Paper Money - Vol. XX, No. 4 - Whole No. 106 - July - August 1983

11 1 11 1 [11111 VoL. XXII No. 4 WHOLE NO. 106 JULY /AUGUST 1983 Ka uwrfs 0 TOLL FREE 800 247-5335 THE EVENT _,,‘5 MAT/ J s (— \-' 1 AIA s1983 A NA :2AuCTION 6' AUGUST 16-20, 1983 • SAN DIEGO, CALIFORNIA THE CATALOG ORDER YOURS TODAY! KAGIN'S NUMISMATIC AUCTIONS 1000 INSURANCE EXCHANGE BUILDING • DES MOINES, IOWA 50309 I q Please reserve my copy of the official 1983 ANA Auction catalog and prices realized for which I enclosed a check for $15 q I want to save $5 by ordering a one-year subscription to Kagin's catalogs and prices realized including the 1983 ANA catalog for which I enclose a check for $25, I Name I Address City, State Zip PM 7-8,83 I SOCIETY OF PAPER MONEY COLLECTORS INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, 1211 N. DuPont Hwy., Dover, DE. Se- cond class postage paid at Dover, DE 19901. Postmaster; send address changes to: Paper Money, 1211 N. DuPont Hwy. 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Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXII No. 4 Whole No. 106 JULY/AUGUST 1983 ISSN 0031-1162 BARBARA R. MUELLER, Editor 225 S. Fischer Ave. Jefferson, WI 53549 414-674-5239 Manuscripts and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to edit or reject any copy. Deadline for editorial copy is the 1st of the month preceding the month of publication (e.g., Feb. 1 for March issue, etc.). IN THIS ISSUE CORDOBA: TRAGIC HERO OF COLOMBIA Lee E. Poleske 147 THAT (EXPLETIVE DELETED) NOTE! Elvin B. Miller 151 THE "SNAG BOAT" Brent H. Hughes 155 SIMULATED CURRENCY OF THE 19TH CENTURY Ronald L. Horstman 156 BACK HOME AGAIN IN INDIANA Wendell Wolka 157 THE LIBERTY CAP AS SEEN ON U.S. PAPER MONEY Gene Hessler 163 COPE REPORT 166 INTERESTING NOTES 'BOUT INTERESTING NOTES Roger H. Durand 168 THE PAPER COLUMN—THE AMAZING $50 AND $100 LOVELL, WYOMING 1929 NATIONALS Peter Huntoon 169 1929-1935 NATIONAL BANK NOTE VARIETIES M. Owen Warns 171 THE $20 FIRST NATIONAL BANK OF CARSON CITY NOTE M. Owen Warns 172 THE OLD TORREY STORE IN MANCHESTER, NEW JERSEY AND ITS CURRENCY William S. Dewey 173 THE GREEN GOODS GAME Forrest W. Daniel 175 NOTES OF THE KITTANNING BANK OF KITTANNING, PENNSYLVANIA Raymond C. Rennick 176 SOCIETY FEATURES SECRETARY'S REPORT 179 INTEREST BEARING NOTES 181 Paper Money Whole No. 106 Page 145 Society of Paper Money Collectors OFFICERS PRESIDENT Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 VICE-PRESIDENT Larry Adams, 8121/2 Story St., Boone, Iowa 50036 SECRETARY Robert Azpiazu, Jr., P.O. Box 1433, Hialeah, FL 33011 TREASURER Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 APPOINTEES EDITOR Barbara R. Mueller, 225 S. Fischer Ave., Jefferson, WI 53549 LIBRARIAN Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 PUBLICITY CHAIRMAN Larry Adams, 8121/2 Story St., Boone, Iowa 50036 NEW MEMBERSHIP COORDINATOR Ron Horstman, P.O. Box 6011, St. Louis, MO 63139 BOARD OF GOVERNORS Larry Adams, Walter Allan, A.R. Beaudreau, Charles Colver, Michael Crabb, Jr., Martin Delger, Roger H. Durand, C. John Ferreri, William Horton, Peter Huntoon, Dean Oakes, Stephen Taylor, Steven Whitfield, Harry Wigington, John Wilson. The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organ- ization under the laws of the District of Columbia. It is af- filiated with the American Numismatic Association and holds its annual meeting at the ANA Convention in August of each year. MEMBERSHIP—REGULAR. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or a guardian. They will be preceded by the letter "j". This letter will be removed upon notifi- cation to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold of- fice or to vote. Members of the A.N.A. or other recognized numis- matic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES—The Society dues are on a calendar year basis. Annual dues are $12. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PUBLICATIONS FOR SALE TO MEMBERS BOOKS FOR SALE: All cloth bound books are 81/2 x 11" INDIANA OBSOLETE NOTES & SCRIP Non-Member MINNESOTA OBSOLETE NOTES & SCRIP. $12.00 $15.00 NEW JERSEY'S MONEY, Wait $12.00 Non-Member $15.00 TERRITORIALS—A GUIDE TO U.S. TERRITORIAL Rockholt $12.00 BANK NOTES, Huntoon $12.00 Non-Member $15.00 Non-Member $15.00 MAINE OBSOLETE NOTES & SCRIP. Wait .... $12.00 INDIAN TERRITORY / OKLAHOMA / KANSAS Non-Member $15.00 OBSOLETE NOTES & SCRIP, Burgett & OBSOLETE NOTES & SCRIP OF RHODE ISLAND Whitefield $12.00 AND THE PROVIDENCE PLANTATIONS, Non-Member $15.00 Durand $20.00 IOWA OBSOLETE NOTES & SCRIP, Oakes ... $12.00 Non-Member $25.00 Non-Member $15.00 ORDERING INSTRUCTIONS 1. Give complete description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. Write for Quantity Prices on the above books. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Order from: R.J. Balbaton, SPMC Book Sales Dept. 116 Fisher St., North Attleboro, MA 02760. Library Services The Society maintains a lending library for the use of Librarian—Wendell Wolka, P.O. Box 366, Hinsdale, Ill. the members only. For further information, write the 60521. Page 146 Paper Money Whole No. 106 Paper Money Whole No. 106 Page 147 More Paper Money Iconography CORDOBA: TRAGIC HERO OF COLOMBIA by LEE E. POLESKE Photographs by Author Figure 1. Jose Maria COrdoha's portrait used on early Colombian 5 pesos oro notes; this photograph is from a 1938 note (P-458). C OLOMBIA has honored its revolutionary hero, JoseMaria Ccirdoba, on banknotes since 1904. His por-trait first appeared on a one peso note (P-447), but it is the five pesos note that became the "COrdoba note". Since 1915, he has appeared on all the five pesos notes of Colombia except the 1932 silver certificate issue (Figures 1 and 2). Although not as well known outside South America as Simon Bolivar or Jose de San Martin, COrdoba played an important part in Spanish America's fight for independence. Jose Maria COrdoba was born September 7, 1799 in the parish of ConcepciOn in the western part of the Spanish colony of New Granada (now Colombia). The son of a well- to-do family, he completed his early education in Rionegro and then attended a college in Antioquia, which was directed by the famous scientist Francisco Jose de Caldas (Figure 3.) Cordoba was eleven when the rebellion against Spain began in 1810; five years later he joined the ranks of the rebel army and in his first battle on the banks of the Palo River (July 5, 1815) so distinguished himself that he was promoted to lieutenant. After serving with both General Serviez and Figure 2. Portrait of COrdoba currently used on the 5 pesos oro note (P-493). His youthful appearance serves to remind the viewer that COrdoba started his military career at sixteen and achieved his greatest triumph at the Battle of Ayacucho at the age of twenty-five. Jose Antonio Pdez (Figure 4), COrdoba joined the army of SimOn Bolivar (Figure 5) and was with it when it entered Bogotd, August 10, 1819, after the Battle of Boyac, which had been won three days before, thereby assuring the inde- pendence of New Granada. At the urging of Bolivar, a union of Venezuela, New Granada, Ecuador and Panama was proclaimed in December Page 148 Paper Money Whole No. 106 of 1819. It was called the Republic of Colombia, now usually called Gran Colombia, to distinguish it from the modern Colombia. It was several years before all the territory of the new republic was free of Spanish forces, and Cdrdoba took part in much of the fighting which finally accomplished this goal. Bolivar gave Cdrdoba the command of the troops sent to drive the Spanish out of the province of Antioquia; after his success in this mission, he participated in the taking of Carta- gena in 1821. Having been promoted to colonel, he was sent by General Mariano Montilla to Panama, to help free that part of Gran Colombia from Spanish control. In 1822, Cdrdoba was an officer in the army of General Antonio Jose de Sucre (Figure 6) which had been sent by Bolivar to free Ecuador from Spanish rule. On the morning of May 27, 1822, this army was on the slope of Mt. Pichincha overlooking Quito. A Spanish attack on Sucre's army began the battle; after a fierce three-hour fight, some rebel units broke and ran from the battlefield. It appeared as if the day was lost, but a heroic charge of the Colombian infantry, led by Cdrdoba, broke the Spanish ranks and won the Battle of Pichincha. A full surrender was signed the next day. Cdrdoba was rewarded for his decisive action by being promoted to Brigadier General. On his return to Colombia he was named Commanding General of Bogota. The northern part of South America was now firmly in- dependent, but the Spanish still had a large army in Peru and in 1824, Cdrdoba once again took to the field under General Sucre. On December 9, 1824, the rebel and Spanish armies faced each other on the small plain of Ayacucho in the Peru- vian highlands; although outnumbered 10,000 to 6,000, Sucre decided to stand and fight. Before the last major battle for South American inde- pendence took place, there was an incident which serves to remind us how the rebellion had divided friends and family. Spanish General Monet walked alone to the rebel lines and asked to speak with Cdrdoba. Since many Spanish officers had friends and relatives in the rebel army, he requested that they be allowed to meet with them before the fighting began. Cdrdoba asked Sucre for permission to grant the request, which he did; and so for a half hour about fifty men from each side talked with each other in a neutral space between the two armies. Both forces breakfasted in peace and then around ten-thirty, General Monet called to Cdrdoba, "Gen- eral, are we ready for our battle?". "Let us fight", answered Cdrdoba. The Spanish attacked the rebel left which began to yield; at this point Sucre ordered Cdrdoba to attack. Dismounting, he addressed his men. Some historians quote him as saying: "Soldiers, march forward to Triumph !"; others claim he said: "Soldiers, weapons at discretion, a victor's step." Led by Cdrdoba, the Colombian infantry, accompanied by two cavalry regiments, marched forward under heavy fire. Cdr- doba displayed his usual fearlessness, and when his troops were in range, he ordered them to fire and then charge with fixed bayonets. They drove the enemy before them and cap- tured the Spanish artillery. The battle was over in two hours; the Spanish Viceroy La Serna was taken prisoner and the same day signed a surrender document providing for the evacuation of Peru by the Spanish. Sucre gave Cdrdoba and his men credit for winning the battle and named Cdrdoba (now twenty-five) a Division General. Figure 3. Francisco Jose de Caldas (1770-1816), famous Colombian scientist who was summarily executed by the Spanish for his part in the independence movement, has appeared on several Colombian banknotes; currently he is on the 20 pesos oro note (P-506). Figure 4. Jose Antonio Plez (1790-1873) as portrayed on the 1974 Venezuelan 20 bolivares note (P-40B). He and his Ilaneros (plains- men) joined the independence movement in 1810 and played a decis- ive role in Bolivar's campaign to free Venezuela from Spanish rule. He led the revolt which separated Venezuela from Colombia in 1829 and became the new country's first president. Paper Money Whole No. 106 Page 149 Figure 5. Simon Bolivar (1783-1830), the Liberator, the man who freed the nations of northern South America from Spanish rule. He appears on the currency of many Latin American countries and both Venezuela and Bolivia have named their currencies after him. The above portrait appears on the 1966 5 bolivares note of Venezuela (P-32). Unable to bring about his dream of a united Spanish America, he died a disillusioned and bitter man in 1830. Bolivar helped to organize the government of Peru and also Bolivia, which was liberated in 1825. He hoped to join both countries with Gran Colombia to form a Confederation of the Andes, but Gran Colombia was itself on the point of breaking up and he had to leave Peru in 1826 to put down a successionist revolt in Venezuela under Jose Antonio Pdez (Figure 4). The Colombian troops stationed in Peru were not popu- lar and after Bolivar's departure, Augustin Gamarra over- threw the government set up by Bolivar, invaded Bolivia and drove the Colombian troops out of both countries. Cdrdoba on his return from Peru was made Minister of War by Bolivar. He supported Bolivar's appointment as Dictator of Gran Colombia in June 1828, and was one of those who persuaded Bolivar not to resign after an attempt had been made on his life in September of the same year. One of the projects assigned Cdrdoba as Minister of War was a study of the feasibility of the Panama canal. In November of 1828, he wrote Bolivar: "Following your sug- gestions, I . . . ordered . . . that priority should be given to geographical engineers in the Isthmus, and so they have .. . some reports which they promise to have