Word: scrip
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...night on the train on top of several previous nights of worry straggled up the steps-prominent bankers but the same group who were familiar in the Treasury-Department during the late Hoover regime. Of special note was George W. Davison of Central Hanover Bank who fathered the great scrip issue of 1907. Standing by from the Hoover regime were Eugene Meyer, Ogden Mills, Under-Secretary Ballantine, Assistant Secretary Jim Douglas...
...Power for the Secretary to direct Clearing Houses to issue scrip...
...Scrip. President Roosevelt's proclamation pointed directly to the general use of scrip as a means of exchange. Secretary of the Treasury Woodin intimated that the Government would issue no national scrip but would leave each financial area to develop its own system under Federal supervision. Bankers worked night & day planning to issue this money substitute while presses whirled out millions of oblongs of paper which citizens would be asked to accept in lieu of cash...
...Broadly, scrip is any evidence of assets. The specific kind of scrip in prospect was Clearing House certificates issued against bank deposits. The procedure...
...Clearing House agree (as they were agreeing in many a locality last week) that they have a mutual confidence in their solvency and will therefore honor each other's certificates at face value. On each certificate is printed the name of the clearing house. No bank gets more scrip than it has in cash and ready assets...