The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1933-03-11
PEOPLES FORUM
OPPOSES BABY BONDS

Editor, The Citizen:
The writer has noted with some
amusement, the efforts according
to all accounts, to sell some baby
bonds here.
Fifty-five stamps, costing 2
cents each, or $1.10, are required
to make these bonds with $1.O0,
while play money clipped from the
Miami Herald and posted with new
2 cents postage stamps would al
ways have the value of the postage
stamps, and it would take only so
to make them worth $1.00.
City and county employees now
have the city or county back of
their warrants. The plan as print
ed in The Citizen of February
% says that warrants, and GER
tificates of indebtedness meaning
city bonds, turned in for baby
bonds will be returned to city or
county, cancelled. The city emf
ploye, turning in his warrant for
500 will be the proud possessor
of piece of paper to which he
will have to stick q 50 stamp that
he must buy from Mr.. Scott or
his. authorized committee. and
then he must find q sucker" to
take it in. 1t must be used SO
times. or, according to the plan.
buy $500 worth of goods or
services before it is worth 500
and each person holding it must
stick another So stamp on it.
Thus, the city's approximate float
ing debt of about 100000 must
be spent 55 times or $1l. 200, 900
must transpire in trade before
these baby bonds covering the
city floating debt are any good. It
would take good many years for
$11, 100000 of trade in these
coupons to occur here, even il this
were the only legal money disable.
The sucker" or merchant is ex-
pected to go into bankruptcy. il
necessary so that the chain be UNI
broken.
The worst part. that see Of
this, is that while the plan is for
the purpose of this discussion,
conceived in the loftiest Of ideals;
agreement by our city or county,
or any great part of its citizens.
collectively, to this plan, practical
ly makes the promoter the virtual
financial dictator of the city be-
cause as the nature of the plan
becomes better known, those In
yolved may find themselves under
serious contract to continue to
accept this monkey money" to
their utter ruin; or be faced with
law suits or bankruptcy proceed
ings.
Key West is just now assimulat-
ing a ''gold brick which another
Miamian handed It in the nature
of promises to build bridges, when
in all friendliness we handed him
an exclusive franchise.
We always talk about not send
ing money out of town, but here
is another case where the only
person receiving cash from the
transaction, is the promoter. and
our money goes TO Miami.
IL the city employees were to
benefit, The writer would be one
of the last to object. However,
wise city employees win continue TO
hold the city responsible for what
it owes them until IL Is paid, and
will not allow the city TO become
involved SO that the first thing
they know, they will not be able
TO get their warrants. but win
have to take baby bonds, whether
they like il or not.
City bonds are also acceptable.
Imagine~~city bonds. purehasable
ut about 20 cents on the dollar,
convert il into baby bonds. and 90
to your groceryman and get dol.
lar for it.
This makes a good opening for
anyone who believes that Key
West merchants are such "sack-
ers."
Sincerely,