Year: 1863




Hon. ". ". Boyce:


DEAE SIR: 1t is with much diffdence that
1 approach the great financial question of the
day; but at tn G solicitation of number of in
telligcnt gentlcmen-bankcrs, merchants, &c,
some of whom have considerable local finan-
cial rcputation-I have been induced thus to
address to you the following crude scheme for
reducing our currency to a healthy standard,
and keeping IL so:


The subject of the currency is now the all
absorbing question before the country, and we'll
it may be, for already it is in confusion, and
without speedy and effcctua remedy, must
very soon reach a condition of utter worthless
ness. And although do not think our cause
would be lost even should it reach such point,
yet it would be calamity extremely embar-
RAISING to the Government, and source of the
deepest modification to every patriot of our
country. The obvious evil now present, and
the imminent danger near at hand, is the al
ready too great, and still growing amount of
our currency. That now we have too much
money is but too plain to every one, and
the great problem is, how is it to be reduced
to healthy limits, upon inst principles, and
without injury to any, and with the least posi-
bic Inconvenience and embarrassment to the
Government and to the business of the coun-
try. Without stopping to discuss the merits
of any of the plans now before the public,
looking to this desirable end, will venture to
suggest scheme which will be speedy and ct-
fcctual. and will not involve sacrifice serious
Inconvenience to any onc-a scheme that will
restore the confidence Of our people in their
Government and cause, and in the patriotism
and integrity of each other, which is now, |
deeply regret to say, rapidly passing away, and
nv scheme is this: Let the Treasury Depart
mcnt at oncc prepare a new issue of 81 00,OOO,-
600 notes of suitably mixed denominations, on
good paper, payable to bearer, anG upoE the
faith and credit of the Government alone; and
let it fix the shortest possible time when this
issue will be ready, and give ample notice OF
such time to the people, and require that on
or before such day, that all persons, without
exceptions, shall surrender to treasurer, or
board of sub-treasurers, at such places as shall
be named, say their county court house, every
dollar of which they may be possessed, of all
the present issues of and above S5; and Ior
such notes so surrendered, each person shall
receive from the board of sub-treasurers one
fifth one-fourth, or one-third as the case may
be. in this new issue, and the balance in inter
est-bearing bonds, at the rate of six per cent
or failing to make such surrender of such notes
As thew may have in hand at such time, they
shall be declared to be paid


After these new notes arc ready and placed
in the hands of principal treasurer to be ap'
pointed in each State, and after such treasurer
has named board of sub-treasurcrs at each
county seat, ten days would be ample time fo1
all persons to make their deposits of old notes
and receive their proportion of the new ones
and register for bonds which mey be delivered
afterwards. The board of subtreasurers should
consist of seven respectable and patriotic citi
zcns, who can be readily found, who would