An Act to authorize the exchange of bonds for articles in kind, and the shipment, sale, or hypothecation of such articles, April 21, 1862

AN ACT to authorize the exchange of bonds for articles in kind, and the shipment, sale, or hypothecation of such articles.

Sec. 1. The Congress of the Confederate States of America do enact, That the secretary of the treasury be, and he is hereby, authorized to exchange the bonds or stocks of the Confederate States for any articles in kind which may be required for the use of the government, the said articles to be valued according to such regulations as the said secretary shall make.

Sec. 2. It shall be the duty of the commissary and quartermaster generals to direct their various officers to receive, at the place of purchase, all such articles purchased as are applicable to their several departments, and to apply the same in the same manner as if purchased directly by themselves; and the officer to whom each article is delivered shall be charged with the value as declared by the purchase, and shall be bound to account for the same.

Sec. 3. The said secretary is also authorized to accept, for the use of the goverment, in exchange for the said bonds or stock, cotton, tobacco, and other agricultural products in kind, which have been subscribed to the produce loan, or which may be subscribed in kind, at such rates as may be adjusted between the parties and the agents of the government: Provided, That, in no event, shall he receive of cotton or tobacco a greater value than thirty-five millions of dollars; and the said secretary is further authorized to deposit the same at such places as he shall deem proper, and to procure advances thereon by hypothecation, or to ship the same abroad, or to sell the same at home or abroad, as he may deem best; and to assist these operations the said secretary may issue produce certificates, which shall entitle the party to whom issued, or his indorsee, to receive the produce therein set forth, and to ship the same to any neutral port in conformity with the laws of the Confederate States.

Sec. 4. The secretary of the treasury may, from time to time, appoint and dismiss such agents as he may deem requisite to carry into effect the provisions of this act. Their compensation shall be a brokerage upon the business completed by them at such rates as the secretary of the treasury shall adjust by general regulation.

Sec. 5. The secretary of the treasury may, from time to time, issue regulations for carrying out all the details involved in the provisions of this act, which shall be obligatory upon all parties concerned therein.