Duke University Libraries D03209779. TREASURY DEPARTMENT, C. S. A., ? Riclimoud, February 22, 18G4. ] The following Regulations and Instructions for carrying into effect the Act of February 17, 1864, " to reduce the currency and to autlierize a new issue of Notes and Bonds" will be observed by all officers in the Treasury Department : 1. The holders of all Treasury Notes above the denomina- tion of five dollars not bearing interest, arc allowed until the 1st of April east of the Mississippi, and until the 1st of July west of the Mississippi, to fund the same in 20 years Registered Bonds hearing annual interest at the rate of four per cent, payable semi-annually. Until the Bonds can be pre- pared, the various Treasurers and Depositaries shall issue certificates in the form herewith prescribed, to be afterwards exchanged for Bonds at the same office frorii which the cer-' tificate was issued. The certificates shall be bound in a book, reserving a margin for the date, amount and ])arty named in each certificate, and sliall be cut fioin the book in a curved line so as to preserve the means of verifying the same. 2. The said certificates, before their exchange for Bonds, and the said Bonds after their exchange, shall be assignable and transferable in the san^ manner, and wMth the like au- thentication established at the Treasury for Registered Bonds. 3. Each Treasury officer who shall issue a certificate, shall report weekly to the Treasurer the number of the cer- tificate, date of payment, name of party and amount. And Avhen such certificate shall be presented to be exchanged for a Bond, he shall ascertain whether the assignments are made in form according to Article 2, and make a register thereof, by number, date, name of last asi^gnee and amount. Such certificate shall then cease to be assignable. He shall re port in like detail to the Register of the Treasury weekly, (or oftener if necessary) the certificates so presented ; and upon such report being received, the Register shall forward the Bonds to the Treasurer or Depositary to be ex- changed for the ccrlilicales. The said Treasurer or Deposi- tary slmll he charged with the same, and the proper voucher for his discharge will he the original certificate issued by him with the receipt of the party thereon. 4. After the said dates as specified in Article 1, all the said Treasury Notes outstanding may be exchanged for like certificates and Bonds at the rate of 665 cents for each dol- lar mentioned in each Treasury Note, excepting that when one hundred dollar notes are offered east of the Mississippi, there shall he deducted an additional sum of ten per cent. on the amount promised on the face of said Notes on. the then value, at the end of each month succeeding tliesaid first day of April, and when offered west of the Mississippi, the same deduction shall be made at the end of each month suc- ceeding the 1st of July, 1864, and on and after the ist of January, 1865, all further funding or exchanges of Treasu- ry Notes for Bonds or certificates shall cease. 5. The notes received by each Assistant Treasurer and Depositary shall be put up in packages of one hundred notes each, separating each denomination of each issue, and shall he cancelled, sealed, labeled and forw^arded through the Treasurer to the First Auditor of the Treasury at Richmond weekly, with a detailed report ol"the same. 6. Until the 1st of April, 1SUJ4, all Treasury Notes not bearing interest, shall be received at their face in payment of public dues on the east side of the Mississippi, and until- the 1st of July, 1864, on the west side, but after those days respectively, the one hundred dollar notes shall no longer be receivable for any public due, and all other notes except those of five dollars and under, shall be receivable at the rate of 66| cents to each dollar, until the 1st of January, 1865, when they will be absorbed and extinguished by the tax of one hundred per cc*ut. The five dollar notes shall be receivable at par for public dues and fundable east of the Mississippi until the 1st of July, 1864, and west of the Mississi[>[)i until the 1st of October, 1864, after which dates they shall be receivable and fundable at 66| cents to each dollar until the 1st of January, 1865, when they will be absorbed and. extinguished by the tax of 100 per cent. 7- The tax imposed upon the said Treasun- Notes respoc- tively attach to thera, and must be deducted from eacli Note hy 6very Government officer who may at any time have oc- casion to receive them. Tliese taxes are 33.1 jier cent, on all Treasury Notes not bearing interest, above the denomination of five dollars, outstanding east ot the Mississippi on the 1st of April, 18G4, and west of the IMississippi on the 1st of July, 18G4 ; on five dollar notes east of the Mississippi on the 1st of July, 1864, and west of the Mississippi on the 1st of October, 1804,33-^ per cent.; on' one hundred dollar notes, an additional tax of ten per cent, per month on the face thereof until presented in payment, and on all Notes other than Notes under the denomination of five dollars out- standing on the 1st of January, 18G5, a tax of one hundred per cent. 8. Notes of denominations under five dollars are not affected b}' the provisions of the act ; tlicy remain current and receivable as heretofore. • 9. Call certificates issued under section 3 of the funding Act of March 23d, 1863, for September (1863) money, or money issued since September, may be converted at the pleasure of the holder into the notes which they represent, or may be exchanged for four per cent. Registered Bonds or Cer- tificates. If exchanged before the 1st of April, 1864, east of the Mississippi, or if before the 1st of July, 1864, west of the Mississippi, the holders will be entitled to receive Bonds or Certificates for the par value expressed on their face, to- gether witli the interest due ; but if exchanged after those dates, they shall from those dates bear interest on 66^ cents for every dollar promised on the face, and shall be redeem- able only in Treasury Notes of the new issue at that rate. These call certificates for money issued previous to Septem- ber, 1863, have lost their convertibility, and may be ex- changed for six per cent. Bonds under the Act of March. 