s 
 
 AN ACT 
 
 Authorizing the Secretary of the Treasury to borrow specie 
 to be applied to the redemption and reduction of the cur- 
 rency. 
 
 • 
 
 1 . The Congress of the Confederate States of America do enact, 
 
 That the Secretary of the Treasury be and he is hereby authorized 
 to borrow, from any banks, or other corporations, companies, part- 
 nerships or individuals, specie to an amount net exceeding thirty 
 millions of dollars. 
 
 2. The said Secretary shall issue to each lender a bond or bonds 
 of the Confederate States for the repayment of the amount of specie 
 lent, within years after the ratification of a treaty of 
 peace with the United States, which said bonds shall bear interest 
 at the rate of six per centum per annum, payable semi-annually 
 in specie. 
 
 3. The specie so borrowed shall be employed by the said Secre- 
 tary in purchasing the outstanding treasury notes of the Confede- 
 rate States, at such times and upon such terms as shall be pre- 
 scribed by the said Secretary, by regulations to be made and pub- 
 lished by him from time to time for that purpose. 
 
 4. The said Secretary shall cause the treasury notes so pur- 
 chased to be cancelled, and shall issue, to'an amount equal to that 
 of the notes cancelled, tithe certificates of the Confederate States, 
 such as are authorized to be issued by the provisions of the act 
 approved the day of 1864, entitled " an 
 act to provide more effectually for the reduction and redemption of 
 the currency." 
 
 5. The tithe certificates so issued shall be hypothecated by the 
 said Secretary as security for the redemption of the specie bonds 
 to be issued under the second section of this act; and a ratable 
 share of such certificates shall be allotted to each bank cr other 
 holder of the specie bonds aforesaid. 
 
 6. The said Secretary shall have the option to pay the interest 
 upon such hypothecated certificates, in lieu of paying the interest 
 upon the said specie bonds. He shall also have the option to pay 
 the said bonds and redeem the said certificates at any time before 
 the period of payment mentioned in the said bonds. 
 
 7. Any State in the Confederacy shall have the right, before the 
 loans made by the banks of such State under the provisions of this 
 act shall have become payable, to assume the obligation of the 
 mfederate States to make such repayment ; and in case of such 
 assumption, the specie bonds issued for such loans shall be cancel- 
 led and returned to the Secretary of the Treasury, who shall there- 
 upon transfer to such State the certificates hypothecated for the 
 redemption of the bonds so cancelled and returned. 
 
 8. This act shall commence and be in force from and after tka 
 passing thereof. 
 
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