completed by next summer; and we shall therefore know the difference in the levels of the two seas and whether it will be possible to open the canal so often discussed."' Within a week after having written this, Cdrdoba was on his way to Popaydn to put down a revolt by Colonels Lopez and Obando, a mission he quickly accomplished. Bolivar's plan to reestablish control over Peru in 1828 started a chain of events which was to lead to Cdrdoba's downfall. While he questioned the wisdom of invading Peru, he loyally accepted the command of a division in the army or- ganized for that purpose, but Bolivar shortly stripped him of the command. Why Bolivar took this action was probably due to several causes: Cdrdoba had made no secret of his opposition to invading Peru and Bolivar was always distrust- ful of those who did not accept his views without reservation. Bolivar's distrust was no doubt encouraged by General Mosquera, his Chief of Staff, who had been an enemy of Cdrdoba since the latter had belittled his military ability during the revolt in Popaydn. Another powerful enemy of Cdrdoba was Manuela Saenz, Bolivar's mistress, who knew of Cdrdoba's hatred of her, both for her extravagances and for her, in his opinion, detrimental influence over Bolivar. Soon after his dismissal, Cdrdoba returned to Antioquia. It was from here that he informed the British Consul General James Henderson: "I have requested by the mail . . . my re- tirement from the service. I observe that the conduct of the Government is very contrary to public liberty. The whole is cunning and intrigue, corruption and immorality."' Figure 6. Antonio Jose de Sucre (1795-1830) was Bolivar's chief lieutenant. His victory at the Battle of Pichincha won independence for Ecuador, which has named its currency for him. This portrait of Sucre is from the 5 sucres note of Ecuador (P-100, P-113). Page 150 Paper Money Whole No. 106 In an inept attempt at reconciliation, Bolivar offered him the Ministry of the Navy, but since Gran Colombia had no navy, Cardoba considered the offer an insult. The more appropriate offer of Minister to Holland was now too late. On September 16, 1829, C6rdoba issued a Manifesto calling for a , revolt against the increasingly authoritarian regime of Bolivar and ending with: "A holy cause unites us, to conquer power in order to put it under the safeguard of the law."' Was C6rdoba's revolt that of a disgruntled General try- ing to regain power or that of a patriot trying to achieve the promise of liberty upon which the original revolt against Spain had been based? No doubt, like so many other such actions, it was a mixture of both. Bolivar sent General O'Leary with 800 men to put down the rebellion. On October 17, 1829, C6rdoba's force of 400 untrained troops was defeated at the battle of El Santuario. COrdoba was wounded in the action and dragged himself to a but which served as a hospital; here he was found and killed by Rupert Hand, one of O'Leary's soldiers. Hand said he had acted on orders, but he was arrested, tried, found guilty of murder and sentenced to death. Before the sentence could be carried out, Hand escaped from jail and was never heard of again. NOTES 1. Salvador Madariaga, Bolivar, (Coral Gables, Florida: University of Miami Press, 1952), p. 585. 2. Madariaga, p. 591. 3. Madariaga, p. 609. BIBLIOGRAPHY Banco de la RepUblica, Catalogo de Billetes, 1923-1973, Bogota, Colombia: Banco de la Reptiblica, 1973. Enciclopedia Universal Ilustrada, Tomo XV, Madrid: Espasa Calpe, S.A. 1958. Encyclopedia of Latin America. Helen Delpar, ed., New York: McGraw-Hill, 1974. Hasbrook, Alfred. Foreign Legionaries in the Liberation of South America. New York: Octagon Books, 1928 (reprinted 1969). Herring, Herbert. A History of South America. New York: Alfred A. Knopf, 1967. Madariaga, Salvador. Bolivar. Coral Gables, Florida: University of Miami Press, 1952. Masur, Gerhard. SimOn Bolivar. Albuquerque: University of New Mexico Press, 1969. Pick, Albert. Standard Catalog of World Paper Money. Fourth edi- tion, volume two, Iola, Wisconsin: Krause Publications, 1982. Prago, Albert. The Revolutions in Spanish America. New York: The McMillan Co., 1970. Lee E. Poleske collects banknotes from Latin Ameri- can countries, Portugal and Portuguese colonies. He has a B.A. in history and a M.S. in media technology. He is the librarian for the Latin American Paper Money Society. Back Issues of PAPER MONEY Available The following back issues of PAPER MONEY are now available at $2.00 each from R.J. BALBATON, SPMC Book Sales Dept. 116 Fisher St. No. Attleboro, MA 02760 1966-#18, 19, 20 1974-#49, 50, 52, 53 1967-#21, 23, 24 1975-#55, 57, 58, 59, 60 1968-#25, 26, 27, 28 1976-#63, 64/65 (combined) 66 1969-#31, 32 1977-#67, 68, 69, 70, 72 1970-#34, 35 1978-#73, 74, 78 1971-#38, 39, 40 1979-#80, 81, 83, 84 1972-#41, 42, 43, 44 1980-#85, 86, 87, 88, 89, 90 1973-#45, 46, 47 1982-#101, 102 1983-#103, 104, 105, 106 Please do not send funds with your order. You will be be invoiced for those issues which can be supplied at the time your order is received. This procedure will avoid the necessity of making refunds. Remember, Do Not Send Funds With Your Order! YOU WILL BE BILLED! This opportunity to obtain the wealth of information contained in these issues may not last long, as some are in limited supply. • Fa 1441., E Vr° /Á/ !P fit. 8E1 )Y TO THE t3 EA RE R ON D E1 LAND NINE.D. 7.11•41,7,1RINIOOMORISIShit The Note. • Paper Money Whole No. 106 Page 151 Pursuing a Virginia Private Scrip Note THAT (EXPLETIVE DELETED) NOTE! by ELVIN B. MILLER M Y name is Elvin B. Miller and I live in Leesburg, Loudoun County, Virginia. I have been a collector-dealer since be- fore 1960. At one time I was in partnership in a local coin shop. However, because of my occupation as an air traffic con- troller, which entails shift work plus requiring work most weekends, the coin shop proved to be an untenable sideline. With the demise of the retail coin business I reverted to being a part-time dealer, dealing mostly in obsolete paper money. I issued a number of fixed price lists over a period of several years. I also be- came very active in collecting Virginia national bank notes for my personal collection. This collection, one note from each note-issuing bank in the state, progressed to being about 80% complete several years ago. Now if I can find one note to add to my collection every two or three years I consider myself lucky. To keep my interest in the collecting field I expanded to other Virginia items such as tokens, medals, and in particular any numismatic-related item from Loudoun County. Now that you have the background, here is the story of my pur- suit of a Virginia private small change note. I N 1974, I was listed in a very prominent collector's will to handle the numismatic portion of his estate. That collec- tor, Charles J. Affleck, had disposed of his primary col- lections before his death, but there was a large accumulation of miscellaneous items left to be dispersed. One item was an undated private scrip note for 9 Pence or 1/8 of a Dollar or 1/4 of a Shilling. This note had no location of issue on it other than the word "Virginia," vertically on the left border. The signature was readable but I could not decipher the last name. The signature appeared to be John Hough(?). This note, plus approximately 20 others, were sold eventually to a collector in New York. If I remember correctly, the scrip note was listed for fifty dollars. Time passed and in December 1975, the New Nether- lands Coin Company, Inc. held its 65th unrestricted public auction sale featuring the Affleck-Ball collection of Contin- ental and colonial currency. The last lot listed in the sale cata- logue, lot 923, was described as : Private Scrip. 9 Pence ($1/8), (3/4 Shilling). Signed by John Hough, Jr. SN 141. Crowned male, wearing order in shape of star, and mantle with initials G W (George Washington?). Good; heavy center fold repaired with two hinges; other folds; edges, particularly top, well frayed, upper r. corner missing, upper 1. fragile. Not presently listed in Newman but will probably appear in next edition. (200.00) Here appeared the same note that was once part of the Aff- leck collection and since it was from Virginia I placed a bid somewhat below the estimate of $200.00. No luck, the note sold for twice the estimate, at $400.00. How did the cata- loguer come up with John Hough Jr. as the signer? In 1976, Eric P. Newman released his Bicentennial Edition of The Early Paper Money of America. On Page 394 appeared a picture of an old friend, the 9 Pence note. But the description was a bomb shell, Mr. Newman had listed the note as being from Loudoun County (my county). Now here was one of those times that one wishes that one could kick one's self. How did he get "Jr." out of the last word of the signature and where did he find the information that indi- cated that John Hough Jr. was from Loudoun County? I still have not found out. Since the note had been sold at auction, I needed to know who the new owner was if I was to attempt to acquire the note for my collection. After approaching several of the most active paper money buyers, I found that the note was now in the possession of a Pennsylvania dealer. At a local coin and paper money show in suburban Washington, D.C., I Page 152 Paper Money Whole No. 106 77-i-b6e/zeatA.:. au :;/ .Zral knre.oao-o, CL,ffe; 4°7eo, /o,-;yo .‘”ettooa-o.ol o1,:y(44 1 , 7Pai., ,eZA, -7 , g a:a5a,=.1 h 4 Z.--4 4= ,,,„/ edf-x ‘, A 4 a / 60 l'en-4, st,,/i;44.,,A ove, ,6 ,..Z /tee .4 elJa X via,24:a? ocoaa le 'he'l. a-444,,,, x 4/1/4,': p// GY f, 4 4.44/44,,,,,, „/„/ 7 . ft-- fi,„,,,,,• ; .„..,4'.7 . 12.-i-Zg.,...,/,..--..-./6. „>. ,, /Y. -.-)/„...-/ - 43,-,----,/iL 9.'4,,Id - Ag,,,, /,,,„/ 74;„,,,,, L a /11,..oX iforX ma,X ....:1 fij- ,,,,,,,,z, ... ,,/,‘1.4/41,,,,, a ilL //-76441 14 l‘14 .15, Ike,/ ple,14:',,,.../ x/ex',721 re,vxxxle /o a i'.. 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IL4 (giza.,, iv 1,4 ' 7 ''(.ja/....21/' C/ if 1 6At Vit i13f ia/n, t4 i/h ifft. ,//6, A 6 4d-1-"O The Will. talked with the buyer of the note who was now a past owner, In the early spring of 1982, I received a catalogue from as he had traded the note to someone in London, England. NASCA for the Criswell/Stanley Gibbons Part 4 Sale. On (Expletive deleted) It looked like I had struck out. page 22, staring me in the face, was the Virginia 9 Pence note. 111 e 14.4 IP4)Z-7 AA-t_o t-efriv --- cale-P/ZLe, Paper Money Whole No. 106 Page 153 ■ 7 h eti! setyAd ono tt,nacelt fitchut eaL Pi', At a; ot 1.azt 14 Li 4VA tei,rn €7,4 -Oh Enlargement of signature on the will. My interest again came alive and I went to work on trying to identify the note. First I contacted a local historian and re- searcher, Mrs. T. B. Hutchison. The problem was to identify the signature "John Hough Jr.", on the note as being a resident of Loudoun County. I still questioned the "Jr." as being the last part of the signature. A few days later Mrs. Hutchison called and reported that she had found a will in the county court house that had been witnessed by John Hough Jr. and that the signature was identical to the one on the note—paydirt—at last. The will had been written in Waterford, a small town here in the county that had been settled by the Society of Friends (Quakers). On the back of the will was a statement of probate stating that John Hough Junior (Quaker) ["Junior" spelled out] had been a witness to the signing of the will. All right, so the last word of the signature is "Jr." Next I contacted two other local historians, Asa Moore Janney, the authority on the Quaker history here in the county, and John Divine, a native of Waterford. From these two gentlemen I learned that John Hough (the father of John Jr.) had moved from Pennsylvania and had settled in Water- ford in 1744. He was employed as a surveyor by Thomas, 6th Lord Fairfax.' Lord Fairfax had control of all the land between the Rappahannock and the Potomac Rivers, no less than 5,282,000 acres.' The land had been patented (given) by King Charles II for faithful services.' In addition to being a surveyor John Hough was a land speculator, mill owner, and owner of the ferry across Goose Creek on the road from Leesburg to Alexandria.' John Hough Jr. was born Septem- ber 23, 1751 (old style) and he, at the age of 21, married the Widow Lydia Hollingsworth April 29, 1772 in Waterford.' The Widow Hollingsworth brought with her to this marriage a mill locally known as the Widow Hollingsworth Mill, which later became known as the Hough Mill.b In 1788, John Hough Jr. was disowned by the Society of Friends for bear- ing arms in the war.' An inventory of the estate of John Hough Jr. was filed with the Court of Loudoun County January 7, 1793. 