[House EfLL.] 
 
 HOUSE OF REPRESENTATIVIES, Dec. 30, 1863.— Read firs; 
 and second times, referred to the Special Committee on Currency, and 
 ordered to be printed. 
 
 [By Mr. \Ym. D. Simpson, m South Carolina.] 
 
 A BILL 
 
 To provide for the reduction of the currency. 
 
 1 Section I . The Congress of the Confederate States of America do 
 
 2 enact. That there shall be levied and paid on the 1st day of May, 
 
 1864, a tax of six per cent, ad valorem upon all the property in 
 4 the Confederate States — which said property shall be assessed at 
 
 . 5 its market value in Confederate treasury notes, on the 1st d^y of 
 
 6 January, 1864: Provided, however, if said tax is paid by the 1st 
 
 T day of April, 18G4, two per cent, thereof shall be remitted: 
 
 8 And provided further. That upon all property owned by soldiers 
 
 9 actually in the field, a tax of only four per cent, shall be levied 
 
 10 as above, with the privilege of a deduction of two per cent., if 
 
 1 1 paid by the said 1st day of April. 
 
 1 Sec. 2. That there shall be levied and paid by the 1st day of 
 
 2 June, 1864, a tax of per cent, upon all treasury notes of 
 
 3 the Confederate States, outstanding after the payment of the tax 
 
 4 herein above provided for in the first section of this bill, and 
 
2 
 
 5 vrhich were issued prior to 1st January, 1864, except the 7.30 
 
 6 notes, and the remaining treasury notes outstanding after the 
 
 7 payment of this said last mentioned tax may be funded in coupon 
 
 8 bonds of the Government prior to 1st day of August, 1864, 
 
 9 which bonds shall be for sums not less than $\()0 nor for more 
 
 10 than $1 0^,000, and shall bear interest at the rate of six per cent, per 
 
 1 1 annum, payable semi-annually, and redeemable 30 years after , 
 
 12 their dates, respectively, and shall be forever exempt from taxa- 
 
 13 tioD, and that all treasury notes (except those bearing interest at 
 
 14 the rate of 7.30 cents,) issued prior to the said 1st day January, 
 
 15 1864, and not funded as aforesaid, shall no longer be receivable 
 
 16 in payment of taxes or public dues during the war between the 
 
 17 United States and Confederate States. 
 
 1 Sf.c. 3. That the Secretary of the Treasury be, and he is 
 
 2 hereby, authorized to issue, at any time prior to 1st day July, 
 
 3 1864, $23(^,000,000 of treasury notes, which notes shall be 
 
 4 receivable in payment of all taxes and public dues, and the faith 
 
 5 of the Government is hereby pledged that at no time during the 
 
 6 existence of the present war shall the outstanding treasury notes 
 
 7 be increased beyond that amount. 
 
 1 Sec. 4. That the Secretary of Treasury, in order to meet any 
 
 2 appropriation which shall hereafter be made, is hereby authorized 
 
 3 to issue and sell, from time to time, coupon bonds of the Confed- 
 
 4 erate States bearing interest at the rate of six per cent, ^er 
 
3 
 
 5 annum, payable semi-annually, which bonds shall be for sums 
 
 6 not less than $100 nor more than $10,000, redeemable 30 years 
 
 7 after their respective dates, and forever exempt from taxation ; 
 
 8 and the faith of the Government is hereby pledged to levy such 
 
 9 taxes and such export duty on cotton, tobacco, rice and sugar as 
 
 10 will secure the prompt payment of the interest on said bonds, 
 
 1 1 and provide an excess of at least two per cent, per annum as a 
 
 1 2 sinking fund for their final redemption. 
 
 1 Sec. 5. That all bonds of the Confederate States, including 
 
 3 the 7.30 notes heretofore issued, maybe converted into bonds 
 
 3 bearing interest at the rate of six per cent., payable semi-an- 
 
 4 nually, and redeemable after 30 years from their dates, and 
 6 exempt from taxation upon the following terms, to wit : cotton 
 
 6 loan bonds of 60 per cent, premium ; eight per cent, stocks and 
 
 7 bonds at 10 per cent, premium; seven per cents at three per cent. 
 
 8 premium; 7.30 notes at one per cent, premium, and six per cents 
 
 9 at par. 
 
±1 a