of the Treasury, may be converted into call certificates, at 8 their nominal value, deducting therefrom the tax imposed thereon 9 by this act, which certificates shall be leconvertible into notes of 10 the new issue, dollar for dollar, and bear interest at the rate ot 1 1 three per cent, per annum, and the new issue of treasury notes 12 may be converted at par into call certificates, bearing interest at 13 the rate of three per cent, per annum, under regulations to be 14 prescribed by the Secretary of the Treasury. 1 Sec. 7. That treasury notes of the old issue, bearing no inter- 2 est when received by the Government, shall not be reissued, nor 3 shall any new notes, in lieu of such old notes received as afore- 4 4 said, be issued, unless the total amount outstanding of new notes, 5 and of old notes not bearing interest, valued at the rate of three G dollars of the old for one of the new issue, and of call certifi- 7 Gates, shall be less than two hundred millions of dollars ; in that 8 event, so naany new notes may be issued as to raise the amount 9 above described to two hundred millions of dollars, but to no 10 greater sum : Provided, That nothing herein contained shall be 1 1 construed to prevent the exchange of new for old uotes, as pro- 12 vided for in the fifch section of this act. 1 Sec. 8. That treasury notes heretofore issued, bearing interest 2 at the rate of seven dollars and thirty cents on the hundred dol- 3 lars per annum, shall no longer be receivable in payment of the 4 public dues, but shall be deemed and considered bonds of the 5 Confederate States, payable two years after the ratification of a 6 treaty of peace with the United States, bearing the rate of inter- 7 est specified on their face, payable on the first of January of each 8 and every year. 1 Sec 9. That the Secretary of the Treasury be, and he is hereby 2 anthorized, in case the exigencies of the Government should re- 3 quire it, to pay the demand of any public creditor, willing to 4 receive the same, in a certificate of indebtedness, to be issued by ' him, payable two years after the ratification of a treaty of peace ' with the United States, bearing interest at the rate of six per ? cent, per annum, payable semi-annually, and transferrable only 5 8 by special endorsement, un ler regulations to be prescribed by the y isecretax'y of the Treasury. II. Strike out section eight, and insert as follows : 1 To defray the expenses of the Government not otherwise pro- 2 vided for, the Secretary of the Treasury is hereby authorized to 3 issue six per cent, bonds, to an amount not exceeding iivo hun- 4 dred millions of dollars, the principal and interest whereof shall o be free from taxation during the war, and for the payment of th^ G interest thereon the entire nett receipts of any export duty here- 7 after laid on the value of all cotton, tobacco, and naval stores, a which shall be exported from the Confederate States, and the nett y proceeds of the import duties now laid, or so much thereof as U) may be necessary to pay annually the interest, are hereby spe- 1 1 cially pledged : Fiovided, That the duties now laid upon imports 12 and hereby pledged, shall hereafter be paid in specie or in ster- 13 ling exchange, or in the coupons attached to said bonds as they 14 become due, or in treasury notes at their market value in specie : 15 Frovidedy That during the war the coupons on said bonds may be 1() received in payment of said import duties six months in advance 17 of the maturity of said coupons : And provided, further, That the 18 said duties on imports shall be payable in treasury notes of the 19 new issue, at par, or in treasury notes of the old issue, notbear- 20 ing interest, at the rate of three dollars for one, until the Secre- 6 21 tary of the Treasury shall publish that fifteen millious of said 22 bonds have been sold. III. Strike oui after the word '" date,"' in line ten, section ten, the residue of said section. lY. Strike out section eleven. V. In line one of section fourteen, after the word *' notes," insert the words ** from and after April 1, in the year 1864." Digitized by the Internet Archive in 2010 with funding from Duke University Libraries http://www.archive.org/details/amendmentsproposOOconf