SENATE, iNremi"- '^'v 18«4.— Referred to tho Tom in ittee on f 
 # Fij)ftnce anil nr<1<Mr.! . intod.* 
 
 [House En(;uob>ki> Dii.l. i 
 
 To provide more cflTecttially for llin reduction arnl iciloniption of 
 
 tlic carrcrry. 
 
 1 Wherfas. Tho recovery of the currency fiom its dcprecia- 
 
 2 tion, and the rca?suraoce of tho public of its ultimate payment 
 
 3 in fall, would he an inestimahle benefit to both srovcrnment 
 
 4 and citizens*; nud as a mean^ for accompli;-hin,£: thif end, it i^ 
 
 5 expedient to exempt tJio same from taxation, and to plcd^jc the 
 fi jtultjic faith, not only aerainnt any iddition to the amount of 
 7 the currency now authfui/od )i\ l.iw Ini :ilwo Id ilir> reduction 
 ^ of it. by caneeilini;. annual 1) , a mau' rial jmiL Llic:icui,an'i to ine 
 9 dedication o( an ample fund for rcdceminL^ the residue, to l>c 
 
 1<» applied to that purpose from and aft*r the close of tke existing 
 
 1 1 wai : Thcrclore, 
 
 1 T/i-e i^ongrejis of the (^nnjeifrate SfcUes of Afnerica dn ennct, 
 
 2 That hereaft-er, and nntil (h<» full rodon-ittmn ui' tho f^onfod^^rate 
 
 3 States Treasury ncM' n^w <>ii\ [nwinr^. -.uiu <m -u< 'i n- 
 
 4 thorized \>j existing lawn to bo i((!!ucd the said notes, except 
 
 5 those if'-ued prior to tho peventoenth day of February, eighteen 
 
2 
 
 huiidrod ami ;-iNty-ronr. ^llall ^c free froni all taxation whatever. 
 
 1 Sec. 2. Pending tJjo wnr^ one-fifth of the Treason- notes an- ^ 
 
 2 nnally received into the Treasury, fn payment of taxes, shall be 
 
 3 thereupon cancellefl. until the amount on. . shall have 
 
 4 been reduced to one hundred and lifty millions of dollars. 
 
 1 Sec. 3. ♦'Upon a declaration of peace UaHreen the Confederate 
 
 2 States and the United Sta^\=? o^ America, the tithe received by 
 
 3 the jTovcrnment of tho annual cro]i:^ or produce of cotton, (other 
 
 4 than Sea Island cotton.; whcfft and corn, in the ratio of four- 
 
 5 ninths of cotton, fonr-liinths of corn, and one-ninth of wheat, 
 
 6 shall be applied to the redemption of the Treasury notes in 
 
 7 circulation, until the whole sliall have been redeemed; the tithe 
 
 8 of cotton being valued at fifty c^nts a pound; of corn at two 
 
 9 dollars a bushel, and of wheat at four dollars a bushel, and be- 
 
 10 ing deliverable by tbc government at one or more shipping 
 
 11 ports in each of the Confederate States, to be selected by the 
 
 12 Secretary of the Treasury; Provided, however, That the tithes 
 
 13 aforesaid, or any part thereof, may, l)y consent of the parties 
 
 14 entitled to receive the same, be delivered elsewhere than at a 
 
 15 shipping port ; Provided, further, That the cotton to be deliv- 
 
 16 ered under the authority of this act, shall be equal to cotton 
 
 17 classed and held as "middling cotton," in the poits where such 
 
 18 cotton may be delivered. 
 
1 Sec. 4. That all acts and parts of acts now in force, providing 
 
 2 for the assessment and cOllcctiofi of the tax in kind of cotton, 
 
 3 corn and wheat, be and (lie same are hereby rc-cnacted, and shall 
 
 4 continue in force until all Trcnsury notes issued, or authorized to 
 
 5 be issued l»y "An act to reduce the currency, and to authorize a 
 
 6 new issue of notc^and bondn," ai)proYed February 17, 1864, 
 
 7 sliall have been redeemed in full; and tlie persons paying taxes 
 
 8 in kind under this act, from and after a ratiiication of a treaty 
 
 9 of peace, shall receive compensation Ity credit, or otlicrwise, for 
 
 10 the then market value of any cotton, corn and wheat, deliver- 
 
 11 ed after the termination of the war, .so as cqualiiie their taxes 
 
 12 with other tax payers, the market value to be ascertained at the 
 
 13 time of delivery in the mode prescribed by law. 
 
