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Sec. 11. That all treasury notes heretofore issued of the denomination of five dollars shall continue to be receivable in payment of public dues, as provided by law, and fundable at par under the provisions of this act, until the first of July, 1864, east, and until the first of October, 1864, west of the Mississippi River; but after that time they shall be subject to a tax of thirty-three and a third cents on every dollar promised on the face thereof; said tax to attach to said notes wherever circulated, and said notes to be fundable and exchangeable for new treasury notes, as herein provided, subject to the deduction of said tax.
Sec. 12. That any State holding treasury notes, received before the times herein fixed for taxing said notes, shall be allowed until the first day of January, 1865, to fund the same in six per cent bonds of the confederate States, payable twenty years after date, and the interest payable semi-annually.
But all treasury notes received by any State after the time 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 those not so subject shall be left to the good faith of each State, and the certificate of the Governor thereof shall in each case be conclusive.
Sec. 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 years 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 in each and every year.
Sec. 14. That the Secretary of the Treasury be and he is hereby authorized, in case the exigencies 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 he may deem proper, payable two years after a ratification of a treaty of peace with the United States, bearing interest at the rate of six per cent per annum, payable semi-annually, and transferable only by special indorsement, under regulations to be prescribed by the Secretary of the Treasury; and said certificate shall be exempt from taxation in principal and interest.
Sec. 15. 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.
Sec. 16. The Secretary of the Treasury shall forthwith advertise this 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 navy.
Sec. 17. The forty-second section of the act r for the assessment and collection of taxes, approved May first, 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 of the act to provide for the funding and further issue of treasury notes, approved March twenty-third, 1863, was required to be hereafter deemed to be a bond, to issue to such holder a bond therefor, upon the terms provided by said act.
Approved February seventeenth, 1864.
By order,
S. Cooper, Adjutant and Inspector-General.
