The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-05

PAID IN ALUMINIUM
Little Town Of Williams Is Doing
Business With New Kind of
Fiat Money.
Scheme Has Worked Well So Far,
But Critics Say a Crash Will
Come.
Special to The Journal.

special to The Journal.
Webster City, Iowa. Nov. 4.--The latest
scheme in the fiat money has broken out
in Williams, 81 small town east of this
city, where aluminium dollars, half dollars,
quarters, etc, are in common use and pass
current. They are redeemable at several
of the stores. The scheme is a local one
of the merchants to increase the volume OF
money in circulation in the community
and to move the crops" 1t draws trade
from distance to the town for the reason
that there is a premium on the nat money,
strange tho this may seem.
Dollars. halves, quarters, dimes and
scent pieces made of aluminium, properly
stamped, circulate in Williams In ali man
ner of business transactions. One can
buy any quantity of anything at the same
prices as for Uncle Sans money in near
ly all the stores, restaurants, furniture
stores and, some say. In stamps at the
postoffce. In fact, the dealers when sell
ing goods do not know whether the pur-
chaser is to have 1t charged, payed in
United States money or aluminium coins.
Scheme to Draw Trade.
A few months ago an association of
these dealers put up $40, 600 and estab-
lished a butter and egg business. They
hired a man to run it. and he buys all, or
nearly SO, the butter and eggs that come
to the town. He pays 2 or cents more a.
dozen for eggs and or 5 cents more
a pound for butter than any of the adj
joining towns do or can afford to on the
Chicago or New York markets. But these
higher prices are to he paid in aluminium
coin. When the farmers wife wants
Uncle Sans money she gets the cash mar
ket prices paid in other towns. She has
her choice. and in either case is satisfied
The dealers retail all the butter and
eggs needed by consumers in Williams at
the prices for which other towns are
selling. The surplus is shipped to the
eastern markets, and, as may be supposed.
they handle big lots and ship where they
can get the best prices. or sell to travelling
buyers as they come along. The concern
lost little money for the first few months
and furthermore, expects to lose some
thing every year. But owners of the stock
say their share of the presumed and in
evitable loss of the business Will not be as
much as tho they bought and sold butter
and eggs in their own stores '" ,>',!E
Farmers Like It..
As to the other part of the business
Storekeepers are as anxious to get hold
of these aluminium dollars the coin of
the realm. for this reason: they can go
to the butter plant and get dollar for dol
lar, by exchanging aluminium for. silver,
bank notes or gold
1t seems to be an endless chain Of fiat
money, and very elastic in moving the
crops; !. e.. poultry, butter and eggs. The
farmer likes the plan. for he is sure of
a cash market for all he has to sell. If he
takes aluminium dollars. they are good at
any time at any one of dozen or more
places of business, and it requires no
pass book nor due bills or book accounts
at the store fa.. .r,.us q. .ss Il.
OF course, there are some critics who
say business transacted in this -sway-Mill
result in financial loss Or even in times of
business tension. In a panic. Time only
will TELL but the business men of VIII
liams who are in the scheme say 1t is one
OF the greatest plans for drawing trade
that they ever hit upon, 49,. .,