8 Interestingly, this inventory listed the assets in Pounds, Shillings, and Pence. So I now know that the 9 Pence note is from Waterford, Loudoun County, Virginia and that it had to have been issued prior to 1793 by John Hough Jr., probably in con- nection with his mill. The next step was to acquire the note. The Criswell/ Stanley Gibbons Sale was scheduled to start April 19, 1982 and the 9 Pence note, lot 330, was estimated at $400.00 - up. To be on the safe side I submitted a bid of $800.00. The note sold for $850.00 plus a 5% buyer's charge. (Expletive deleted) Foiled again! Later, I found out that the same Pennsylvania dealer who bought the note out of the New Netherlands Sale had been the one who had outbid me. I wrote him a one-line letter, "How about putting your best price on the Virginia scrip note". He answered that he would let me have the note for $1500.00 and that the price was good for ten days. Also, if I did not want the note at that price it would go into his retirement portfolio and would only reappear when his estate was settled. My first reaction was to write and say that I eagerly awaited his obituary notice but I thought better of it and wrote that I would pass on the note. I also stated that the most that I would have paid was $1200.00 for the note. •a nee,/ • a la Page 154 Paper Money Whole No. 106 OW" 1, 5/ :1114q /W Y/•-• , Ir. 44, ;,;,7;2 f f•-•- 4-,9-4.°04,. /.4 • e /2544 I h"e ' Statement on the back of the will. A few days later, in the mail, the note arrived with a letter stating that in the spirit of Christmas here was the 9 Pence note for $1250.00. So eight years later with an increase of 2,500%, one of the earliest known pieces of Virginia private issue paper money, the 9 Pence note, had returned. List of References 1. Williams, Harrison, Legends of Loudoun, 1938, p. 82. 2. Poland, Charles P. Jr., From Frontier to Suburbia, 1976, p. 7. 3. Brown, Stuart E. Jr., Virginia Baron, 1965, p. 26. 4. Poland, Charles P., Jr., From Frontier To Suburbia, 1976, p. 8, 28n. 33. 5. Hinshaw, William Wade, Encyclopedia of Quaker Genealogy, Vol. VI, Virginia, 1973, p. 511. 6. Divine, John, 1982, Personal communication. 7. Hinshaw, William Wade, Encyclopedia of Quaker Genealogy, Vol. VI, Virginia, 1973, p. 511. 8. Loudoun County, Virginia, Will Book D, p. 292, 293. PM Author's Book on American Revolution Public Debt Now Available THE PRICE OF LIBERTY, The Public Debt of the American Revolution, by William G. Anderson, $20.00. Published by The Uni- versity Press of Virginia, Box 3608, University Station, Charlottes- ville, Virginia 22903. Historians are keenly aware of the importance of the war bonds and promissory notes generated by the states and the Continental Congress to finance the American Revolution. It is safe to say that of all the monetary issues in American history, the fiscal paper of the American Revolution is the most significant and widely discussed. Many of the political questions of the Revolutionary era and the critical Confederation period revolved around the problem of public finance. Both the United States Constitution and the first national political parties were results of the disputes engendered by these certificates of public debt. Ironically, historians have written much about the public debt controversy, but no fiscal paper has ever before been illustrated in a scholarly work. Most historians are not aware that many of these certificates have survived. On the other hand, numismatists have for some time avidly collected these fiscal papers. But their knowledge of the function and historical significance of these items has remained limited. The same is true for certificate collectors, whose numbers have grown in recent years. William G. Anderson's work bridges the gap between the his- torian and the numismatist. His carefully researched account of the origin of and political controversies surrounding fiscal paper and the public debt is presented in Part I. The second part, the R.M. Smythe Catalogue of American Revolutionary Debt Certificates, is an illus- trated and annotated listing of all the certificates known to have been issued. The certificates issued by the Continental Congress precede those issued by the states. This, then, is both a study of the political economy of the Revolutionary and early national period and a valuable catalog. William G. Anderson is Chairman, Department of History, Political Science, and Geography at Suffolk County Community College, Selden, N.Y. His "Syngraphic Survey" of Revolutionary Era debt appeared in PM 105. MILLIONS OF VALUELESS MONEY Eighty million dollars in bills were received at Atlanta a day or two ago, the mammoth packages of money filling five large dry goods boxes and making in all a drayload. None of the bills was cur- rent, however, as they represent "nothing in God's earth now and naught in the waters below it." They were Confederate bills of the rarest type. The huge pile of genuine Confederate money was shipped from Richmond, the former capitol of the Confederacy, and is now the property of Charles D. Barker of Atlanta. The money is of every denomination issued by the departed nation, and in the big collection are bills of the rarest type. There are bills issued during every year of the war. Thousands of them are very valuable as relics, but the great number of them Mr. Barker has on hand will make them so common as to bring but little on the market. This $80,000,000 of Confederate money has been all along supposed to have been destroyed. This is undoubtedly the largest lot of Confeder- ate money in the world. —Savannah News.—(The Crookston (Minn.) Times, Feb. 17, 1894. Submitted by Forrest Daniel.) 010,5 0:77.• • /.4".; , • °7:4-.■• ° s • ye°24* '"V`'' 'y t • 0'1,0 m• ote.., SA 3 g 1193 , • • nt •••••••746:i 1 1F.811.1111 c. SL rrs s, 11(1 rscl' Or *tiro, 74'4 er,4 IA; 'Ka . rim/ an,/ rP/raard fir ter- :7 /4 a? .4;44 d.rrir" C.%);. ,m,,hrr ri it ft:1,7,7,1.7(17 frir, f41 7i fti a 61'.'arral ,rt f /f 71/ ff/If7,I e 1141 /.l 4.r./ cid/ ore ,r!e Paper Money Whole No. 106 Page 155 U'he "Snag Boat" by BRENT H. HUGHES " rag-picker", sometimes known formally as a paper money collector, never knows what he may find in his incessant prowling of flea markets and attics. Recently I discovered an old stock certificate of a company with a strange name, "Kirk's Mississippi Snag Fender Company". Crudely printed on cheap paper by an unknown printer, it displays a side-wheel steamboat flanked by portraits of two unidentified men.* The ornate border is made up of typical items from the print shop tray, including stern-wheel steamboats at the corners. The date is partially printed "184_ " which fortunately gives us an important clue to the company's purpose. Today we use the expression "we struck a snag" to ex- plain almost any kind of delay, but in 1840 on the Mississippi and Missouri Rivers it described a serious accident. A "snag" in this instance refers to a submerged tree, stump or large branch embedded in a stream bed which constitutes a hazard to navigation. To hit a substantial snag with a river steamboat of the 1840's era meant instant disaster because of the pe- culiar construction of the boat's hull. The riches of the American frontier could be brought out to civilization in large quantities only by riverboat. Before steam engines were invented keelboats were used. Rowed, poled or towed by human muscle, these boats were ram- shackle flat-bottomed vessels designed to carry heavy loads of cargo over shallow rivers. They were made of pine or poplar instead of heavier oak and were considered expendable if the cargo could be saved. When steam power came to the Mis- souri in 1819, the side-wheelers were built like keelboats with the engines added. But the shallow rivers still required them to be broad and flat-bottomed with spoon-shaped bows to slide over sand bars if necessary. They were flimsy craft with little concern shown for crew or passenger safety. The heavy steam engines literally pounded the boats to splinters after a few trips. Pressure gauges were not generally used and boiler explosions were common. Boats were destroyed also by fire, ice jams, high winds, lightning, collisions with railroad bridges, and most of all by snags, rocks and shoals. Insurance records of the time show an incredible number of entries such as "struck a snag on first trip up the Missouri Page 156 Paper Money Whole No. 106 River. Boat a total loss. She was valued at $38,000. Deck load saved, balance of cargo was lost." The problem of snags tended to perpetuate itself because the steam engines burned enormous quantities of wood from trees cut down along the river banks. Soil erosion then sent the stumps into the river to become additional snags. In 1839, some boat builders experimented with iron hulls but found them both too heavy and too expensive. The side- wheelers, which were especially vulnerable to snags, were gradually replaced by the larger stern-wheelers which were less vulnerable. In 1859, the ultimate Missouri riverboat ap- peared, a powerful stern-wheeler drawing only 31 inches of water while hauling an incredible 350 tons of cargo. By then, of course, special "snag boats" were engaged in clearing snags from the channel. A shipbuilder named Henry Shreve was issued a patent in 1838 for a double-hulled boat like a catamaran which scooped up sunken trees and pulled them aboard with a powered cable. By 1880, the Army Corps of Engineers was using huge steel-hulled boats based on Shreve's design which were popularly known as "Uncle Sam's Tooth- pullers." Getting back to our strange stock certificate, I can find no reference to a "snag fender." But since we know that pro- tective shields on docks and ships are called "fenders." we can assume that a "snag fender" was a compromise between a wooden hull and a metal one. It might be compared to the big steel bumper on a modern-day truck. Probably made of heavy iron, it might have been designed to attach to the bow of a steamboat to push aside the abundant snags and thereby save the vessel from sinking. I can almost hear the salesman telling the boat owner that it would pay for itself in just one trip. Who Kirk was is a mystery. He may have been a relative of Dr. A. C. Kirk, a prominent inventor of marine steam en- gines after the Civil War. Or he may have been a Captain Kirk whose modern-day descendant is exploring outer space on television in the good old "Star Ship Enterprise." I think I will just frame the stock certificate, hang it on the wall and wonder about the whole thing. * Could they be William Penn (left) and Benjamin Franklin (right)? Ed. SP Political Americana Simulated Currency of the 19th Century by RONALD L. HORSTMAN Referring the readers' attention to Barbara R. Mueller's excellent article in Paper Money No. 104 describing a Homer Lee Bank Note Company advertising card, I present this proof impression for their approval. This seven by three inch cer- tificate, printed on India paper mounted on off white card stock, was issued to contributors to the Republican National Committee Reserve Fund. The vignettes, border and counters of this item strongly resemble those used on United States cur- rency of the period. Unlike the advertising card mentioned in Barbara Mueller's article, this certificate is entirely engraved, being printed in black with a brown grillwork for the back- ground. Dated January 1, 1889, it bears the following obli- gation: "This certifies that has paid the sum of TEN DOLLARS and agrees to contribute a like amount an- nually as a Registered Contributor to the Reserve Fund of the Republican National Committee. Future payments to be made to the Treasurer of the said committee on the first day of September of each year." A similar statement is contained on the receipt stub. 44111414. - TIAN If r/r . //fiery/ 4.4r,E,r4 _\)• Paper Money Whole No. 106 Page 157 Back Home Again In Indiana— The Day They Closed The Banks In Greenwood by WENDELL WOLKA Large size $10 note on the Citizens National Bank. Prologue Most people are familiar with the national sweep of events connected with the Great Depression of the 1930's. We are aware of, for example, the 1929 stock market crash, the large number of bank runs and failures, and the national Bank Holiday declared by President Roosevelt in March of 1933. Generally, however, our knowledge does not extend down to the local level. Indeed, most of these local stories still lie buried, forgotten, in the minds of the "old-timers" or in the dusty corners of local libraries and newspaper offices across the nation. Small town national banks are uniquely local in char- acter. They were run by local people for the benefit of the local people and, despite the merger mania of recent years, this is still true today in many areas of the country. To leave collectors in the future merely a dry collection of dates, statistics, and numbers, would be to ignore our obligation as numismatists. Besides, its fun to play detective and track down what really went on during these tumultuous financial times. As a way of showing what you can turn up with a little digging, I decided to focus my attention on a small town not more than ten miles from where I grew up—Greenwood, In- diana. Greenwood is located in the central part of the state, just south of the state capital, Indianapolis. In 1931, the town was served by two national banks, the Citizens National Bank and the First National Bank. The Banks Entering the Great Depression, Greenwood's two banks had remarkably similar histories. The First National Bank was organized in July of 1906 with a capitalization of $25,000. Assigned federal charter number 8422, the bank issued $377,640 worth of bank notes before its demise. It was housed in a building (see Fig. 1) not more than a block or so from the Citizens National Bank (see Fig. 2). The Citizens National Bank, organized in October of 1906, also had an original capitalization of $25,000. Charter number 8461 was assigned to the bank by federal authorities. The bank issued $399,250 worth of bank notes prior to the end of its corporate life. Fig. 1. Location of the First National Bank. The Storm Breaks During the early 1930's, the two national banks in Greenwood had apparently managed to stave off any im- mediate threats to their survival. As evidenced from the pages of the Greenwood News, the local weekly newspaper, every- Mono: is slipping away from him. and he doesn't es-en know where ir goes. A few years from now he "rill wonder wile he never has any- • thing. No matter how much vou make. tnake up your mind now to place .. fy,:24. 