Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1908-03-18
A CURIOUS CURRENCY
Notes That Were Issued by the
MormonS In Early Days.
MONEY BASED ON GOLD DUST

"" 'SSNe u OSFtp IN Denver Which Was
Unique In the Financial History Of
Anncries-Sone IF II Redeemed In
Gold When Gold Was Above Par.
The need Of a circulating medium
brought into existence Il curious chr
rency among the M0rmons Of Ttah in
the early days. They had a fairly album
dant supply Of gold dust. but no form
OF money When taxes were collected
Tor instance. they were paid I'm gold
dust The tax collector was often I'M
able to give fractional change and had
to Issue due bills for small amounts.
Finally SO great became the need for
a convenient circulating medium that
the suggestion was made by some of
the leaders that the circulation Of the
Kirkland notes be authorized. the com
munity to stand sponsor for them. And
this was adopted.
he Kirkland notes were the product
or bank Of the wildcat species which
was in operation in 1897 at Kirkland
~, where under the leadership OF To-
seph smith the MOrmons had n settle
ment The institution was known as
the Kirkland Safety Society bank and
issued notes in the denominations Of
81, So. s. and SO.
Fully $4,000 worth OF these notes
We're said to have been issued. Then
the bank failed, not having at the
time OF suspension more than 5000
with which 10 redeem It's issue. The
result was that the notes became alb
solutely worthless. Many OF the Nor
mons kept their notes. regarding them
as curiositieS. while others retained
possession Of them in the faith that
the prediction Of Smith would one dav
be realized. he being reputed 10 have
said that the notes one day would no
rs good as gold.
The action Of the Mormon leaders in
Utah in 1910 made this prediction
come true. for the Kirkland notes at
once went into general circulation and
were placed on a par with gold. Each
and every one of them was redeemed
al the Mormon headquarters In cold
dust, Of which there seemed to be I
greater supply than OF representations
Of money.
There were two issues Of paper mon
ey or script in Denver. which were re-
deemed I'm gold. Some of them were re-
deemed at time when gold was at
premium and SO deserve to be ranked
among the curious currency representa-
lions Of which this country has seen
many examples.
In September 1851. the firm Of &. \.
Cook * Co. OF Denver issued notes of
the denominations OF 10. - and %
cents and 81 This firm conducted a
large general merchandise business. in
the course OF which they handled great
quantities OF gold dust. the latter ~
the time being the only circulating
medium in Colorado or Kansas terri
tory. as II was then called
Later the firm dropped the merchan-
disc business and took up banking
Great need was felt for fractional
currency which would be worth as
much as sold and at the same time
save the Inconvenience of handling the
gold dust To supply the prevailing
need. Cook & Co. issued these notes
which were al finely engraved en-
steel and bore the promise of the firm
70 be redeemed IN gold dust.
1890 NNAN N-AsA flftQ up DN every
BODY. but more particularly the mer.
chants, and il was not long before
Cook X Co.'S notes were in general cir
culauon IN Denver and the contiguous
mountain regions. They were prompt-
" redeemed whenever presented and
being redeemable in gold dust. were
preferred 10 the regular United States
currency. They were the smallest sold
notes ever issued.
Some time after the BANKING house
caught fire and was entirely consumed
At great risk the senior member of rbe
hrm entered the burning building AMI
rescued the stock of gold dusr. which
amounted 70 something like So. 600
The following day the holders OF The
notes, fearing a possible loss on &C
count OF the IKE. asked FOR the reiennn-
uon OF their notes. which was granted
IN every instance. BUT this seeming
want OF confidence 50 provoked Mr..
COOK that after the last note had been
redeemed and Cancelled he determined
never 10 issue another. and thus ended
an issue unique in Americas financial
history. II is nor probable that
specimen Of this interesting series of
notes is in existence today.-Wasbipc
ton Post