23, 1863. 10. No call certificates shall hereafter be issued upon any deposit of Treasury Notes of the present issues. 11. A new issue of Treasury No(es will be made between tlie 1st of April, 1SC4, and the 1st of January, 18G5. Any holder of Treasury Notes of the priesent issues not bearing'intcrest, of any denomination of five dollars or more, (except one hundred dollar notes) may, after the Ist of April, 1864, on the east side of the Mississippi, and after the 1st of July, 18G4, on the west side of the Mississippi, exchanjie thb same for the new issues at the rate of three dollars of the old issues for two dollars of the new. The! Treasurers and the Depositaries will receive deposites from any person offering the same, and deliver new notes in ex- cliange at the said rate, if he shall have sufficient new notes • on liand, and if not, he shall issue a certificate for the amount . of the deposit, shall cancel and forward the notes (as directed in Article 5,) to the Treasurer at Richmond, with a report of the same, and the Treasurer shall transfer to the Depos- itory a sufficient amount in the new notes to meet the authorized demands. When cancelled notes shall have been rei)orted*upon by the accounting officer, drafts will be forwarded to the Depository for the amount. 12. The holders of the new issues or of the old. with the exception of the one hundred dollar notes, after they shall have been reduced by the tax to 66^ cents in the dollar, shall be allowed to deposit the same at each principal pay Depository, in each State, and shall receive for .the same a call certificate bearing interest at the rate of four per cent, per anhum, and payable two years after peace with the United States, unless sooner reconverted. 13. The 7, ^,"o interest bearing Treasury Notes are cou- verted into Bonds })ayable two years after peace with the United States, with interest at the rate of two cents per day payable annually on the 1st of January. The interest will be paid annually by the pay Depositaries as heretofore ; but they arc no longer receivable for public dues. 14. Any holder of a four per cent, bond which may be marked with the token agreed upon between the Secretary of the Treasury and the bank from which he may have re- ceived the same for his deposit, is entitled to convert the said Bond into Treasury Notes. If any such Bond shall be presented for puymotit at any pay Depository helbre the 1st of April, 1864, such Depositary shall pay the same at par iuTrcasury Notes of the present issues, and the said Bond, duly receipted, shall be a proper voucher to discharge him for the amount so paid. 15. As soon as proper six per cent, bonds can be prepared, the holders of call certificates Avhich were converted into Bonds by the Act of March 23, 1863, are entitled to ex- change their certificates for said Bonds upon the application of any hol'der of a call certificate at any pay Depository. Such Depositary shall take up such certificate by paying the in- terest due, and issuing a certificate ©f deposit that the. amount (of principal) has b,een deposited to the credit of the Treasurer, on account of 6 per cent. Loan, und^r the 18th section of the Act of February Hth, 1864, and shall report such deposites in his -weekly returns to the Treasurer. He shall also send a statement of the certificates of deposit so issued in 'exchange to the Register of the Treasury, who shall forward to the Depositary coupon or registered bonds, •ixs may be desired, suflacient to meet the demand, and shall charge the Depositary with the same. The proper voucher for the discharge of the Depositary will be the certificate of deposit issued by him, endorsed by the party to whom the Bond was due. The Depositary shall forward accounts for the call certificates so redeemed and for interest paid, ac- companied by the vouchers, as in other cases ot similar character. 16. Bonds under Act of February iTth, 1864, will be issued in denominations of $100, $500, $1,000, $3,000 and $5,000. 