Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1912-12-20
COUNTY ISSUED OWN MONEY

heavy enough TO SATISFY all ueHahus.
-Harper's Weekly.
COUNTY ISSUED OWN MONEY
Why Ozark Community Did Not suf-
fer During the Panic Of 1893.
Congressmen who are considering
currency bills might well come to this
little town on the bank Of the Usage
river for brand-new ideas on the sub
ject. This is the county where the
people have fought for forty years the
payment Of bonds issued just after the
Civil war for the construction Of a
railroad that was never built. and 1t
was the county Judge who went to
prison rather than order the payment
of these bonds, when told to do 30 by
the Federal court, who originated the
new financing that saved the county
of st. Clair during the panic OF 1899.
To get at the story properly one has
to 90 back to that date and find out
where the county judge learned his
unique ideas of banking and financier-
ing. He was a farmer named Pedon
(accent on the first syllable). Soon al
ter the war. by careful management,
he saved $400, which he intended
should be used in the construction OF
a frame house." which was some
thing of rarity at that time when
log cabins were the rule. The local
banker became aware OF the savings
of the farmer, and telling him Of the
danger of robbery at the time when
the Younger brothers were operating
in Missouri, persuaded him to deposit
the money in the bank.
The unsophisticated farmer inquired
as to the mystery OF banking, anu
was told he could have the money
whenever he might wish II. de was
shown a check and explained Its work
ines, being very much impressed with
the way money was made out or COM
mon writing paper merely by setting
down a few words and signing ones
name.
placed in the bank 1t went into the
hands Of the government as insolvent.
everybody with savings was alarmed
fearing he had lost what he had. Pc
don said little, but after he had done
his chores in the evening ne LOOK
down his shotgun and bade his wife
good-by. 'a....l .a.- ~, 4,
Where are you going, fatnerE IN
quired the anxious wife.
"Out in the woods q SPELL Will be
ho or ntlrtv aOOn.p n. '.. ar ss..
About midnight the banker was
awakened in town by a TREMENDOUS
pounding at his door. A moment later
the latch was lifted and Pedon enter
ed, gun in hand.
banker, Indignant at the intrusion:
II want my money" replied Pedon,
In mild and hurt tones. You toio me
1 could have 1t whenever wanted It."
but the bank is in the hands OF
receiver. You can't get 1t until its al
fairs are settled"
II don't know nothin' ABOUT a re-
ceiyer. / just want my money. Inc
man with the gun continued very SOIL
ly. II don't want no trouble put
must have the money"
At the same time his shotgun, wnich
never missed fire, and In his hanos sei-
dom failed of hitting the mark was
pointed al the bankers breast. Tne
wife was In Mysteries. She threw her
self at Pedon's feet, begging him not
to shoot.
II have no money here" said the
banker. ...
hut YOU told me I could have my mon
ey when I wanted 1t, and l want Il
now"
The gun was brought to sight.
Don't shoot" pleaded the wife: /
have $400 Of my own which Will get
for you" o. :. T ,us+
want nv money" replied Pedon, low
ering the muzzle Of his gun, while the
wife went into another room 10 get
the money.
AS daylight was streaking in the east,
Pedon walked unconcernedly into MS
home, where his wife sat with Sleep
less eyes all the night. Hanging up
his shotgun on its pegs, he said SIM
ply:
IF was this man, cool and daring,
who was elecled presiding judge OF the
county court at the time wnen the
bondholders were demanding that
thew be paid. He was elected to resist
payment. and knew when he took the
office that 1t meant a jail sentence.
But he took the sentence and never
faltered, while his neighbors put out
and cultivated his crops II ne mao
welded to the demand Of the Federal
court and ordered the payment or the
bonds they would have hanged him.
But he was not that kind.
After a long time in the Federal
prison he was released, because the
newspapers were talking ABOUT the
outrage of 1t, and even the governor
of the state had issued a special mes
sage about it. Then he was called up
on to do some real business for the
county and was confronted by unpaid
county warrants aggregating $15,0OO,
with the panic Of 1893 coming on. He
could hardly read or write and knew
little of public management, but ne
remembered how they filled out checks
and made money out Of them.
"If what I sign as just Pedon Is
money" he argued, what I sign as
Judge Pedon ought to be all right. l
think we can pay ne warrants.
His associates were astonished.
When he outlined his plan they con-
sidered it almost magical and looked
upon Pedon as a necromancer. They
were for 1t teeth and toenall,' using
he language of the backwoods. where
only a short time before the pioneers
had fought bars" Therefore, In Ian
guage that passes current today, they
refunded the warrants, issuing In their
stead county notes in the denomina-
ton Of 81 only, for the full amount,
redeemable by the county treasurer al
any time within five years.
| It Is related that this unique fnan-
ciering worked perfectly. Those who
had held uncollectible warrants
against the county now exchanged
them for county notes each worth )!
and in turn exchanged these notes at
the store" for the supplies they need
ed. Everybody received the notes at
par. While the rest Of the country
was tied up in bow-knots by the panic
st. Clair county, Missouri, by reason
of possessing money Of Its own, suf-
ficient to do all the business required,
experienced something of boom
There has never been a better time
there. Those county notes paid many
hundreds of thousands of indebted