The gold bill.
The following act to raise coin for the purpose of furnishing necessary supplies for the army was passed by Congress in secret session; and, the
President having approved it on the 17th instant, the injunction of secrecy was removed.
It will be found of much interest:
"an act to raise coin for the purpose of furnishing necessary supplies for the Army.
"
The Congress of the Confederate States of America do enact, That, in order to procure the means of purchasing supplies for the army, the
Secretary of the Treasury, under the direction of the
President, be, and he is hereby, authorized to borrow from any bank, banking company, corporation, association, or person, any sum or sums in coin, not to exceed three millions of dollars in the aggregate; and to secure the repayment of any sum or sums so borrowed, at such time as may be agreed upon, not to exceed two years after the ratification of a treaty of peace between the
Confederate States and the
United States, to cause to be issued bonds of the
Confederate States, in such convenient sums as may be agreed upon, payable in coin, and to bear interest at the rate of six per cent. per annum, payable semi-annually in specie; and to secure the repayment of any sum or sums so borrowed, with the interest thereon, the said
Secretary be further authorized and empowered to pledge, in such legal form as may be agreed upon, any cotton or tobacco owned by the
Government, to the extent in value of any such loan so obtained, or the proceeds thereof when sold, or to convey such cotton and tobacco, or any part thereof, in absolute payment of such loan, with the right on the part of the lender of such coin to export or transport such cotton and tobacco beyond the limits of the
Confederate States, free from any molestation on the part of the authorities of the
Confederate States, or the payment of any duty, except to the extent of one-eighth per cent.
now imposed by law.
"Section 2.
In the event the
Secretary of the Treasury shall not be able at once to obtain coin to the amount of three millions of dollars, under the provisions of the first section of this act, then, and in that event, a tax shall be levied and collected of twenty-five per cent. upon the amount of all gold and
silver coin, gold dust and bullion, and foreign exchange in the
Confederate States, payable in kind, which tax shall be due and collected on the first day of April next, or as soon thereafter as possible:
Provided, That the above tax shall not be levied upon the gold or
silver coin, gold dust and bullion, and foreign exchange owned or possessed by any person when the amount so owned or possessed shall not exceed two hundred dollars in value, nor shall the said tax be levied on gold or
silver coin, gold dust, bullion or foreign exchange which, within thirty days after the passage of this act, shall be tent to the
Government under the provisions of the first section of this act. Nor upon the gold or
silver coin, gold dust, bullion or foreign exchange of any person who has made a loan to the
Government, according to the said first section, of not less than twenty-five per cent. of the gold or
silver coin, gold dust, bullion or foreign exchange owned and possessed by such person at the time of the passage of this act; and if any State of the
Confederacy borrows from any bank coin or bullion, and lends it to the Confederate Government, the bank that lends such coin or bullion shall be allowed a credit against this tax to the extent of such loan:
And, provided also, That the delay of thirty days, mentioned in this section, shall be extended to one hundred and twenty days for all portions of the
Confederacy beyond the
Mississippi river.
"Section 3.
That the limitation of three millions of dollars, as expressed in the first section of this act, shall not be construed to prohibit the
Secretary of the Treasury from receiving a greater amount, offered as loans or accruing on taxes under this act:
Provided, That the tax imposed by the provisions of this act upon gold and
silver coin,
gold and
silver bullion, gold dust, and foreign exchange, when paid, or the amount thereof loaned in pursuance of the first and second sections of this act, shall be in lien of all other taxes imposed on the same articles by any other act:
Provided further, That the tax of twenty-five per cent., levied by the second section of this act, shall be in lien of all other taxes imposed on the same article by any other act, and the tax imposed by this act shall be assessed as at the date of the passage of this act."