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 Duke University Libraries 
 
 Regulations in 
 Conf Pam 12mo #172 
 
 DT=1DS357M$ 
 

 CIRCULAR INSTRUCTIONS. 
 
 REGULATIONS in rehtion to tlie issue of Certificates for 
 Bonds and Registered Stock. 
 
 TREASURY DEPARTMENT, C. S. A., 
 Richmond, February 25, 1863. 
 Congress having ordered that certificates may be issued 
 in anticipation of bonds, for funding treasury notes, and 
 for making payments for produce loan, the following regu- 
 lations will be observed at all offices under the control of 
 this department. 
 
 1. When treasury notes shall be paid in at the treasury, 
 or at the office of any assistant treasurer or depositary for 
 the purpose of being funded, and there are not on hand a 
 sufficient amount of bonds or certificates of stock to bo 
 issued in exchange, the treasurer, assistant treasurer or de- 
 positary to Avhom the notes are paid, shall issue to the party 
 paying, a certificate for the amount paid, designating the 
 rate of interest to which they are entitled ; and the said 
 certificate shall be taken up with bonds or stock bearing the 
 same date and rate of interest, as soon as they can be ob- 
 tained. 
 
 2. All treasury notes not bearing interest, which bear 
 date prior to 1st December, 1862, are entitled to be funded 
 in eight per cent, up to the 22d April next ; after which 
 date they can only be funded in seven per cent. 
 
 3. All treasury notes not bearing interest, which bear 
 date subsequent to the Ist December, 1862, are entitled to 
 be funded in seven per cent. 
 
All subscriptions to the produce loan, which have been 
 made prior to 20th February, 1863, -will be entitled to eight 
 per cent.; and all subscriptions since that date, will be paid 
 in seven per cent. 
 
 For further information, copies of the acts of Congress 
 in relation to this subject are appended. 
 
 C. G. MEMMINGER, 
 Secretary of Treasury. 
 
AX ACT 
 
 To authorize the issue of Bends for funding Treasury Notes. 
 
 Section 1. The Congress of the Confederate States of 
 America do enact, That the Secretary of the Treasury be, 
 and he is hereby authorized to issue coupon bonds and cer- 
 tificates of stock, with interest payable semi-annually, at 
 the yearly rate of eight per cent., for such amount as may 
 be required in exchange for all treasury notes, which are 
 now fundable in eight per cent, bonds, and, also, to pay for 
 any subscription to the produce loan, which may remain un- 
 paid after exhausting the one hundred million loan. 
 
 Sec. 2. That the said Secretary is also authorized to issue 
 coupon bonds and certificates of stock, with interest at the 
 yearly rate of seven per cent., payable semi-annually, for 
 such amount as maybe required in exchange for all treasury 
 notes which are now fundable in seven per cent, bonds. 
 
 Sec. .'3. Q'hat all bonds issued under this act shall be made 
 redeemable at the pleasure of the government, after the ex- 
 piration of five years from their respective dates, but the 
 faith of the government shall be pledged to redeem the same 
 at the expiration of thirty years from such dates. 
 
 Sec. 4. That until the bonds authorized by this act can 
 be prepared, the Secretary may issue in their stead, certifi- 
 cates showing the right of the holders to demand bonds of 
 like date and amount, as soon as the same can be prepared. 
 Approved, February 20, 1863. 
 
 AN ACT 
 
 To reduce the rate of Interest on the Funded Debt of the Con- 
 federate States. 
 
 Section 1. The Congress of the Cot federate States cf 
 America do enact. That all treasury notes issued after the 
 1st day of December next, shair be made fundable only in 
 
bonds bearing interest at the rate of seven per centum per 
 annum, but in all other respects similar to the bonds bear- 
 ing eight per cent, interest. 
 
 Sec, 2. The Secretary of the Treasury shall have au- 
 thority, by public notice duly advertised, to require the 
 holders of treasury notes, to come in and fund the same in 
 eight per cent, bonds or stocks, within si.\ months after the 
 date of sush notice, ani all notes which shxU not be pre- 
 sented for funding within the said time, shall thereafter be 
 entitled to be funded only in the bonds or stock which shall 
 thereafter be issued undor the direction of the Sscretary of 
 the Treasury, bearing interest at the rate of seven per cent. 
 per annun, payable semi-annually: Provided, That nothing 
 herein contained shall be construed to revoke the authority 
 heretofors given, to issue six per cent, re-convertiljle bonds. 
 
 Approved, October 1:3, 1S62. 
 
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