Word: scrip
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Dates: during 1930-1939
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...above story last week as a joke, a puzzler. But in several places throughout the land businessmen were seriously experimenting with new kinds of money to lubricate their local credit systems. In 140 communities in 29 states, 1.000,000 citizens were solving their problems notably through the use of scrip and the foundation of barter associations. Examples...
Eirma. In Evanston, Ill. city employes received their pay in the form of "Eirma" money, named from the initials of the Evanston Independent Retail Merchants' Association. Merchants agreed to accept the paper at face value. Every time a scrip dollar changes hands, the receiver sticks on it a 2? stamp, bought from the Merchants' Association. When the back of an Eirma bill has been covered with 50 stamps, it can be redeemed in U. S. coin. Merchants who have bought stamps will be credited with the amount in tax anticipation warrants. Milwaukee and Chicago pondered following Evanston...
...Scrip. Three months ago at Hawarden, Iowa, 300 red-white-&-green certificates were put in circulation by the city. The Hawarden scrip was issued along lines similar to that of Evanston, but it had 36 places on the back to stick 3? stamps, thus assuring the city an 8? profit per dollar on redemption...
...real cash, bringing their salaries up to April 1. Last fortnight the Chicago Herald & Examiner obtained from Germany by telephoto a letter from junketing Mayor Anton Cermak authorizing the issuance of $6,750,000 of tax anticipation warrants, some of which were paid to teachers who had refused city "scrip" last summer. Many Chicago merchants and landlords accept tax warrants...
...they will be $9,900,000, or half of the road's average earnings available for interest for the eleven years since Federal management. If there should be a surplus after these charges, bondholders will receive higher interest. For the next five years interest will be paid in scrip which will receive 5% interest in cash. Until full interest is paid, a bondholders' committee will manage the road. It was made plain last week that all bondholders must approve of the plan, that recalcitrant holders may not expect special profits such as accrued to the St. Louis Southwestern holdouts...