10'4 of it in a savings accoune. • That is the only practical way to ahead. • This bank invites your account— whether it be large or small- Any deuce on financial affairs that we • can give is yours for the asking. Fig. 2. Location of the Citizens National Bank. YOUR CHECK IS YOUR RECEIPT One of the major advantages of a check- in• account is that every check you write - in payment of a bill serves as a receipt.. It is clear evidence of money expended and - .1 great aid in maintaining a budget. First National Bank Paper Money Whole No. 106Page 158 Fig. 3. A typical bank advertisement circa 1931. thing seemed to be fairly calm and normal. The advertise- ments which both banks placed in the early 1930's dealt mainly with the services which the public expected such institutions to offer. As you will note from Figures 3 and 4, savings accounts and checking accounts were about as excit- ing as things got during this period of time. However, as the national scene grew more grim, the February 24, 1933 edition of the Greenwood News carried an advertisement from the Citizens National Bank which was more serious in nature (see Fig. 5): the bank was soliciting business on the basis that it had managed to survive several years' worth of trial by fire. Fig. 4. Checking accounts were featured in this 1933 advertisement. Ironically, the whole financial world in Indiana was turned upside down within forty-eight hours of the advertise- ment's appearance. On Sunday, February 26, 1933, the financial institutions of Indianapolis decided not to allow withdrawals of more than five percent on checking accounts. The balances used were those in existence at the close of business on Saturday, February 25, 1933. This action put the small banks in the surrounding counties, including the Greenwood banks, in a real spot since almost all were large depositors themselves in the Indianapolis banks. Hurried meetings by all of the Johnson County bankers, including those from Greenwood, on Sunday evening quickly deter- mined that only one course of action was open to them. Accordingly on Monday morning, February 27, 1933, both Greenwood banks announced that they were following suit and would impose similar five percent withdrawal restrictions on accounts. New deposits were, however, not restricted. According to the March 3 edition of the Greenwood News, the local populace seemed to accept this startling turn of events with an air of calm and resignation. Indeed on this Friday, the banking news shared the front page with news of the high school basketball team's exploits and the announce- ment of the PTA's new operetta. Again, the news was to change quite drastically in a matter of seventy-two hours. President Roosevelt's national Bank Holiday closed all of the banks across the nation three days later on Monday, March 6, 1933. While the banks were allowed to open the next day to make change and receive deposits, they were not allowed to pay out any money on deposits which they already had on hand. The straight-forward reporting style of the Paper Money Whole No. 106 Page 159 TESTE by the FIRES of ADVERSITY An institution that has weathered the dif- ficulties of the past years may take a par- donable pride in its achievement. It can not but feel that those principles of busi. ness practice responsible for its success , . are sound. Thus this hank. in view of its.. past performance. solicits Your patronage —confident of its ability to serve you. c.itizens National Bank j _._.,. . ,-The Bank That Helps You Save Money.–11 Fig. 5. This advertisement was a sign of the times in 1933. Greenwood News noted that "there had been mighty few de- posits although the change making business wasn't so bad" ! The headline of the March 10, 1933 issue of the Greenwood News informed the local folks that the "Banks May Open Today, And Then Again May Not" (see Fig. 6). While some banks across the country began reopening as early as March 13, 1933, the two national banks in Greenwood did not open until Thursday, March 16. The local banking scene did not change significantly for nearly two more weeks. Both the Citizens National Bank and the First National Bank were again closed on Tuesday, March 28, 1933, and placed under the supervision of a Conservator. Both reopened two days later. This marked the beginning of a series of lengthy discussions trying to work out a merger of the two institutions. These efforts were to eventually prove fruitless. Four months later, the federally appointed Con- servator resigned, after which federal authorities appointed the two banks' Cashiers to act as the Conservators for their respective institutions. The local rumor mill had it that a new bank would be established in "two or three weeks." The - ,:atim''' TN' re: ' Num' ber-t;':5. Y • Br Man $ 1.50 A YEAR:75°w Arvel-T` lUsual Drawing Will lle.-- I Bantis.ilfali Ope f :-. Ilelit Next Tuesday Niehe , . • .- ' irotrayAmiThe .'The drawing. at which' ii25101 tn! - , scrip; money will be awarded. will he: i • ... /14ra/ft' Ma* Not ' 'T ..,1..s :.•.:tr.• a• the usual time he:d .o• f.,, Community Ileum n-st I ...,t_ _ ..i. I At enteramment has been scram:ed.but ...n.. pnagram committee was tot Officials In Doubt Thursday-'prrpared to announce what a would be. : Pending Official, Wort-- .. -..r.•.: A, said trial tan or three festnres I From Washingturr.t., firer.. 'under consideration. An effort will be made to speed up. --- J.:he cir.iwtr.; of the numbers see that, Greenwood bankers late Thursday-- ;*-tiuro will b•• a tonumani of delay In, wee. still in doubt as to the proindalli... ihtaki.:.; ::.r as aids W. T. Kelly. the ILuY ,iutfncoap:7:mir ..iforworbdusitroninam .authortoilegl . . ., 4:1:7..1:: IZft:,..1.flr.,4ilrb.,-41::., ,... t r,.. v,,,,,,ai, :ties. both the Cullman National ant* Falk ar,.. e.:.ce the sada:onion is al- 'Le Firth National bank were merdle: gh the making, change , bunxima Parr of Farm Now iii I have on hand, sod get affairs re. for reopening. City Limits . on Thursday. Argot, laankerst tend the I order to open for business. might orrine• resl The town board at its regular meet-i today. It might be delayed until Monday night heard the readmit oft orday. or piggialdge two ir.,111:Ts....awk- szimaiwat,0*",otivrt telemse finally is Wen. it was said. the:w.-1•NhaNient matters which were presented.! Jive per cent restriction will. to viola- sap.. Residents of McKinley Wee , . in east' • ability. be retained. Under the present Greenwood. raked the trustees to gradel conditions a person May deposit whoa. .4, and oil that throughfani just as they., ever sum hr or she wishes and this rem :done- In .the cage of. Greenwood be withdrawn at any time It is needdit TbalteKttas peuseigneiL by K. Ks. The flee pee ceoo INferehellabli*A1110, ttcditmtat StinstrtMaY•offliff•forfoNf I,!f• " • '4010.roposiii- dOPUSitalk.4111112101411.MaPtar nee ha Fig. 6. Some headlines betrayed the confusion which enveloped the financial scene in March, 1933. August 18, 1933 edition of the Greenwood News contained a number of page one stories—John Francis' Packard had been stolen in Indianapolis; the Greenwood Merchants baseball team "bombarded the Christamore A.C. nine into submis- sion by a score of 14 to 5." Of more interest was the an- nouncement that 670 shares had been subscribed for in a new national bank which was to be known as "The National Bank of Greenwood". One thousand shares needed to be sold before the bank could be started. Evidently the initial fast pace of stock sales was not maintained, as the December 22, 1933 issue of the Greenwood News indicated that stock sales had just passed $40,000, probably about 800 shares of stock. Meanwhile the ...,e't,‘ i...:eo to capacity on scirard, "nurkint tune.' ,... :idea; ordere' air Pr''keis. sci2.67 Tratikba.44seti "ND:dariosea.-7 Aortae extra comman with all Institutions • of Le kind throng:soul the country. T isarlity morning they were notified tort they uncut open rive make change' Petition Boar(' tor customers or to receive deposit& a • a • out were restricted from paying out, anv money on deposits already in tfin -fa Gra(Ie. ()it ;hanks. Both banks ham been opera. , since that LIM but they reported there- is 3171Kinl_e.v Streettd. bee" -might.F , wasn't m. bad.. During thia holiday; few" deposits, employees are :given the opportunity, Flay Moll Seeks- to Disannex! to "catch up . out any-wort the, max MEN, the hunting season it on, and we're ready to supply your needs right now. We have complete line of shotgun shells, sure-fire, with wide range, absolutely new stock, and at the lowest prices you can find anywhere. You can't afford to take chances of losing out when. Page 160 Paper Money Whole No. 106 two "old" national banks in town continued in business under conservatorship well into the spring of 1934. The March 23, 1934 edition of the Greenwood News announced two important events. As of May 4, 1934, the Indiana Bell Telephone Company was going to do away with crank phones in Greenwood! Secondly, a new bank, accord- ing to "absolutely reliable sources," was to begin operation within the next thirty to forty-five days. This was apparently the National Bank of Greenwood, which was selling stock at the time. Depositors in the Citizens National Bank and The First National Bank met on April 20, 1934 to approve a plan which was essentially a three-way proposition. Approved by a vote of 130-0, the plan called for the liquidation of the two old banks which were then to be succeeded by a new institu- tion (evidently The National Bank of Greenwood which had been in the works since mid-1933). The approved plan was immediately sent to federal banking authorities in Chicago on Saturday, April 21, 1934, who duly forwarded it on to Wash- ington for final approval. Because the plan was patterned on one suggested by federal banking officials, quick approval was anticipated. One week passed, then two, without any response from Washington. "Plan B" Finally a blockbuster telegram arrived in Greenwood on Saturday, May 5, 1934, from Washington. The depositors' plan had been rejected! The decision had been made in Washington that each local bank was to face its own prob- lems. This approach negated the three-way deal which the depositors had envisioned among the Citizens National Bank, The First National Bank, and the yet-to-be-formed National Bank of Greenwood. With this turn of events, the paths chosen by the town's two banks started to part. The First National Bank was ordered by federal authorities to obtain waivers from all of its depositors by May 14, 1934, or face involuntary liquidation. By signing the waivers, the deposi- tors agreed to give up any interest which was due them since March 6, 1933 in exchange for receiving all of their principal. The Citizens National Bank immediately decided to pur- sue reorganization and asked the federal authorities to delay any action until this course of action could be investigated. The National Bank of Greenwood, in its April, 1934 form, passed from the scene before it was ever born. The May 11, 1934 issue of the Greenwood News carried the good news that the First National Bank had received waivers for about two-thirds of its deposits. By May 18, 96% of the First National Bank's deposits had been waived after federal officials granted the bank a time extension to get waivers from