the whole issue outstanding at one time, including the amount issued under former acts, shall not exceed $100,000,000. The said notes shall be receivable in payment of the war tax hereinafter provided, and of all other public dues except the export duty on cotton, and shall also be received in payment of the subscriptions of the net proceeds of sales of raw produce and manufactured articles.
SEC. 2. That for the purpose of funding the said notes and of makinhe proceeds of the sale of raw produce and manufactured articles, or for the purchase of specie or military stores, the Secretary of the Treasury, with the assent of the President, is authorized to issue bonds, payable not more than twenty years after date, and bearing a rate of interest not exceeding 8 per cent. per annum until they become payable, the interest to be paid semiannually, the said bonds not to exceed, in the whole, $1,000,000,000, and to be deemed a substitute for $30,000,000 of the bonds authorized to be issued by the act approved May sixteenth, eighteen hundred and sixty-one; and this act is to be deemed a revocation of the authority to issue the said $30,000,000. The said bonds shall not be issued in less sums than $100, nor in fractional parts of a hundred, except, when the subscription is less than $100, the said bonds may be issued in sums of $50. They may be sold for specie, military and naval stores, or for the proceeds of raw produce and manufactured articles, in the same manner as is provided by the act aforesaid; and whenever subscriptions of the same have been or shall be made payable at a particular date the Secretary of the Treasury shall have power to extend the time of sales until such date as he shall see fit to indicate.
SEC. 3. The holders of the said Treasury notes may, and any time, demand in exchange for them bonds of the Confederate States, according to such regulations as may be made by the Secretary of the Treasury. But whenever the Secretary of the Treasury shall advertise that he will pay off any portion of the said Treasury notes, then the privilege for funding, as to such notes, shall cease, unless there shall be a failure to pay the same in specie on presentation.
SEC. 4. That for the special purpose of paying the principal and interest of the public debt, and for supporting the Government, a war tax shall be assessed and levied of 50 cents upon each $100 in value of the following property in the Confederate States, namely: Real estate of all kinds; slaves; merchandise; bank stocks; railroad and other corporation stocks; money at interest or invested by individuals in the purchase of bills, notes, and other securities for money, except the bonds of the Confederate States of America, and cash on hand or on deposit in bank or elsewhere; cattle, horses, and mules; gold watches, gold and silver plate, pianos, and pleasure carriages: Provided, however, That when the taxable property herein above enumerated of any head of a family is of value less than $500, such taxable property from taxation under this act: And provided further, That the property of colleges and schools, and of charitable or religious corporations or associations actually used for the purposes for which such colleges, schools, corporations, or associations were created, shall be exempt from taxation under this act: And provided further, That all public lands and all property owned by a State for public purposes be exempt from taxation.
SEC. 5. That for the purpose of ascertaining all property included in the above classes, and that value thereof, and the person chargeable with the tax, each State shall constitute a tax division, over which shall be appointed one chief collector, who shall be charged with the