In lieu of any amount of these
bonds, not exceeding twenty million dollars, an equal amount of Treasury
notes, without interest, in denominations of five dollars and upward,
was authorized to be issued. These notes were payable in two years in
specie, and were receivable for all debts or taxes except the export
duty on cotton. They were also convertible into bonds payable in ten
years at eight per cent. interest. On August 19th another issue of
Treasury notes, amounting with those then issued to one hundred million
dollars, was authorized. They were of the denominations of five dollars
and upward. They were receivable for the war-tax and all other public
dues except the export duty on cotton. These notes were convertible into
twenty-year bonds, bearing eight per cent. interest, of which the issue
was limited to one hundred million dollars. Thirty millions were to be a
substitute for the same amount, authorized by the act of May 16, 1861.
These bonds could be exchanged for specie, military and naval stores, or
for the proceeds of raw produce and manufactured articles. On December
19th ten million dollars in Treasury notes were issued to pay the
advance of the banks. On December 24th an additional issue of fifty
millions of Treasury notes like those of the act of August 19th was
authorized. An additional issue of thirty millions of bonds was also
authorized. On April 12, 1862, an issue of Treasury notes, certificates
of stock and bonds, as the public necessities might require, to the
amount of two hundred and fifteen millions, was authorized.
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