17. Certificates may be issued for any sum of which $100 is {^ multiple. When an amount presented for funding shall consist of funds belonging to more than one person, and be accompanied by a list of names and respective amounts only one certificate may be issued in the name of each per- son, (Signed,) C. G. MEMMINGER, Secretary of Trcasiuy, [No. 116.] AN ACT TO REDUCE THE CURRENCY, AND TO AUTHORIZE A NEW ISSUE OF NOTES AND BONDS. Skc. 1. The Congress of the Confederate States of America do enact, That ihe holders of all Treasury notes above the denomination of five dollars, not bearing interest, shall be allowed until the first day of April, 1864, east of the Mississippi river, and until the 1st day of ^uly, 1864, west of the Mississippi river, to fund the same, andjintil the periods and at the places stated the liolders of all such Treasury notes shall be allowed to fund the same in registered bonds, payable twenty years after their date, bearing interest at ihe .rate of four per cent, per annum, payable oa the 1st day of January and -Tuly of each year. Sec. 2. The Secretary of tlie Treasiwy is hereby authorized to issue the bonds required for the lunding provided for in tlie preceding section ; and iintil the bon^s can be prepared, he may issue ceriiticates to answer thtj purpose. Such bonds and certificates shall be receivable, without interest, in payment of all Government dues payable in the year 1SG4, except export and import duties. Skc. 3. That all Treasury notes of the denomination of one hundred dollars, not bearing interest, which sliall not be presented 'for funding under the provisions of the first section of this act, shall, from and after the first day of April 18G4, east of the Mississippi river, and the first day of July west of*the Mississippi, cease to be receivable in payment of public dues; and said notes, it not presented at that time, shall, in addition to the tax of thirty-three and one-third cents imposed in the 4lh section of this act, be subject to a tax of ten per cent, per month until so presented ; which taxes shall attach to said notes wherever circulated, and shall be deducted from the face of said notes whenever presented for payment or for funding, and such notes siiall not be exchange- able for the new issue of Treasury notes provided for in this act. Sec. 4. That on all said Treasury notes not funded or used in payment of taxes at the dates and places prescribed in the first section of this act, there.shall be levied at said dates and places a tax of thirty-three and one-third ceo's for every dollar promised on the face of said notes. Said tjix shall attach to said notes wherever circulated, and shall be collected by deducting the same at the Treasury, its depositaries, and by the collectors, and by all Government officers receiving tlie same, wherever presented for payment or for funding, or in payment of Government dues, or for postage, in exchange for new notes as liereinafter provided, and said Treasury notes shall be fiindable in bonds as provided in the first isection of this act, until Uie first day of January, 1865, at the rate' ot fiixty-six cents and two-thirds on the dollar, and it shall .be the duty of the Secretary of the Treasury, at any time between the first of April, east, and first of July, 1864, west, of the Mississippi river, and the first of January, 1865, to substitute and exchange now Treasury notes for the same, at tiie rate of sixty-six and two-third cents on the dollar: Provided, that notes of the denomination of one hundred dollars shall not be entitled to the j)rivilege of said exchange: Provided, further, that the right to fund any, of said Treasury notes after the first of January, 1865, js hereby taken nway : and provided, further, tljat upon all such Treasury 1 notes whieh renuiiu outstanding on the first day of January, 1865, and which may not be exchanged for new Treasury notes, as herein provided', a tax of one hundred per cent, is hereby imposed. Sec. 5. That after the tirst day of April next all authority heretofore given to the Secretary of the Treasury to issue Treasury notes, shall be, and is heieby, revoked: provided, the Secretary of the Treasury may, after that lime, issue new Treasury notes in such form as he may prescribe, payable two years after the ratification of a treaty of peace with the United States, said new issue to be receivable in payment of all public due.<5, except export and import duties, and to be issued in exchange Ibr old notes, at the rate of two dollars of the new for three dollars of the old issues, whether said old notes be surrendered for exchange by the holders thereof, or be received into the Tre?.sury under the provisions of this act; and the holders of the new notes, or- of the old notes, except those of the denomination of one hundred dollars, after they are reduced to sixty-.<.ix and two-thirds cents on the c'ollar, by the tax aforesaid, may convert into call certificates, bearing interest at the rate of four per cent, per annum, and payable two years after a ratification of a treaty of peace with ti)e United States, unless sooner converted into new notes. Skc. 6. That to pay the expenses of the (.rovernment not otherwise provided for, the Secretary of the Treasury is hereby authorized to issue six per cent, bonds to an amount not exceeding five hundred millions of dollars, the principal and interest whereof shall be free from taxation ; and for ilie payment of the interest thereon, the entire net receipts of any export duty hereafter laid on the value of all cotton, tobacco and naval stores, wliioh shall be exported from the Confederate States, and the net proceeds of the import duties laid, or so much thereof as may be necessary t,o pay annually the interest, are hereby specially pledged: Provided, that the duties now laid upon imports, and hereby pledged, shall hereafter bo paid in specie, or in sterling exchange, or in coupons of said bonds. Sec. 7. That the .Secretary of the Treasury is hereby authorized from time to time, as the wants of the Treasury may require it, to sell or hypothecate for Treasury notes, said bonds or any part thereof, upon the best terms he can, so as to meet appropriations by Congress, and at the same