out-of-town depositors. The Citizens National Bank had no response to its reorganization request from Washington. Two weeks passed without further word from Washington, although the First National Bank reported that 98% of its deposits had been waived by June 1, 1934. Resolution Finally the Citizens National Bank received approval to reorganize during the week of June 8, 1934. Preparations were made to sell stock in the reorganized institution so that depositors could be paid about 60% of their money once the "new" bank was ready to open. The remaining 40% would be paid out as other assets of the Citizens National Bank were NOTICE! TO DEPOSITORS OF CITIZENS NATIONAL BANK All those having restricted de- posits are asked to bring their pass books to the bank at once, for the purpose of balancing accounts. Citizens National Bank Fig. 7. By August, 1934, the Citizens National Bank was preparing to wrap up its affairs. liquidated. By July 6, the Greenwood News was able to report that stock sales of the Citizens National Bank's suc- cessor were going quite well while progress was again being made in the First National Bank's liquidation program. On July 26, 1934, the federal banking authorities termi- nated the conservatorship of the First National Bank, effec- tive July 28, 1934, and returned control of the bank to the directors for the purpose of liquidating the institution. The First National Bank wasted no time in beginning the pay out of deposits, starting on Tuesday, July 31, when it paid out over $34,000. By Friday, August 10, 1934, this figure exceeded $206,000. Around August 3, 1934, the federal banking officials gave the go-ahead for the Citizens National Bank's successor, the National Bank of Greenwood, since the necessary stock in this new institution had been sold and the new officers approved. Depositors were asked to bring in their passbooks on August 10, 1934, which was taken as a good sign that things were finally being wrapped up (see Fig. 7). As Sep- Uncle Sam, Too, Guards Your Account Here In addition to the usual safeguard offer- ed by competent officers and a capable board of directors, this bank has deposit insurance with the U. S. Government. In other words, your money is doubly protected. The National Bank of Greenwood - - OFFICERS --- JotiN A I! ENI , F.P.S11)161. Dr. C U DENIO'rTE. 11+, r-Prat LAWRENE;E PEARCE. (71nihaer rirRi(7roi?s ----- MACES' PA :—. EN. )6E1qt t :4E:1 VIL1 E AND CARL SC I 'it /N Paper Money Whole No. 106 Page 161 _ . . NUMBER 34 Hallowe'en Party on Sat. Red Men Lodge Will Stage I Citizens National woo:. o tbe Mad Red Mery Mese Now Paying Off; Men • ItallomMt party st the 60 Pct. Allowedurea not liatradm N.p1. Reek oneto come to the 111.1, metal. sod MU be • peewee al all pr=at that Ito w1m boarded. The Ina amid Is tar v. New Bank Has Charier Andaft:1k sal• to the one benne MAW- common Tee ad. hi. eal Now in Opennion, Pearce • Oval tertheyeame emend Moment Anna:nen at ■1111 be mmented the unntrtainee My' toe ...ter mann. rIatar., - I Memo alba Odeon Nadeau! bent the erne mewls. • a 011I .•haretby samonseent the Instlionon ' Imo maw demean banns nealet- ed eememts. le pre mat ot the UM& Mem annannament In The Nan Wet the Men would bb. mar Mans • awn tee& ter OW inamment.MtneeMe• tame bens Maly emmerIngill Speak Here ; 'Wean that many aoeded dean Useext Friday Eve tr u. !dear ono" "- Mal meant In Um form ot • .._: AMON, r=oe tale to red to t andtbe is Inaned/atel, mat Large° Pali"' Gabaing Talti Malan MU Mom alma nee-ism" k pu,..„4 By tar Iswe rake. Ills kcal MOM It b. Wes bald. lima cedes ter tamely smith.MMOCrati I At the sone tam Inerenee amen ambler of Me N•danen Hank at Gorilla Paul V. Mann be the armament ma Vat td. 1000400000. epeeker et • Demettratie sally to he me. sompting dement. NMI hem nert Pride, MOW& No- elan the madmen. Malone% mane member 2. ?Me ennouncement vas wit nom. el woo.. mull. Thumb, by the mattninee In been Issnetensi l the Nati Sank 'el antememe. Thee In an nem. Thu Meal= la ensured by the the m=ount spa may withdraw the Warn Rime Tom., Wateenh deb. any at the Momunt. or Man It In and the libledeper Wilson agglinelithel I beg tnetltutim. of Greenman t I The OLIO= tlatlabel has been ready mermen. Man to =be aft the tti my the may Mt tar same math. Menem MM. err Mad In Cleseer• but would net read. pennisnen to do A dr.. .."In be= so untAl the maueos1 bask we+ reser ad....b. bab`aa.ad to do twine. SW the money been manta VasaHateXin... mien to team.. before that. Woe.runty aaaaa' . a all be there would have beat no piss In aaaa tbe aaara,./a ""Greenwald for anthem to nun OnMenai My UMW. their busioea for the Mama National Wma Multi not Mee accepted then gang de-er leaden of the pan tn. menet, 'The"4°. nitt_.."- I The melanin. forty per cent Cl theonntensolon up to the prmon ass. eyyeey held by me amens 01110001 std aac the aaa. will be 111emed (rent time la Wee. asIt being made by Sons. Arthur .R.• Robinson. Remade= main. In dm 'KM babt nelson about clearsemend nemeMet. the Omemmosi beldam, satuatum. In .24:"6". "‘e Mro,s."*.LL.,.."""L Merck Ian. the bast teem. mon wart atlas omr the counerlh itenteente M maw*. net" eoverime tor this nerssIon 1.1r isamern ` n 'a" ""' a "a """"'. '"'“ here %me atZv '...yr7;41"ra.17. Zreebindmit orete_r. W111,1;...r tnt I hi Stueb mem Id Mr almblammted bons. end Nfillieni Menet n•neti for th. Fig. 8. October, 1934, found the Citizens National Bank beginning to pay out. tember rolled around, the First National Bank reported that it was just about paid out, while the Citizens National Bank re- quested its depositors to sign waivers which would auto- matically transfer 60 07o of their money to the new bank when it was ready to open. Once in the new National Bank of Greenwood, the money could either be left on deposit or withdrawn at the depositor's discretion. Officers of The National Bank of Greenwood were in- structed to collect the money subscribed for stock in the new institution on September 24, 1934. This task was completed by the following Thursday, September 27. By October 19, the new bank was depicted as being ready to go once the "final" approval was received from federal officials. This approval was duly received, and the October 26 issue of the Green- wood News announced that the Citizens National Bank was paying out 60% of all deposits through the newly-opened National Bank of Greenwood (see Fig. 8). On November 2, 1934, a receiver was appointed for the Citizens National Bank in order to liquidate the bank's remaining assets which would be used to pay off the final 40 07o of its deposits. The National Bank of Greenwood finally emerged as the only national bank in Greenwood. The bank remains in oper- ation to this day, serving the local community as it has for the past forty-nine years (see Fig. 9). Numismatic Aspects The National Bank of Greenwood was assigned federal charter number 14292, the last assigned in Indiana during the Fig. 9. The National Bank of Greenwood, in 1934, stressed new government safeguards. note-issuing period. The bank did not issue any small size notes, however. Both The First National Bank and the Citizens National Bank issued remarkably similar quantities of the same types of notes as you will note in the table below. Type and Denomination Number of Notes Issued First National Citizens National $10 Red Seal 2,250 2,250 $20 Red Seal 750 750 $10 '02 Date Back 5,310 5,910 $20 '02 Date Back 1,770 1,970 $10 '02 Plain Back 11,391 11,946 $20 '02 Plain Back 3,797 3,982 $10 '29 Type I 3,828 3,600 $20 '29 Type I 960 1,020 $10 '29 Type II 295 625 $20 '29 Type II 68 75 The last reported outstanding circulation figures are also quite comparable. CJPillfrFil —co e,irei; ribiZeTsinfixei-wiT Aik noo; THE CITIZENS NATIONAL BANK OF GRELNWOOD 1:0 INPi7.90% • ,V(1.1PPY- TO THE BEARER ON 0E4,0. CO TEN DOLLARS F 000478 A Page 162 Paper Money Whole No. 106 Small size $10 note on the Citizens National Bank. First National Citizens National Amount out at Close $24,995 $24,700 Large Size Notes out at Close $1,895 $1,450 Surviving notes from each bank are apparently rare. The First National Bank is, to the best of my knowledge, represented by a single large size note, while the Citizens National Bank has at least three surviving notes, two large size and one small size. One Way to Collect Local History I collect nationals and obsolete notes from my home state of Indiana. Since I live in the Chicago area, the "hunt- ing grounds" begin only an hour's drive from my front door. For each national bank within the state, I try to collect- - a note. — a check. — a picture of the bank building as it appears today if the building still exists. — a history of the bank taken from local sources. The banks which are the most fun to track down are the ones which no longer exist from small towns just like Green- wood. Frequently the most tangible evidence of the bank's existence in past times is the building itself. In small towns, the bank buildings often stick out like sore thumbs, replete with pillars and stone facades. If they are of plainer stock, as was the case in Greenwood, the local people can often point out where the bank buildings are located if they are still standing. Once I find the building, out comes the camera and one more small bit of history is recorded. Tracing the history of the bank is usually a bit trickier. Local "old-timers'" recollections tend to be quite colorful but often not terribly accurate. Surprisingly, present-day banks seldom have much awareness of, yet alone information on, their ancestors from the 1930's and before. By default, the best source of information tends to be the local library or newspaper office. In preparation for this type of research, be sure to have the bank's key dates (opening, closing, consoli- dation, and/or receivership dates) written down. These dates are readily available from several numismatic sources such as the new Krause national bank note book. This bit of prelim- inary research will allow you to make the most efficient use of the library's or newspaper's files in determining what was going on while the bank was in business. Even with a weekly paper there is a lot of wasted reading to do if you are not certain when some key events occurred. Obviously, get copies of interesting articles whenever possible since this saves a lot of note-taking. Use of one of the small dictation recorders would also get the job done if a copier is not available. If the town is too small to have its own library or newspaper, try the nearest large town or the county seat. Un- fortunately, my experience has been that the information be- comes more sketchy when it is sought in a different town from the location of the bank. At any rate, that's one way to do it. If you collect nationals, go out and see what history is waiting for you to discover after fifty years or more. You'll meet some nice people, get some fresh air, and have a good time playing detective. Such experiences are, after all, what the fun of collecting is all about! Acknowledgements: Greenwood Public Library; Greenwood, Indiana Franklin Public Library; Franklin, Indiana The National Bank of Greenwood; Greenwood, Indiana. Banking History of Paraguay Announced ANALISIS DE LA HISTORIA BANCAR1A Y MONE- TARIA DEL PARAGUAY, by Pedro Fernandez. Printed by Chromos S.R.L. Asuncion, 1982. 