The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-05

Gallipoiis. and were considered to be q
pretty fair article or money In this county
at that time. When | got back home 1
found every one of those bills waiting for
me. and i had to make them good. The peo-
pie to whom i had given them were
unable TO get rid of them. They used diff
ferent kind of money down where they
were. That is the way il was in those days.
Money that wns all right in this county
might not pass for IT'S value in blank paper
in the next. and that IN this county might
be equally worthless"
How did this state of affairs come about,
and where did all these different kinds of
money spring FRONT" was inquired.
oh, 1t all came from private banks.
Say some man, or men, would have a busi-
mesa project of some sort on hand, for which
they needed money. Well, they would
start q bank. They would get their notes
struck of, and put them IN circulation.
and they became m0neyed men with the
outlay of very little time and expense. OF
course they had to redeem their notes
when they came back to them. but I'll tell
you how they strove TO avoid that When
they started their bank they did not place
it in the public square of the
over the door. and advertise for
depositors. No. they had their head
quarters IN as obscure n place as possible
1t had to be q place with a postoffice TO
listing law. but the smaller and more out
of-the-way 1T was, the better. Then they
would send out their agents and get their
notes into circulation as far sway from the
base of supplies as possible. Then IL the
men who got them found that they were
of no account, and they were unable 10
find the place where they came from,
to get them redeemed. 1t was no concern OF
the parties who issued them. We didn't
know what the sight of GOLD was In those
days. i do not remember just exactly at
what premium il was held, but il WAS not
less ttan 200 per cent, and silver was al
80 a.. n2A~An g~1 - a.. 20 b..
man of no small means who was able to
Jingle silver III his pocket. aud Pll venture
to say that no laboring man ever saw IT."
How was labor paidf"
"Well, Eve known of many q bright. en-
erRetic man who was glad to get a job at
30 cents q day. and when he got bis paw at
the end of the week he would not know
whether to light a tire with it OF go down
to the store and see how much he could get
on It,"
And skilled laborf"
Il can't remem Der just what wages were
paid for the various GLASSES of labor. for it
was a good while ago. but know that they
were very low. Mechanics and artisans OF
all sorts were different IN those days than
they are now. We had the cobbler who
made all the boots for the village. and We
went down TO the halter and bad our heads
measured for hats. and things of that sort.
1t 10 hard to compare the skilled laborer Of
that day and this"
Suppose a person had taken some of .
private banks notes, and. on finding them
worthless, had been refused payment for
them when be brought them back To the
bank. What recourse would he havef"
"Oh, he might sne for them. and they
often did so. but. In nine cases out OF
ten. the suit would cost more than the
money WAS worth then, or ever apt TO be.
i remember another little incident that
illustrates pretty we'll how this free bank
currenc y acted. i was compelled to make
n trip from Loganeport TO Terre Haute on
horseback. and when / started ] had just
one twe~nty-dollar bill in my pocket. It
took me several days 10 make the journey.
and / had to put my self and horse M &C
the taverns along the road. bnt when
l got to Terre Hante / still bad
the twenty-dollar bill unbroken in
my pocket. i would otter it in
they would tell me that they had rather
given me my fare free than change the
Dill. or give me their money for mine IN
equal value minus what 1 owed for board
and lod OF course this was all ans ed
when the Legislature in Indiana passed q
law prohibiting IL, and 10 was followed
soon after by the introduction of the ma
tlODal bank system by the Secretary OF the
Treasury. Chase. under Lincoln. You may
say that L never want. TO be compelled
to so back To those DAYS. and X
the present generation could know
OF realize what they were and with whas
we had TO contend in them they would not
touch this wildcat currency scheme with
a forty-foot pole" General Morris said
that there were doubtless hundreds of i'm
cidents which be could call 20 nis mind. IL
he had time To think, which would be of
interest as well as instructive, but. a. ho
said. "When q man gets TO be eignty-ono
years old he kind of foIgers the things that
happened fifty years ago"