Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1920-08-18
PONZI TALKS OF HIS BIG DEALS,
And Tells Some Of tho Features that
Characterize His Scheme.

Boston, Mass, Aug. 11.--Charles
Ponzi, who claims to have jumped
from comparative poverty to a null
| timillionaire's estate within few
months through dealings in interna-
tional postal coupons, told members
Of the Kiwanis Club yesterday some
Of the steps in the process by which
| he claims to have amaSSed his for
tune.
Ponzi, making his first appea.-
ance as an aftcr-dinner speaker since
he became one Of the most-talked- of
men in the country, was a luncheon
guest Of the club. He was invited,
some time ago, before he was COM
PEELED to cease payment in his $50
per cent in Is days proposition be-
cause Of the orders issued by the
State Bank COMMISSIONER to the
Hanover Trust Company yesterday
to pay no moro Of Ponzi's checks.
In opening his remarks Ponzi re-
iterated his claim that he was SOL
vent, and expressed confidence that
this would be substantiated by the
in progress, and that he would be
able TO resume business within few
days.
Small Ontce to Start.
He related how he had hired
| small Office, used his small capital
in various business schemes, and
then, with an international rerly
coupon always in front Of him on
his desk, "began to do something"
| He finally obtained financial assist
ance, he said, to develop his idea and
spent thousands Of dollars in foreign
| correspondence
| 81 found out" he said, chat the
postal coupons were being sold in
foreign countries for the equivalent
Of six cents and could be converted
into postage stamps. Then all had
to do was to figure how many nickels
made a million.
II got in touch with men-that's
| as far as I'll go-who were able to
secure for me large amounts Of cou-
pons in different countries. They
bought them with our money and
used them as collateral to be re-
deemed later.
when conditions were right | Of
fered to borrow money from the pub
lie. offered fifty per cent in ninety
days and would not promise to re-
thought that three weeks was about
the right time to bank the money
here. send 1t abroad, get the stamps
and convert them into cash
President and Office Boy.
Il started the Securities Exchange
Company. l was everything from
president to Office boy.
81 decided that If | redeemed the
stamps in the United States the Fed
eral government might decide that it
came within it's jurisdiction, though
there was no Federal or State law
against 1t. But the exchange rate
was the same in Switzerland and
Norway and some other countries SO
decided to redeem them there -
Some one In the audience asked
why the postal authorities nad b4or
unable to find any evidence of such
large dealings in reply coupons Pom
ri replied that foreign governments
realized profit on the issue of these
postal certificates "and are not going
to disclose to other governments how
many coupons they have issued"
'And the International Postal
Union is not going to do it," he
added.
Asked if foreign governments had
not stopped this he replied:
Yes. they are stOpping-they
! nave SlOppeN tne sale OF coupons Tor
public use. But that does not stop
my business. My money in Europe is
working to-day, even If it is not
here"
Says, Nobody Will Lose.
In the transactions in coupons, he
insisted. nobody suffers loss
81 buy to-day" he said, "a dol
lars worth Of Italian exchange. At
the present rate | get IS lire.
would get five under normal ex-
change. With the IS lire | would
buy 60 international reply coupons.
These coupons can be sold for SO in
American money"
He maintained that no govern
ment need lose, but transactions be-
tween governments may be delayed
until exchange is normal, and he
pointed out that there has been de-
lay In the payment Of interest on
American loans to the Allies.
IL haven't found anybody who will
have to, make good" he asserted,
when somebody wanted to know who
would have to stand the loss.