 1 Sec. 5. The holders of Treasury notes desiring to receive the 
 
 2 tithes aforesaid, in payment thereof, shall convert the same into 
 
 3 Treasury ccrtilicates, bearing an interest of six jfcrctni j»«jr 
 
 4 annum, which shall be issued by tke Secretary of the Treasury 
 
 5 in exchange for said notes, and shall express on their face the 
 
 6 object for which they are intende<l : t'i'> holders of which said 
 
 7 certificates shall be entitled to receive payment therefor in the 
 
 8 tithes aforesaid, at the rate of one-iifth of the amount annually ; 
 
 9 Provided, hoircvcr, That more than one-fifth of the amount of 
 
 10 tithe ducnjcn bny micji ccriuicaic, or the whole oJ tuch amount. 
 
11 may be paid in any year, at the election of the Secretary of the 
 
 12 Treasiry, Provided, That Treasury notes redeemed in lieu of 
 
 13 the certificates authorized l»y this act sliall not, be reissued ; 
 
 14 Provided, further, That said certificates s' all Be divided into 
 
 15 two classes, to b<^ designated rcspoctively as No. 1 and 2. Ccr- 
 
 16 tificatcs issued durin.i^the first six monfhsof the year 1865, shall 
 
 17 be of the first class, and sliall lie rcdeeirable in cotton at forty 
 
 18 cents a pound, corn at one dollar and fifty cents per bushel, and 
 
 19 wheat at three dolla' s per bushel; Provided, however^ That hold- 
 
 20 ers of Treasury notes living in the Trans-Mississippi Depart- 
 
 21 ment shall be allowed two months additional to convert their 
 
 22 Treasury notes into certificates of the first class. Certificates 
 
 23 issued subsequent to tliesix and eight months of said year, shall 
 
 24 be of the second class, and hhall be redeemable in cotton at fifty 
 
 25 cents per pound, corn at two dollars per bushel, and wheat at 
 
 26 four dollars per bushel. 
 
 1 Sec. 6. All planters or farmers liable to the tax in kind shall be 
 
 2 permitted to satisfy the same by payment of such certificates as 
 
 3 aforesaid. 
 
 1 Sec. 7. Certificates issued under the authority of this act shall 
 
 2 be in the following proportions towlt : four ninths in a sepa- 
 
 3 rate certificate, payable in cotton, four-ninths payable in corn, 
 
 4 a id ore-nirth ] ayable in \^hcnt; but no sum less than forty-five 
 
:» 
 
 6 
 
 5 dollars, or its multiple, shall l)e converted into Treasury certifi- 
 
 (> catea, when the sum in under nine liundrcd dollars; Itut the 
 
 7 amount to be made payable on the face of each certificate, when 
 
 M the sum converted into Treasury ccrtificatcH is more than nine 
 
 9 hundred dollars, shall l»o such as the So{ ivtary of the Treasury 
 
 10 shall .iudc;o: to he most suitable ;ind convoniont for the purj)0se8 
 
 11 of this act, whicli said certificates shall be assignable in 
 
 ^^ 12 writintr in siich form and with such authenti(;ation as ihe Scc- 
 
 \ % 
 
 ^A- 13 rctary of the Treasury may i)re?crilte. 
 
 1 Sec 8. The public faith is hereby pledged to the immutable 
 
 2 observance of the provisions herein abcvc contained, as to the 
 
 3 collection of the tax on wlieat, corn and cotton in kind, and the 
 
 4 application thereof as aforesaid, until the redemption of the cur- 
 
 5 rency as above provided, shall have been comjilcted. 
 1 Sec t). This act shall be in force from the passing thereof. 
 
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