Once it would have been pistols at dawn.

Now it looks like spreadsheets at 10.

Board of Economic Advisers chairman John Rainey, a heavyweight GOP fundraiser, on Thursday challenged Republican state treasurer nominee Thomas Ravenel to settle their heated differences over state finances next week, 21st century-style -- over a boardroom table.

There would be a raft of seconds, from Gov. Mark Sanford, who appointed Rainey to head the BEA, to members of the Budget and Control Board to Attorney General Henry McMaster and their respective staffs.

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Initially, Ravenel said he wouldn't agree, but later his political strategist, Rod Shealy, told The Greenville News, "Hell, yeah, we'll do it."

In a flowery e-mail response to Rainey, Ravenel agreed.

"While I am a staunch fiscal conservative, I certainly welcome the opportunity to broaden my perspective, because I have never been able to identify the reasoning behind the 'spend-now, pay later' mentality, which now threatens our state government," he wrote.

Rainey's challenge to Ravenel:

Meet him at 10 a.m. next Thursday in the Governor's Conference Room in the Wade Hampton Building and be prepared to answer his questions and make his own case.

Rainey, who plans to run the meeting, appeared to offer Ravenel safe passage.

"I can assure you, Mr. Ravenel, that as chairman of this meeting, it will be conducted in a manner that is both cordial and productive," he wrote.

The two wealthy Republicans have been going at it all month, since Rainey publicly called Ravenel a "dilettante" whose election would cause fiscal harm to the state because he won't foreswear the distractions of a 2008 challenge to Republican U.S. Sen. Lindsey Graham.

Shealy, Ravenel's political strategist, then branded Rainey, a "Rocky Mountain liberal," since Rainey had fired off his comments from a Colorado summer retreat.

Ravenel, now known as "T-Rav" in the state's political blogs, followed up with an open letter last Friday, saying that Rainey represents failed, "old ideas" and sent him a book, "Economics for Dummies."

Rainey responded on Monday with a six-page letter challenging Ravenel's contention that the state's pension system faces a disastrous $27 billion unfunded liability and defending Democratic Treasurer Grady Patterson.