Savannah morning news. [volume] (Savannah) 1868-1887, 1886-11-24
Timekeeper

The ticket was OF pink paper three
inches square and was good Tor 10c. The
Georgia Land and Lumber Company ran
a store, at which the mill hands did the
most of their buying. Practically the
employees were forced to do the greater
part OF their trading there. Later, how
ever, other storekeeDers on the island be.
gan accepting the scrip instead Of money.
The company stated that the checks
could not be transferred except at the
store, but it soon became a common
thing for the mill hands to exchange the
scrip for anything they needed. Doctors
bills even were paid with the new cur
Tency. The tax collector accepted it,
the ferrymen took 1t and hack drivers,
and seemingly every one else, received it
at par.
AS GOOD AS GREENBACKs.
In 1855 Dodge, Meigs & Co. sold their
store to Messrs. Wright IL Gordon, and
the words ''redeemable at the com pany's
store" were omitted from the coupons.
The scrip was issued in den0min ations
OF &C., 10c., 20c., DO, 50c., 81 % and 81 30,
and possibly one or Two bills OF larger de-
nominations. A 50c. check perhaps con-
tanned five 10c. coupons. liza bill amount
ing to 40c. was TO be paid the storekeeper
Cor whoever else was the creditor cut of
TOUR of the Zoe. coupons from the soc.
check. Pink, red, yellow and white paper
was used for different denominations.
Mr.. ". A. Fuller, the company's super
intendent, claims that the checks have
not been used to any extent as a medium
OF exchange in lieu OF money. Wright e.
Gordon, he says, act only as the lumber
company'S agents, and therefore, in re-
deeming the scrip, do not give II the eli ct
ot currency. Mr.. Dunwody says that Mr.
Fuller gave MIN tree access TO the conf
pany's books. The daily paw roll amounts
to something like 1925, or s., 800 a month
In some months the pay roll is between
$4,000 and 81, QUO.
OVER A QUARTER OF MILLION.
1t Is estimated tnat since the practice
was commenced in 1877 that the two com
pauies have issued over 100000 in the
coupon scrip. Wright ~ Gordon are said
to redeem from 81, 400 TO 81. 600 OF the cou-
pons every month. Other stores on the
island take them and trade them with
Wright d Gordon or have them cashed at
10 per cent. discount. The company has
rule to the effect that the coupons can
not be redeemed for any one except the
party whose name is on the check. That,
however, is not observed.
AGAINST THE LAW.
The circulation of the scrip in lieu OF
national currency il a violation OF the
United States statutes. An act passed
II Sp' o, lc'os says 'ENeTy person, urn,
association other tnan national bank assO-
Citations, and every corporation, State
bank, or State banking association Shall
pay tax OF 10 per centum on the amOu ut
of their own notes used for circulation
and paid out bv them"
PENALTY FOR THE oFFENsK.
The penalty Is so per cent, OF the tax
and $500 fine. Collector Crenshaw referred
the matter OF assessing the tax to Inter
nal Revenue Commissioner Miller, who or
dered the tax to be collected. The Georgia
Land and Lumber Company is 10 arrears
for nearly $40, 600, but none OF that amount
can now be assessed under the law oil
Limitations, but the United states can sue
10 recover the amount, and suit has been
ordered.