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The Daily Dispatch: August 19, 1863., [Electronic resource], The army. (search)
wever much inclined they might have been to do so. That currency was floating everywhere, to the utmost extremities of the Confederacy. Even could the new notes of the 1st of April and subsequently have been disseminated rapidly enough to supply a currency to take their place, they could not have been collected and delivered in due time. So the holders were required to perform an impossibility, and for failing to perform it they were to be punished by condemning the notes they held after August 1st to depreciation! Every one knows that the financial policy of the Government, as displayed in the promise of 8 per cent., and in the effort to call in the notes, was suggested by the most proper motives, viz: 1st. A desire to give the Government currency good standing; and 2d, a purpose to diminish the amount in circulation by forcing the holders to convert it into bonds. The first expedient was fallacious. It had no effect at all. People would have had the same faith in it had it