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 [ETouss OK Reprksextatives, No. 807.] 
 
 HOUSE OF REPRESENTATIVES, December 29, 1864.-Read 
 first and second tiine.^i, postponed until the 5th day of January, 1865, 
 and ordered to be printed. 
 
 [Cy Mr. LvoN". from Committee of Ways and Means, 
 
 A. BILL 
 
 To i»e entidod An Act authorizing the Secretary of the Treasury to 
 borrow 'ji-p. Jo to be applied to ihe redemption and reduc- 
 tion of the currency. 
 
 1 Tiie Congress of the Confeferafe States »f America do enact, 
 
 2 That the Secretary of the Treasury 1)0, and he is hereby 
 
 3 authorized to l>or:-ow. from any bank-> or '•ther corporations, 
 
 4 companies, partnerships or individuals, spec e to an amount not 
 
 exceeding thirty million? of dolla-'s. 
 
 1 Sec. 2. The srdd Secretary shall issuo to each lender a l)ond 
 
 2 or bond? of the Confederate States for the repayment of the 
 
 3 amount of specie lent, within years after the ratification 
 
 4 of a ti-eaty of peace with the United States, which said bonds 
 
 5 shall bear intcrc.?t at the riite of six per centum per annum, 
 
 6 payable semi-annnaliy ia i-)>ecie. • 
 
 1 Sec. 3. The sjiecie so borrowed shall be employed by the said 
 
 2 Secretary in purchasing the out'^tanding Treasury notes of the 
 
 3 (."onfedeiate State.'?, at such times and upon such terms as shall 
 
i 
 
 2 
 
 4 be prescribed by tbe said Secretary, bv regulation to be made- 
 
 5 and published by him from time to time for tliat pmpose. 
 
 1 Skc. 4. The said Secretary shall cause the Treasury Tiotes so 
 
 2 pui chased to be car.cclled, and shall issue, to an amount equal 
 
 3 to that of the notes cancelled, tithe certificates of the Confed- 
 
 4 erate States, such as are authorized to be issued by the pro-' 
 
 5 visions of the Act ?pproved the day of December, 1864, 
 
 6 entitled •• An Act to provide more effectually for the reductio» 
 
 7 and redemption of the cunency." 
 
 1 S£C. 5. The tithe certificates so is'-^uod shall be hypothecated 
 
 2 by the said Secretary as security for ihe redemption of ibe spe- 
 
 3 cie bonds to le it-sued under the second section of this Act : 
 
 4 and a ratable share of such certificates shall be allotted to each 
 
 5 bank or other holder of the specie bonds aforesaid. 
 
 1 Si c. G. The said Secretary shall have the option to j.ay ihe 
 
 2 inter st upon su(h hypothecated certificates, in lieu of paying 
 
 3 ihe interest upon the said specie bonds. He shall also have the 
 
 4 option to pay the said bonds and redeem the said certificates 
 
 5 any time before the period of payment mentioTied in tWe said 
 
 6 bends. 
 
 1 Fec. 7. Any Slate in the Confederacy shall have the light, 
 
 t 
 
 2 before the loans made by the banks of such State under tbe 
 
 3 provisions of this Act, shall have become payable, to assurae 
 
 4 the obligation of the Confederate States to make such repay- 
 
5 mcnt: and in case of such assumption, the specie bonds issued 
 
 6 for such loans shall be cancelled, and returned to the Secretary 
 
 7 of the Treasury, who shall thereupon transfer to such State the 
 S certificates hypothecated for the redemption of the bonds so 
 
 9 canceli(-d and returnod. 
 
 1 Sec. 8. 'I hat in all cases where specie, belonging to any bank 
 
 "2 of any Confe<kM-atc State, has already been received i;i:o the 
 
 3 Treasury, of the Confederate States, it shall be the duty of the 
 
 4 Secretary of the Treasury, to invest the same, or so much there- 
 
 5 of a? shall lie nectssaiy for the purpo.<e, in the purchase of Con- 
 (') federate Treasury notes, to an amount e(}Uil in vnluo to the cs- 
 
 7 limated proportion of the tithes payable by the people of sa d 
 
 8 Ftate. under the previsions (^f an Act entitled " An Act (o ])ro- 
 
 9 vide n)Oie eliectually for the reduction jfi;(i r. demp'ion ol' the 
 
 10 currency;" and the Treasury notes so purchased shall be con- 
 
 11 verted into tithe certificates in the manner provided in the fore- 
 
 12 goiig sections of this acr, and the state in wli ch said bank is 
 
 13 established, shall have the same rights as are provided in favor 
 
 14 of other states under the seventh section of this act. And in 
 1* case the amount unexpended and remaining in the Trensu'-y, of 
 10 the specie already received into the Treasury asaf' resaid, shall 
 
 17 not suffice to purchase the estimated proportion of tithes of any 
 
 18 state as aforo-nid then the said purchases shall be continued, 
 
4 
 
 19 and payment for the same be made out of any other specie, or 
 
 20 by means of any foreign exchange at the disposal of the Secre- 
 
 21 tary of the Treasury, and not otherwise appropriated : Provided^ 
 
 22 That the specie or foreign exchange so applied in behalf of any 
 
 23 state, shall not exceed the sum received from the banks of the 
 
 24 said state. 
 
 1 Sec. 9. This act shall commence and be in force from and after 
 
 2 the passing thereof. 
 
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