327 pages, illus- trated, table of contents, index and bibliography. Softcover. This Spanish-language work is a complete banking and monetary history of Paraguay from about 1874 through the 1970s. Of particular interest to the collector of banknotes or the serious researcher is a 64-page section which covers all of the older banks in Paraguay, including the regulations under which they operated, powers of emission, date of beginning and date of shutdown. A detailed table of contents and alphabetical index add to the usefulness of this book. The cost of the work is U.S. $24.00 plus $1.50 postage in the United States. Foreign customers must add U.S. $4.00 to cover the cost of registration. Available from Dale Seppa, 103 Sixth Avenue North, Virginia, MN 55792. Paper Money Whole No. 106 Page 163 Syngraphic Iconography THE LIBERTY CAP as seen on U.S. Paper Money by GENE HESSLER T HE national symbol of the United States is the baldeagle; however, it was not the first symbol. SirFernando Gorges, British colonizer, proprietor of Maine and leading figure in the establishment of the Ply- mouth Company, included an engraving of America in his America Painted to the Life . . . (London, 1659). This symbolic figure could be the earliest known example of an Indian maiden who would represent the continent of North America to the world. The engraving in Gorge's book and those likenesses to follow always portrayed America this way, viz., as an Indian maiden with European features, wearing feathers—usually just above the forehead—and with a bow and quiver of arrows. Her skin was dark, and she sometimes sat on the back of an armadillo or alligator. America was painted by the Venetian master Giovanni Battista Tiepolo (1696-1770); she is seated on an alligator as she graces the ceiling, above the staircase in the Bishop's Palace in Wiirzburg, Germany. Plate 31 of Kenneth Clark's Civilization illustrates this painting in color. After the Revolution the figure of America was given the traditional symbols of freedom, i.e., the liberty cap and the liberty pole, both of which can be traced back to the ancient Greek and Roman world. Slaves were not permitted to cover their heads; therefore when these unfortunates were freed, they were given caps of freedom which proved their new status. During the ceremony, the officiant tapped the person on the shoulder with a pole, perhaps as one last reminder from whence he or she came. The liberty cap or Phrygian cap can be traced to ancient Phrygia where these caps were worn. On p. 14 of Cornelius Vermeule's magnifi- cent Numismatic Art in America there is the following quote concerning the design of our coinage as we entered the second century of independence. Our eagle, stars, arrows, olive-twigs and women, are pitched on to the coins at random, and cannot be "read" by any rules of heraldry or numismatics. Yet, in reply to the query what is this "stick with a nightcap on it," which the French lady holds on our trade dollar, I answer it is the rudis and piteus, the "rod of touch," and the "cap of announcement" connected with the ancient forms of freeing a slave . . . . Art work of the 18th century resurrected the liberty cap and pole and these were quickly assigned to the new nation of America, now free. Images of a female wearing the lib- erty cap can be found on numerous bank notes of other countries such as Ecuador, El Salvador, Mexico, France, and Nicaragua to name a few. The $4 notes of Georgia dated 1776 show the liberty cap and pole. The $10 notes dated 1800 from the Bank of Columbia, South Carolina have the liberty head with the cap atop the pole as it is often seen in works of art. New Jersey used a similar design (actually the state seal) on all notes authorized by the Acts of 9 January 1781, 20 Decem- ber 1783 and those dated 1786. Miss Liberty, America, Freedom (she answered to many names) discarded her peculiar mode of transportation, the armadillo or alligator, before she made her appearance on our paper money. The image of America closest to the original conception is found on state bank notes only. One such example is the $1 note from the Eastern Bank of Bangor, Maine. You will notice the small eagle on the shield. Within a few years it will move forward to replace the female symbol. (Figure 1.) The figure with a liberty cap is seen most often on interest-bearing treasury notes. For example, the female fig- ure, part of the vignette on the $100 note of 1857, holds the liberty pole and cap. Although the vignette is untitled, the cameo profile of Washington reinforces the concept of liberty. (Figure 2.) The Act of 2 March 1861 authorized two-year notes, but only the $50 denomination was a circulating note. It and the specimen $100, $500 and $1,000 denominations are today unique in private collections. The likeness of Justice on the $50 note (H945b) is wearing the liberty cap. This vig- nette is probably the work of engraver Frederick Girsch. The $1,000 note (H1393b) of this series has a vignette of Columbia; she also wears the liberty cap. This specimen is doubly unique, if that is possible. It is the sole surviving specimen, and the green overprint that should form an arch over Columbia has been inverted in error. Confederate $1,000 notes dated 6 May 1861 bear this same vignette. Only two months separate the dates of issue of these two his- torical notes; both were printed by the National Bank Note Company in New York for the two adversary governments in the Civil War. On the $1,000 interest-bearing treasury notes of 1863 (F201, H1393a) is an image of Liberty with a liberty cap but she has exchanged the liberty pole for a flag of the United States and a shield. At her left is an eagle which seems to be assuming more importance as a design element. The eagle is either taking a protective stance or he is demonstrating his indifference, secure in the knowledge that he will one day be the sole symbol of our country. On second thought, perhaps the eagle is looking away, out of jealousy of the eagle entitled In God Is Our Trust in the center. (Figure 3.) One more note of this classification has to be men- tioned, i.e., the $500 note of 1863 (F205, H1341). Liberty, engraved by Charles Burt, points to the fasces she holds with her left hand. (Figure 4.) This emblem of official power originated with Roman magistrates. You will notice Liberty must share the spotlight with The Eagle's Nest engraved by Louis Delnoce. Artistically I find fault with this design. Both Liberty and the eagle are looking out of the picture rather than inward, which would be artistically more appropriate. Could it be a case of jealousy? .41(1,1 • - Page 164 Paper Money Whole No. 106 Fig. I. Image of America on Eastern Bank of Bangor, Maine note (left vignette). Note small eagle on her shield. Fig. 2. Female figure with liberty cap on pole on Toppan, Carpenter vignette. Fig. 3. Liberty wearing cap and holding pole (right vignette) on $1,000 interest-bearing note of 1863. (Photo courtesy J. Roy Pennell, Jr.) Paper Money Whole No. 106 Page 165 Fig. 4. Liberty pointing to fasces on vignette used on $500 note of 1863. Fig. 5. Liberty wearing cap on fractional currency note of the fourth issue. The $20 first and second charter National Bank Notes show Loyalty as a female figure with liberty cap carrying an American flag. Alfred Jones was the engraver of this vig- nette. On the back of the $10 third charter notes is Liberty and Progress and the same side of the $20 note features Union and Civilization. Both female figures are wearing liberty caps and were engraved by G.F.C. Smille. For those interested in fractional currency we cannot overlook the fourth issue IN note (F1257-1261, H1530- 1534). On this note is a bust of Liberty with liberty cap; the model is said to have been Mary Hull. Charles Burt was the engraver. (Figure 5.) The head of Liberty from the $500 note (F205, H1341) mentioned earlier was placed at the bottom center of the $100 United States note (F168, H1122). The small oval from which Liberty gazes suggests a diminishing circle similar to one at the end of a movie cartoon. It would seem that Liberty with her liberty cap knew she was about to vanish from our paper money. It would be seventeen years before she reappeared. When Liberty made her return, it was on a bank note that we sometime overlook when this symbol is discussed. I refer to the back of the $5 silver certificates of 1886. These beautiful notes, which show the obverse of the silver dollar designed by George Morgan, were engraved by Lorenzo Hatch. However, once again we see eagles, the reverse of the same coin, two on either side about to displace Liberty. Sixteen years later the liberty cap made its last appear- ance on the backs of the $10 and $20 third charter National Bank Notes as previously mentioned. If a change were to take place on our currency today, it would be a pleasure to see the return of Miss Liberty in a prominent position with her timeless and always fashionable liberty cap. De La Rue Does More Than Security Printing Its Security Express Proves to be Less Than Secure An Associated Press dispatch printed in the April 5, 1983 edition of the Milwaukee Journal tells of a near record haul made by six gunmen who looted the vaults of Security Express Ltd. in London. The story is of special interest to stamp and paper money collectors because the firm is a subsidiary of the famous security printing concern De La Rue. According to the story, "No one was hurt in the eight-hour raid, staged by the shotgun-carrying robbers to coincide with the Easter Monday bank holiday. "'It was a mountain of money,' said a Scotland Yard detective after examining the ransacked vaults of Security Express Ltd. "One of the firm's employees said the loss might be more than 6 million pounds in cash —$8.82 million. The Great Train Robbery holds the previous record for stolen cash, as opposed to other valu- ables-2.6 million pounds. "Security Express transports large quantities of cash between branches of major banks and commercial firms. It is a subsidiary of the De La Rue group, which prints most of Britain's banknotes and currency for several other countries. "Six men scaled a rear wall about 7 a.m. and captured a guard. At noon seven other staff members were seized one by one as they reported to work, were bound and gagged, and were forced to hand over keys to the vaults. The gunmen then systematically looted all piles of 1, 5, 10 and 20-pound notes, and fled. "Scotland Yard said it had not been determined how the get- away with the large sacks of bills was made, nor was it known why none of the firm's many alarms sounded when the robbers scaled the wall. The security devices were described as 'quite sophisticated.''' Page 166 Paper Money Whole No. 106 BUREAU OF ENGRAVING AND PRINTING COPE PRODUCTION FEDERAL RESERVE NOTES PRINTED DURING JANUARY 1983 SERIAL NUMBERS SERIES FROM TO ONE DOLLAR QUANTITY 1981 B 90 880 001 E B 99 840 000 E 8,960,000 1981 B 00 000 001 F B 35 840 000 F 35,840,000 1981 D 46 080 001 B D 87 040 000 B 40,960,000 1981 F 43 520 001 D F 88 320 000 D 44,800,000 1981 G 15 360 001 D G 47 360 000 D 32,000,000 1981 5? 480 001 B J 79 360 000 B 26,880,000 FIVE DOLLARS 1981 B 38 400 001 B B 55 040 0(8) B 16,640.0(8) 1981 D 58 880 001 A D 69 120 0(8) A 10,240.000 1981 E 74 240 001 A E 87 040 000 A 12,800,00) 1981 F 60 160 001 A F 69 120 000 A 8,960,000 TEN DOLLARS 1981 B 46 080 001 B B 65 280 OM B 19.200,000 1981 D 25 600 001 A D 35 840 ((IX) A 10.240,000 1981 E 35 840 001 A E 46 080 000 A 10,240,000 TWENTY DOLLARS 1981 B 03 840 001 C B 35 840 0(10 C 12,000,000 1981 D 57 600 001 A D 70 400 000 A 12,800.000 1981 E 03 840 001 B E 21 760 000 B 17,920,000 1981 L 55 040 001 B 1 71 680 ( 8 %) B 16,640,1)00 FIFTY DOLLARS 1981 E 02 560 001 A E 12 800 OM A 10,240,188) ONE HUNDRED DOLLARS 1981 E 00 000 001 A E 07 680 000 A 7,680.000 ONE DOLLAR 1981 D 02 576 001 * D 03 200 000 128,000 1981 J 02 559 501 ' J 03 200 000 * 500 .heel. TWENTY DOLLARS 1981 B 02 560 001 * B 03 200 000 * 640,0(8) PRINTED DURING FEBRUARY 1983 ONE DOLLAR 1981 A 52 480 001 B A 84 480 000 13 32,000,000 1981 B 35 840 001 F B 70 400 000 F 34,560,000 1981 E 89 600 000 C E 99 840 000 C 10,240,000 (Stan of 1(00,000 sheet processes) 1981 E 00 000 001 D E 32 000 0)8) D 32,000,000 1981 G 47 360 001 D G 76 800 000 D 29,440,000 1981 L 28 160 001 D 1 65 280 000 D 37, 120,000 FIVE DOLLARS 1981 B 55 040 001 B B 64 000 000 B 8,960,000 1981 E 87 040 001 A E 96 IX)) MO A 8,9600)0 1981 F 69 120 001 A F 79 360 000 A 10,240,000 1981 G 89 600 001 A G 99 840 000 A 10,240,000 1981 L 07 680 001 B L 17 920 000 B 10,240,000 TEN DOLLARS 1981 A 42 240 001 A A 52 480 000 A 10,240.000 1981 E 46 080 001 A E 56 320 OM A 10,240,000 1981 F 21 760 001 A F 30 720 000 A 8,960,000 1981 G 64 000 001 A 76 80(1 000 A 12.800,000 TWENTY DOLLARS 1981 A 61 440 001 A A 74 240 0(8) A 12,800.000 1981 E 21 760 001 B E 32 000 000 B 10,240,000 1981 F 16 640 001 A F 29 440 0(X) A 12,800,0(0 1981 G 47 360 001 B G 66 560 000 B 19,2(X),((8) 1981 L 71 680 001 B L 88 320 0(X) B 16,6403)00 FIFTY DOLLARS 1981 B 26 880 001 A B 35 840 11(8) A 8.960,000 1981 F 00 000 001 A F 01 280 000 A 1.280,000 1981 G 20 480 001 A G 26 880 OM A 6,4003)00 1981 L 10 240 001 A 1, 17 920 0(X) A 7.680,00(1 ONE HUNDRED DOLLARS 1981 L OS 120 001 A L 15 360 WO A 10,240,000 ONE DOLLAR 1981 E 03 200 001 * E 03 840 000 * 640,000 FIVE DOLLARS 1981 E 01 280 001 * E 01 920 000 640,000 TEN DOLLARS 1981 G 00 640 001 G 01 280 000 * 640,000 TWENTY DOLLARS 1981 G 02 560 001 G 03 200 000 " 640,000 " All oars v‘ere printed for sheets onl■ Paper Money Whole No. 106 Page 167 BUREAU OF ENGRAVING AND PRINTING COPE PRODUCTION FEDERAL RESERVE NOTES PRINTED DURING MARCH 1983 SERIAL NUMBERS SERIES FROM TO QUANTITY ONE DOLLAR 1981 CO3 840 001 B C37 120 000 B 33,280,000 1981 E32 000 001 D E54 400 000 D 22,400,000 1981 F88 320 001 D F99 840 000 D 11,520,000 (start of 100,000 sheets) 1981 F00 000 001 E F32 000 000 E 32,000,000 1981 H88 320 001 A H99 840 000 A 11,520,000 (start of 100,000 sheets) 1981 H00 000 001 B H16 000 000 B 16,000,000 1981 J79 360 001 B J99 840 000 B 20,480,000 (start of 100,000 sheets) 1981 J00 000 001 C J12 800 000 C 12,800,000 1981 K35 840 001 C 1(58 880 000 C 23,040,000 1981 L65 280 001 D L99 840 000 D 34,560,000 (start of 100,000 sheets) 1981 L00 000 001 E L03 200 000 E 3,200,000 FIVE DOLLARS 1981 C32 000 001 A C42 240 000 A 10,240,000 1981 H2O 480 001 A H33 280 000 A 12,800,000 1981 J48 640 001 A J70 400 000 A 