CONFEDERATE FOUR PER CENT. BOND CERTIFICATE — DEPOSITARY OFFICE, YORKVILLE, S.C., MARCH 26, 1864 — $2,500

CONFEDERATE FOUR PER CENT. BOND CERTIFICATE — DEPOSITARY OFFICE, YORKVILLE, S.C., MARCH 26, 1864 — $2,500

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Item Code: 1323-205

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Partly-printed Confederate States of America depository certificate, No. 566, issued at the Depositary Office, Yorkville, S.C., March 26, 1864, certifying that David Webb has paid in at that office Twenty-five hundred Dollars, for which amount Registered Bonds of the Confederate States of America, bearing interest from date at four per cent. per annum, will be issued to him upon surrender of the certificate, under the "act to reduce the currency and to authorize a new issue of notes and bonds," approved February 17, 1864. Blackletter heading and certifying phrase; ornamental vertical border panel at left lettered "Four per cent. per annum." Manuscript entries in a period hand, the amount line closed out with filler strokes. Signed at lower right R. G. McCaw, Depositary.

The Currency Act of February 17, 1864 was the Confederate Congress's most drastic attempt to check runaway inflation by drawing treasury notes out of circulation. Holders were invited to fund their notes into four per cent. registered bonds; east of the Mississippi, notes not funded by April 1, 1864 could thereafter be exchanged for the new issue only at a heavy discount. Depositaries throughout the South issued certificates such as this one as receipts pending delivery of the bonds. Webb's deposit of $2,500 was made just six days before the deadline, during the rush the act produced.

The signing depositary is very probably Robert Gadsden McCaw (1821-1870) of York District, planter and member of both houses of the South Carolina legislature, who was elected Lieutenant Governor of South Carolina in December 1864 and served until the collapse of the state government in May 1865.

CONDITION

8 x 3 3/4 in. Folded, with heavy folds and separations at several fold intersections along the upper edge; corner fold with small loss at upper left; left margin irregular with chipping; overall toning, light soiling and small scattered stains. Text, manuscript entries and signature fully legible. Housed in an archival sleeve.   [ss][ph:L]

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