lime reduce and restrict the amount of circulation in Treasury notes within reasonable and, safe limits. Sec. 8. The bonds authorized by the Gth section of this act may either be registered or coupon bonds, as the parties taking them may elect, and they may be exchanged for each other under such regulations as the Secretary of the Treasury may prescribe; they shall be for one hundred dollars or some multiple of one hundred dollars, and shall, together with the coupons thereto attached, be in such form and of such authentication as the Secretary of the Trea.sury may prescribe : the intereiJt shall be payable half yearly, on the Grst of January and July in each year; the principal shall be payable not less than thirty years from their date. Si;c. 9. All call cerlilicates shall be fundable, and shall be taxed in all respect.*; as is provided for the Treasury notes into which they are convertible, if not converted before the time fixed for taxing the Treasury- notes. Such certificates shall from that time bear interest upon only !-ixty-six and two- thirds cent,-; for evtry dollar promised upon tlieir face, and sliall be redeemable only in new Treasury notes at that rate ; hue after the passage of this act no call certificates shall be issued until after the first day of April, 1S64. Sec. 10. That if any bank of deposit shall give its depositors the bonds- authorized by the fiist i^ection of this aci in exchange for their deposits, and spt^cify the same on the bonds by some distinctive mark or token,- 10 be agreed upon with the Secretary of the Treasury, then the said depos- itors shall be entitled to rccei\'e th6 amount of said bonds in Treasury 8 note?, bearing no interest and ouls;tandiiig at the passage of this act : Provided, the said bond-; arc presented belure the priv-lege of funding said notes at par shall cease, as herein prescribed. Sec. 11. Tiiat all Treasury noies heretofore issued of the denomination of five dollars shall coatiiaie to be receivable in pa^'niont of public dues, as provided by law, and fundable at par under the pnrvisions of tliis act, until the first of July, 1SG4, east, and until the first of October, 1864, west of the Mississippi river: l>ut alter that lime they shall be subject to a ta.x ot thirty-three and a third cents on every dollar promised ou the face thereof, said tax to attach to said noteii wherever circulated, and said notes to be fundable and exchangeable lor new Treasury notes as herem provided, subject to the deduction ofsaid tax. Skc. 12. Tliat any Stale iioUIing Treasury notes received before the times herein fixed for taxing said notes shall be allowed until the 1st day of January, 18G5, to fund the .-ame in six per cent, bonds of the Confeder.ito States, payable twenty years after dale, and the interest payable semi- annually. But all Treasury notes received by any State after the lime fixed for taxing the same, as aforesaid, 'shall be held to have been received diminished by the amount of said tax. The discrimination between the notes subject to the tax and ihose not so subject sliall be left to the good faith of each State, and the certificate of the Governor thereof shall in eacli case be conclusive. Stc. 13. That Treasury notes heretofore issued, bearing interest at the rate of seven dollars and thirty cents on the hundred dollars per annum, shall no longer be received in payment of public dues, but shall be deemed and considered bonds of the Confederate States, payable two yeais after the ratification of a treaty of peace with the United States, bearing the rate of interest specified on their face, payable the first of January ot each and every year. Stc. 14. That the Secretary of the Treasury be, and he is hereby, authorized in case the exegencies of the Government should require it, to pay the demand of any public creditor, whose debt may be contracted after the passage of this act, willing to receive the same, in a certificate of indebtedness, to be issued by said Secretary in .such form as be may deem proper, payable two years after a ratification of a treaty of peace with the United State,*, bearing interest at the rate of six 'per cent, per annum, payable semi-annually, and transferable only by special endorsement, under regulations to be prescribed by the Seoretary ol' the Treasury, and said certificates shall be exempted fi-om taxation in principal and interest. Skc. lo.^The Secretary of the Treasury is authorized to increase the number of depositories so as to meet the requirements of this act, and with that view to employ such of the banks of the several States as he may deem expedient. ttKC. IG. 1'lie Secretary of tho Treasury shall forthwith advertise thi.s act in such newspapers published in the several States, and by such other means as shall secure immediate publicity; and the Secretary of War and the Secretary of the Navy shall each cause it to be published in general orders for the information of the army and navv. Sec. 17. The 42d section of the agt for the assessment and collection of taxes, approved May 1, 1863, is hereby repealed. Sec. 18. The Secretary of the Treasury is hereby authorized and required, upon the application of the holder of any call certificate, which by the first section ol the act to provide for the funding and further issue of Treasury notes, approved Mai-ch 23d, 18G3, was required to be here- after deemed to be a bond, to issue to such holder a bond therefor upon the terms provided by said acf. Approvkd FfinRUAKY 17, 18G4. pH8.5