21,760,000 1981 K38 400 001 A K57 600 000 A 19,200,000 TEN DOLLARS 1981 A52 480 001 A A61 440 000 A 8,960,000 1981 B65 280 001 B B90 880 000 B 25,600,000 1981 C32 000 001 A C42 240 000 A 10,240,000 1981 J25 600 001 A J35 840 000 A 10,240,000 1981 K16 640 001 A K21 760 000 A 5,120,000 TWENTY DOLLARS 1981 A74 240 001 A A87 040 000 A 12,800,000 1981 B35 840 001 C B51 200 000 C 15,360,000 1981 C30 720 001 A C43 520 000 A 12,800,000 1981 H30 720 001 A H47 360 000 A 16,640,000 1981 J60 160 001 A J72 960 000 A 12,800,000 1981 K40 960 001 A K51 200 000 A 10,240,000 FIFTY DOLLARS 1981 H00 000 001 A HO1 280 000 A 1,280,000 1981 J05 120 001 A J08 960 000 A 3,840,000 1981 K03 840 001 A K10 240 000 A 6,400,000 ONE HUNDRED DOLLARS 1981 HOO 000 001 A H02 560 000 A 2,560,000 1981 300 000 001 A J07 680 000 A 7,680,000 1981 K03 840 001 A KO8 960 000 A 5,120,000 PRINTED DURING APRIL 1983 ONE DOLLAR 1981 B70 400 001 F B99 840 000 F 29,440,000 f 10,0 00 sheets) 1981 BOO 000 001 G B12 800 K (start o O G 12 0 1981 C37 120 001 B C69 120 000 B 32,000,000 1981 E54 400 001 D E99 200 000 D 44,800,000 1981 E00 000 001 E E03 200 000E 3,200,000 1981 G76 800 001 D E99 840 000 D 23,040,000 f 10,000 sheets) 1981 GOO 000 001 E G22 400 000E (start o 22 0,400,000 1981 L03 200 001 E L54 400 000 E 51,200,000 ets only) 1981 L03 200 001 * L03 840 000* (used for 640 she ,000 FIVE DOLLARS 1981 E96 000 001 A E99 840 000 A 3,840,000 1981 E00 000 001 B EIO 240 000 8 10,240,000 1981 F79 360 001 A F92 160 000 A 12,800,000 1981 GOO 000 001 B 016 640 000 B 16,640,000 TEN DOLLARS 1981 E56 320 001 A E66 560 000 A 10,240,000 1981 G76 800 001 A G92 160 000 A 15,360,000 1981 L56 320 001 A L76 800 000 A 20,480,000 TWENTY DOLLARS 1981 851 200 001 C B67 840 000 C 16,640,000 1981 E32 000 001 B E53 760 000 B 21,760,000 1981 G66 560 001 B G88 320 000 B 21,760,000 1981 L88 320 001 B L99 840 000 B 11,520,000 1981 L00 000 001 C LIO 240 000 C 10,240,000 FIFTY DOLLARS 1981 G26 880 001 A 044 800 000 A 17,920,000 ONE HUNDRED DOLLARS 1981 GO8 960 001 A G20 480 000 A 11,520,000 ADDITION PRINTED DURING SEPTEMBER 1981 ONE DOLLAR K 13 440000* 512,000I977A K 12 804 001 • Page 168 Paper Money Whole No. 106 INTERESTING NOTES 'BOUT INTERESTING NOTES © 1983 Roger H. Durand A Noteworthy Book p LEASE excuse my pun with the title but I just couldn'tresist the temptation. This note actually is a noteworth a book . . . not any book but specifically a book valued at seventy-five cents. Bank notes are valued in dollars and cents and usually merchants scrip is valued likewise, but in some cases this scrip has other than cash value. I have seen notes worth one beaver or one pelt and I have even seen notes worth strawberries. Only the imagination of the merchant could limit what appeared on a note. With close inspection, you will notice that this note states that R. Spalding will pre- sent the bearer blank, blank and $ blank. Anything could be penned in the blank spaces. Apparently Mr. Spaulding managed a book store, so the note became worth just one book and for the specified amount of seventy-five cents. This note or one similar to it could actually have been the first gift certificate. Although this specimen looks like a note, it really is a bearer check, meaning that the bearer could negotiate it for its specified amount, in this case, a book worth seventy-five cents. The check is undated but it has the overall style of a note printed during the 1850's. At first glance, it looks like a dollar bill of the state bank era. The appropriate subject of a spread eagle on an Ameri- can shield proclaimed the patriotism of the firm and the vignette of "Justice" indicated a fair price for the merchan- dise being offered for sale. The vignette of "Fine Arts" was also appropriate for a book store. The signatures of G. Satter Prest. and R. Spaulding Manager are printed. And anyone entering the place of business would immediately recognize Mr. Spaulding because his portrait was on the check. It is ob- viously from New York and was imprinted (probably litho- graphed) by J. Sage and Sons, Buffalo, New York. Forming a collection of scrip notes using the theme of "Good for one book, pelt, one anything" would be rather difficult. There are not enough different notes readily avail- able for collectors to acquire any kind of a representative col- lection. Token collectors have the field all to themselves as far as this topic is concerned. We paper money collectors will have to satisfy our appetites with other topics. Gold vs. Paper-75 Years Ago From the Grand Forks, N.D. Herald, Sept. 25, 1907. Gold money is not exactly at a discount in Grand Forks, but it is nevertheless a fact that the banks are hoarding paper and paying out gold whenever they can do so. When a man takes a check to a bank to get it cashed he will almost invariably be given gold, and if he gets paper it is only as a special favor, and after a very urgent request. —submitted by JOHN M. BERTHEUSON Paper Money Whole No. 106 Page 169 Table 1. Summary record for the National Bank Note issues for the CCIF4°9 First National Bank of Lovell, Wyoming. THE PAPER COLUMN 1 by Peter Huntoon Series of 1929 Type 1 sheets Denomination Highest Serial Date First Date Last Issued Note Issued Note Issued THE AMAZING $50 AND $100 LOVELL, WYOMING 1929 NATIONALS OVELL is a small community in the northern part of the Bighorn Basin in northern Wyoming. The First Na- tional Bank there had a circulation of only $30,000 between 1932 and 1935, yet it holds the distinction of being the only bank in Wyoming to issue $50 and $100 notes. These issues joined small circulations of $5, $10, and $20 notes from the bank. With a total of $30,000 to deal with, the high denomination issues were very small-ten sheets (60 notes) of $50's and six sheets (36 notes) of $100's. All were Series of 1929 type 1 notes. Search for an Explanation Tables 1, 2, and 3 summarize the data available for the Lovell high denomiation issues as recorded in the National Currency and Bond Ledgers in the National Archives. How- ever, these data do not reveal the reason for these tiny issuances. My only recourse was a long shot-visit the bank and determine if anyone there knew about their old notes. This I did this past summer and during my visit I met bank owner Jack Pearson. Mr. Pearson was fully aware of the high denomination issues and remembered cutting sheets of small notes in the thirties. Most importantly, he recalled the reason that the bank ordered all five denominations. Some eastern fellow-Pearson thought the man was from Pennsylvania- had offered to buy the number 1 sheets from the bank. Why not cash in and order all five denominations for the gentle- man! BINGO! The purchaser sounded suspiciously like George H. Blake of Jersey City, New Jersey, who purchased number 1 Series of 1929 sheets for immediate resale to the famous col- lector, Col. E. H. R. Green. The stories of Blake and Green are best told by one of their contemporaries, the legendary William A. Philpott of Texas. Mr. "Phil" wrote the follow- ing in the Nov. 10, 1970, Numismatic News: Philpott's Tale George H. Blake, 12 Highland Avenue, Jersey City, N.J. was a true "dean" of paper money fanciers. He called himself a "collector of paper money," and he authored the first listing of U.S. currency in a 1908 booklet titled, "United States Paper Money." Mr. Blake was gracious toward young collectors. I credit him with inciting my early enthusiasm for U.S. paper currency. Besides being a seasoned collector and an authority, he was thoroughly versed in selling the specimens he accumulated. 5 622 Mar. 24, 1932 Sep. 27, 1933 10 210 Mar. 24, 1932 Aug. 3, 1933 20 64 Mar. 24, 1932 Jun. 15, 1933 50 10 May 2, 1932 Feb. 17, 1933 100 6 May 14, 1932 Feb. 2, 1933 Series of 1929 Type 2 notes 5 2298 Sep. 27, 1933 Mar. 18, 1935 10 1030 Oct. 18, 1933 Apr. 16, 1935 20 135 Dec. 4, 1933 Mar. 26, 1935 Table 2. Record of deliveries of notes from the Bureau of Engraving and Printing to the Comptroller of the Currency for the First National Bank of Lovell, Wyoming. Date Denomination Serials Series of 1929 Type 1 Sheets: Mar. 12, 1932 5 1 - 622 10 1 - 210 20 1 - 64 50 1 - 10 100 1- 6 Series of 1929 Type 2 Notes: Jun. 27, 1933 5 1 - 1020 10 1 - 444 20 1 - 60 Mar. 28, 1934 5 1021 - 2040 10 445 - 888 20 61 - 132 Jan. 15, 1935 5 2041 - 2532 10 889 - 1140 20 133 - 204 Table 3. Record of shipments of $50 and $100 type 1 Series of 1929 notes to the First National Bank of Lovell, Wyoming, by the Comptroller of the Currency. Date Denomination Serials of Sheets May 2, 1932 50 1 - 6 May 14, 1932 100 1 - 2 May 26, 1932 100 3 - 4 Sep. 6, 1932 50 7 - 8 Oct. 17, 1932 100 5 Nov. 21, 1932 50 9 Feb. 2, 1933 100 6 Feb. 17, 1933 50 10 (Note: Throughout this same interval, $5, 10, and 20 notes were also being shipped intermittently to the bank.) F-77.V 1—r TA 1111:011 THE FIRST NATIONAL BANK Of LOVELL WYOMING w$,,PAv IL THE 0.1APER OK Of va., 11111PIN MILLUIS E000008A 'ilit.amminmesompo Page 170 Paper Money Whole No. 106 The comparative proximity of his home to Washington, D.C., and his friendships in the Treasury Department (particularly in the redemption bureau and the comptroller's offices) gave Blake the "in- side track" for many years—with accent on his governmental ac- tivities in the years 1927-36. During this period the small size notes were replacing the old large ones. Hardly a pleasant week would the venerable numismatist miss from his usual rounds at the redemption department, or in the offices of the comptroller of the currency. During these years the notorious Col. E. H. R. Green (Hefty Green's son) was buying everything, numismatically speaking, that was offered. Anybody could sell him an item he did not already own. But he did not purchase duplicates, no matter what. George Blake, widely known as he was in our hobby (more than twenty-five years treasurer of the A.N.A.) found Green a "soft sell" on the small size National Currency, series 1929, soon to be issued by the 14,000 national banks. Avoiding duplicates, Blake suggested that the No. 1, uncut, six-subject sheets could be made a fascinating proj- ect. Green agreed. Accordingly, Blake, through his Treasury Department connec- tions, was notified promptly when any and all banks ordered a cir- culation of the new size currency. By the time a bank had its cur- rency application approved, the particular bank's officials had a let- ter from George H. Blake, in far away Jersey City. True, it was a form letter, with the bank's title town or city filled in, but signed personally by Blake. The letter was addressed, "Gentlemen," and went on to say: "From this letterhead you will note I am a collector of United States paper currency for historical, numismatic, and educational purposes. I am desirous of purchasing the No. 1 uncut sheets of your new, small sized National Bank notes, when and as issued. For such I will pay the following premium prices: Sheet of $5, No. 1, containing 6 notes 37.50 Sheet of $10, No. I, containing 6 notes 66.00 Sheet of $20, No. 1, containing 6 notes 125.00 TOTAL $228.50 Payment for these will be made always in advance. Please advise if you will oblige me in this matter." While this "premium" only amounted to $18.50 on the face value of the eighteen notes, many a bank cashier (and president) sold Blake their No. 1 uncut sheets. It was in the depression years, the new notes (shabby, compared to the beautiful, old large ones) would never amount to much, so national banks by the scores sent Blake their No. 1, uncut sheets. What did Blake do with these uncut sheets? As fast as he re- ceived them he delivered them to Green. Cost to the latter (Blake told me, himself): the $5's—$50; the $10's—$80; and the $20's- $145, per sheet. Blake bought both types of this series for Green. However, Blake did not offer to purchase the $50 and $100 sheets. Compara- tively few banks in the depression years ordered the higher denomi- nations, and the new size currency looked cheap, compared with the large size notes of the yesteryears. After Green died and his estate was administered, there was lit- tle interest among collectors in these sheets. A few of us borrowed money and bought (at 15% above face) as many sheets as we could afford. A few months later the large remainder of this sheet-hoard was turned in to the Federal Reserve Bank, New York, at face value by the administrators. The New York bank segregated the sheets, ac- cording to the twelve districts. Each of the other eleven banks re- ceived a list of sheets from banks in the respective districts, offering the sheets at face for the eleven banks to distribute, "as a public rela- tion act," sheets to the national banks of issue who sold them to Blake. When the Dallas bank received a list of the 11th District sheets available, and the New York bank's suggestions of a "good will" gesture, this letter was referred to me, saying I could have any or all of the Texas No. 1 