War of the Rebellion: Serial 128 Page 0451 CONFEDERATE AUTHORITIES.

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hundred and sixty-two, and within ten days after the passage of this act, shall be fundable in seven per cent. bonds or stock until the first day of August next; and after the said first day of August next; and after the said first day of August shall be fundable only in bonds bearing interest at the rate of four pr cent. per annum, and payable at any time not exceeding thirty years from the date thereof; and all such notes not funded shall be receivable in payment of all public dues except the export duty on cotton, and shall be payable six months after the ratification of a treaty of peace between the Confederate Government and the United States. All call certificates bearing eight per cent. interest shall, with the accrued interest, be fundable on or before the first day of July, eighteen hundred and sixty-three, into bonds of the Confederate States, bearing interest at the rate of eight per cent. per annum, and payable at any time not exceeding thirty years after their date: Provided, That the accrued interest aforesaid may, at the opinion of the holder, be paid instead of being funded. All call certificates of every description, outstanding on the first day of July, eighteen hundred and sixty-three, shall, after that date, be deemed to be bonds bearing an annual interest of six per cent., and payable at a date not exceeding thirty years from the said first day of July, eighteen hundred and sixty-three.

Sec. 2. In lieu of the power heretofore given by law to the Secretary of the Treasury to issue Treasury notes, he shall be authorized to issue monthly an among of such notes, bearing no interest, not exceeding fifty millions of dollars, which shall be receivable in payment of all public dues, except the export duty on cotton, and payable within two years after the ratification of a treaty of peace between the Confederate States and the United States, and findable at the pleasure of the holder, during twelve months from the first day of the month of their issue, in bonds of the Confederate States, payable at any time not exceeding thirty years after date, and bearing rates of interest of follows: If funded within twelve months from the first day of the month of their issue, the bonds shall bear six per cent. interest per annum; if funded after that period they shall be fundable into bonds bearing four per cent. interest per annum. These notes shall bear upon their face the month and year of their issue, and if not funded shall be paid at the time specified on the face without interest.

SEC. 3. After the passage of this act the authority heretofore given to issue call certification shall cease, but the notes fundable into six per cent. bonds may be converted at the pleasure of the holder into call certificates, bearing interest at the rate of five per cent. annum from the date of their issue. That every such certificate shall bear upon its face the monthly date of the oldest of the notes which it represents, and be convertible into like notes at any time within six months from the first day of the month of its monthly date aforesaid. But every certificate not reconverted within six months from the first day of its monthly date shall be exchanged for a bond payable at any time not exceeding thirty years from the expiration of the said six months, and bearing interest at the rate of six per centrum per annum. Treasury notes which, by the operation of this act, become fundable ing a yearly interest of four per cent., may be converted, at the pleasure of the holder, into call certificates, bearing interest at the rate of four per cent. per annum from their date until reconverted or paid; the said certificates being reconvertibile at any time by the holder into notes fundable ion four per