Word: scrip
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Dates: during 1930-1939
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...Scrip Out. One of Secretary Woodin's first major decisions was to abandon the idea of scrip as a medium of exchange. Prime objection was that such a substitute currency would not circulate everywhere at par. Declared the Secretary: "Where would we be if we had I. O. U.'s, scrip and certificates floating all around the country?" Despite this ruling, scrip continued in use in small communities that long ago ran short of cash. At Nashville about $1,000,000 worth was put in circulation. The Louisville Courier-Journal paid its employes in scrip, redeemable at advertisers...
...Princeton. N. J. The Daily Princetonian, undergraduate daily, ran off 25? scrip notes on its presses, to be purchased by check, passed on to merchants, redeemed by the Princetonian when banks reopen...
...With no scrip available to stimulate trade, department store business was estimated at 60% to 70% below normal. For the first week personal checks were accepted, subject to collection. Later, credit was extended to known customers...
California's bank holiday proclamation took the guests of Pasadena's smart Huntington Hotel by surprise. The hotel decided to issue scrip negotiable within its walls for tips, cigars, newspapers, cosmetics, haircuts. Among those who lined up at the cashier's window to get their scrip: onetime Secretary of State Frank Billings Kellogg, onetime Speaker of the House Frederick Huntington Gillett, Banker Henry G. Lapham of Boston, Edward Bausch (& Lomb), President William G, Stuber of Eastman Kodak Co., onetime President Charles Doran of Sperry Gyroscope Co., John Hays Hammond, Packer Edward A. Cudahy Jr., Princess Erik...
...program of inflation has already begun with the issue of the new Federal Reserve bank notes. The chief danger with these is that they may be left out too long. Clearing house scrip, on the other hand, would have been withdrawn as quickly as possible. I believe, however, that these are preferable since they insure unity of currency throughout the land...