sheets at face value. If I did not want them, the Dallas bank would write New York to dispose of the notes elsewhere, as there was no interest in Texas. Again, I heaved a sigh, signed another large note or two at my bank and rescued another score or so of uncut Texas sheets, all number 1. I learned later that the remainder of sheets from the 11th District, were eventually sent to the Treasury for redemption. Is There a Link? Without question the Blake-Green connection bears on the Lovell issues. The number 1 $5 type 1 Lovell sheet did get saved, first appearing publicly in the Grinnell sales of 1946 as lot 5427. It represented one of only two 1929 Wyoming sheets in that landmark sale. William P. Donlon purchased the sheet (it brought $76 in the Grinnell sale) and sold it as part of his number 1 state sheet set to Johnny 0 Bass in the late 1960's. Bass resold the set to Dave Levitt a couple of years later and the Lovell sheet is now owned by Levitt's daughter. The emergence of the sheet in Grinnell's collection can undoubt- edly be traced to Blake and Green. Were the $50 and $100 Sheets Saved? Here lies the most tantalizing question for Wyoming collectors. I very much doubt that Green got the two high denomination sheets from Lovell. Philpott offered the key evidence. Blake did not offer to buy high denomination sheets. Blake and Green could have been perfectly satisfied to pick up the number 1 $5, $10 and $20 sheets. The fact remains, it appears that both the $10 and $20 Lovell sheets did not survive the liquidation of Green's estate if he had those sheets at all. I have searched for these for years without even a rumor. If Green ever did own the $50 TIlf TIE( 1.;•::' MITiONAL 91NN 9F DALE F000145A TEN â EIIL7AW4 F000145A IN row Eii910H, ?E4A OF TEN liEtELIT:fi A000070 C Paper Money Whole No. 106 Page 171 and $100 sheets, they would have been the first to lose their fight for survival during the liquidation of his estate. My conclusion—it is a thousand-to-one chance that the $50 and $100 sheets were purchased by Blake and Green, and a million-to-one shot that they could have survived the liqui- dation of Green's estate. I live for beating such odds but I don't bank on the outcomes! Did the Notes Circulate? We have definite proof that the $50 and $100 Lovell notes reached circulation. Most convincing is the fact that one of the $50's survived—the E000008A specimen in of shown here. Also the redemption records maintained by the Comptroller of the Currency show that these notes began to dribble in one or two at a time before such recordkeeping ceased in 1935. By June 28, 1935, twelve $50's and five $100's already had been redeemed from circulation. I have developed an axiom about high denomination notes—they last a long time in circulation but ultimately a larger percentage of them finally end up being redeemed than their lower denomination contemporaries. What I hope is that at least one of the hundreds is still out there, but like the survival of the number 1 $50 and $100 Lovell sheets, I won't hold my breath waiting! Incidentally, as Table 1 shows, any surviving small note from Lovell must be classed as a rarity. Only a small handful of notes are known from the bank, even including the $5 type 1 sheet. rgi9, 11R110111t BfIN 110TE VflRIETIES M. OWEN WARNS NLG Eight Unreported Wisconsin Charters Surface We are indebted to Society Member Robert Steele for reporting the surfacing of eight of the ten outstanding Wisconsin National Bank charters appearing in the last Charter Table, Vol. XXII, whole no. 104, pages 56-59. The charters are primarily from small towns such as Fairchild, population 576, and Dale, population under 500, with Edgerton, population of 4,118, being the largest. These banks issued only a handful of notes, so to speak, of the 1929-1935 series of the National Bank Note period. There had been no surfacing of unreported charters from the state of Wisconsin during the past two years. As a result of this unexpected windfall, only charter 11083, Glenwood City, and charter 14095, Durand, remain to be recorded to complete the Wisconsin charter picture. It is presumed that sooner or later a five-dollar note from 11083 will surface, as Glenwood City limited the issue of its notes to one denomination, issuing 4,932 five-dollar notes of both Type I and Type II. The possibility of a note ever surfacing from charter 14095 is quite remote as the bank issued a total of $300 worth of notes, 30 of Type II ten dollars! The en masse reporting of Wisconsin charters serves notice that further attention, thought and emphasis should be given to recognizing the importance of similar group report- ings. The collector-researcher would derive a certain amount of pride and satisfaction in knowing he had a part in the charter search. It would do much to close the gap in many of the state charter studies and the overall 50-state ongoing charter study effort. Blair—charter 10667—Population 1,036. First National Bank of Blair, est. 1914. Issued a total of 4,746 five, ten and twenty dollar Type I notes. Blanchardville—charter 1114—Population 671. First National Bank of Blanchardville, est. 1917. Issued 21,876 five dollar notes in Types I and 11. This was a large issue of a single denomination for a town this size. Dale—charter 8118—Population under 500. First National Bank of Dale, est. 1906. Issued only 1,116 ten dollar and 216 twenty dollar Type I notes. Durand—charter 10791—Population 2,106—First National Bank of Durand, est. 1915. Issued 6,318 Type I five, ten and twenty dollar notes. Edgerton—charter 13932—Population 4,118. First National Bank of Edgerton, est. 1914. Issued 4,480 Type II five and ten dollar notes. ' AMIE iuraillivw Nrinvorovrairats isiist*..itirturnnEnt SIVA strrxt" TUE IQ 14. irign . µ 1 w44,4.4A4USULLWA444,UAW WTWEIVIVIMUJIWILAft /4 0..41151.41•A4Avod: Page 172 Paper Money Whole No. 106 Fairchild—charter 7264—Population 576. First National Bank of Fairchild, est. 1904. Issued 576 ten dollar and 138 twenty dollar Type I notes. Prescott—charter 10522—Population 2,331. First National Bank of Prescott, est. 1914. Issued 5,159 ten and twenty dollar Types I and II notes. Weyauwega—charter 7470—Population 1,377. First National Bank of Weyauwega, est. 1904. Issued 2,646 ten and twenty dollar Type I notes. PUBLICATIONS CONSULTED National Banks of The Note Issuing Period, 1863-1935, Louis Van Belkum. Standard Catalogue of National Bank Notes, John T. Hickman and Dean Oakes. The National Bank Note Issues of 1929-1935, Warns, Huntoon and Van Belkum, published by the Society of Paper Money Collectors. The Twenty Dollar First National Bank of Carson City Note by M. OWEN WARNS A proof of the twenty dollar Third Charter note of The First National Bank of Carson City, Nevada. Photograph courtesy of the Smithsonian Institution. In view of the fact that none of the five, ten or twenty dollar notes issued by The First National Bank of Carson City on Nov. 18, 1908 have surfaced during the past 75 years, it is highly unlikely that they will turn up now. We are reminded, however, of other notes buried for a longer period which finally made their appearance to be recorded. The twenty dollar First National Bank of Carson City note of the Third Charter is by far the rarest of all notes in this Series. It was printed on the tail end of a four-subject 10,10,10,20 plate layout, with serials 1 through 224, which resulted in 672 ten dollar and only 224 twenty dollar notes. The unusually small number of twenty dollar Third Charter notes issued by The First National Bank of Carson City is evident by their scarcity among the 14 Nevada Char- ters eligible to issue notes of the twenty dollar denomination during that note-issuing period and are so indicated in the Table that follows: RELATIVE AMOUNTS OF THE THIRD CHARTER TWENTY DOLLAR NOTES ISSUED BY THE 14 ELIGIBLE NEVADA NATIONAL BANKS Charter Number Bank Location Red Seals Date Backs Blue Seals Total $20 notes issued *3575 Winnemucca 0 0 0 0 7038 Reno (1st. title) 8800 10100 22009 40909 7038 Reno (2nd. title) 0 0 0 0 7654 Lovelock 356 1730 5425 7511 7743 Elko 2205 5280 11220 18705 8424 Reno (1st. title) 20000 44849 0 64849 8424 Reno (2nd. title) 0 0 61393 61393 8530 Tonopah 1100 700 1347 3147 1200 2820 6292 10312 0 0 0 0 660 826 0 1486 0 224 0 (224) 0 2390 4278 6668 0 2320 4063 6383 0 2950 1466 4416 0 0 0 0 34321 74189 117493 226003 * Issued $50 and $100 notes only in Date Backs and Blue Seals. ** Issued $5 and $10 in both Red Seals and Date Backs. *** Issued $5, $10 and $20 in both Red Seals and Date Backs. **** Issued $5, $10, $20 in Date Backs only. t Issued $10, $20 in Date Backs only. NOTE: Although Charter 11784, The First National Bank of Eureka, was established in July of 1920, eight years prior to the sus- pension of the Third Charter Series issued, the Bank elected not to issue the large size notes. However, the Bank did issue notes of the 1929-1935 series in five, ten and twenty dollar denominations. (See page 289 in "The Nevada Sixteen" for an acknowledgement from U.S. Treasurer Lee McClung to the cashier of The First Na- tional Bank of Carson City of receipt of $12,500 of its circulating notes for retirement, which may account for the scarcity of the Carson City nationals.) REFERENCES The National Archives, Washington, D.C. The Nevada Sixteen National Banks And Their Mining Camps, M. Owen Warns. 8561 Ely (FNB) **8686 Rhyolite ***9078 Goldfield ****9242 Carson City 19310 Ely (Ely NB) 19452 McGill 19578 East Ely 11784 Eureka totals— Paper Money Whole No. 106 Page 173 The Old Torrey Store in Manchester, New Jersey and its Currency By WILLIAM S. DEWEY © 1982, W.S. Dewey (Continued from PM No. 105, Page 109) Evidence from the Ledgers Fig. 2. Old Torrey Store Ledger Books (Photos by permission of the Ocean County Historical Society) Early in 1982, a youth approached Patricia Burke, Curator at the Ocean County (N.J.) Historical Society, with an offer to sell some ledger books found in the attic of the Union Avenue-Locust Street building. The property had very recently been sold, and the new owner had instructed the young man to clean out the attic of the edifice. Reportedly, a large quantity of paper material was found, which, being thought to be of no historic value, was destroyed. But, fortunately, the youth had the foresight to salvage a number of ledger books discovered there. As it turned out, a dozen or so ledgers were the original account books of the old Torrey store during the period 1862 to 1866, and 1871 and 1872! A critical find, indeed! (Figure 2.) A conference was arranged with Mr. Larrabee C. Lillie, men- tioned previously, to inspect the ledgers at the Society's office. He had spent his early youth in the building in question and recalled having seen the clutter of discarded items in the attic, as a child. After a cursory examination of the books, it was agreed that there could be no logical explanation for the volumes to have been stored at that location, except that it must have been the site of the old Torrey store. Detailed examination of the ledger books revealed a treasure trove of hitherto "lost" information regarding the operations of the store. For the first time, for instance, we learn that a triple partner- ship consisting of William A. Torrey, his brother John, Jr., and a Solomon H. Mead was dissolved as of August 1, 1865! (Figure 3.) This leads us immediately to speculate on what might have happened to the original partnership between William A. and Samuel W. Torrey. The ledgers fail to answer that question, but they do provide some helpful clues. For example, a series of entries starting in September 1862 and ending in July of 1863 show Solomon Mead as receiving sixty dollars a month for "services". We deduct from this that he was either a handyman or clerk in the S.W. & W.A. Torrey store during that period, and then was taken in as a partner in the business as of August 1863. Since Samuel Torrey was not mentioned in the 1865 tri-party termination agreement, we have to assume that he had relinquished his interest in the store sometime earlier, being replaced by brother John. A case could readily be made to justify Samuel's leaving the store partnership in the summer of 1862, or thereabouts. In June of that year, the Alliance Steamboat Company was formed by William Torrey (the elder), his sons William A., Samuel and John, and a Henry M. Alexander to take over the boat lift be- tween New York City and Port Monmouth." Up to that time, the Wm. S. Sneden & Company, a subsidiary of the R. & D.B. Railroad, had leased steamers for the cross-bay run. Alliance did not produce the profit expected of the line according to Reussville." Samuel, as economic head of that oper- ation, would have had to spend untold hours in the attempt to improve its financial condition. Furthermore, there were monstrous economic problems confronting the completion of the R. & D.B. Jr, 41.,