coupon bonds and certificates of stock, with interest, payable semiannually, at the yearly rate of eight per cent., for such amount as may be required in exchange for all Treasury notes which are now findable in eight per cent. bonds, and also to pay for any subscription to the produce loan which may remain unpaid 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 among as may be required, in exchange for all Treasury notes which are now findable in seven per cent. bonds.
SEC. 3. That all bonds issued under this act shall be made redeemable at the pleasure of the Government, after the expiration 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 certificates 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 provide for refunding to the State of Alabama the amount overpaid by said State on account of the war tax, of eighteen hundred and sixty-two.
The Congress of the Confederate States of America do enact, That the Secretary of the Treasury shall have power to adjust and ascertain the true amount of tax due from the State of Alabama, under the "Act to authorize the issue of Treasury notes, and to provide a war tax for their redemption," and the acts supplementary thereto; and upon such accounting said Secretary of shall refund to the said State whatever sum may have been overpaid by the authorities thereof, under said act.
Approved February 20, 1863.
ADJT. AND INSP. GENERAL'S OFFICE, No. 21.
Richmond, February 20, 1863.
I. When the exigency of the service requires it, ordnance stores reported unserviceable by the officer who is responsible for them shall be inspected by the brigade inspector, under the direction of the Inspector-General of the Army; or in case of the absence of the brigade inspector, then by any other officer designated by the Inspector-General, except the officer accountable for the property in question.
The inspecting officer shall make a report in accordance with paragraphs 925 and 926, Army Regulations; and whatever stores he considers worn out or unserviceable he shall order, under the direction of the Inspector-General, to be dropped.
II. When requisitions for ordnance stores are made to supply deficiencies, a copy of the report of the inspector shall be appended, to show the necessity of the issue.
Adjutant and Inspector-General.