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Page 28
At this time, money matters in the Western States were in a sad
condition. Any person who could raise a small amount of money was
permitted to establish a bank, and allowed to issue notes for four times
the sum raised. This being the case, many persons borrowed money merely
long enough to exhibit to the bank inspectors, and the borrowed money
was returned, and the bank left without a dollar in its vaults, if,
indeed, it had a vault about its premises. The result was, that banks
were started all over the Western States, and the country flooded with
worthless paper. These were known as the "Wild Cat Banks." Silver coin
being very scarce, and the banks not being allowed to issue notes for a
smaller amount than one dollar, several persons put out notes from 6 to
75 cents in value; these were called "Shinplasters." The Shinplaster was
in the shape of a promissory note, made payable on demand. I have often
seen persons with large rolls of these bills, the whole not amounting to
more than five dollars. Some weeks after I had commenced business on my
"own hook," I was one evening very much crowded with customers; and
while they were talking over the events of the day, one of them said to
me, "Emperor, you seem to be doing a thriving business. You should do as
other business men, issue your Shinplasters." This, of course, as it was
intended, created a laugh; but with me it was no laughing matter, for
from that moment I began to think seriously of becoming a banker. I
accordingly went a few days after to a printer, and he, wishing to get
the job of printing, urged me to put out my notes, and showed me some
specimens of engravings that he had just received from Detroit. My head
being already filled with the idea of a bank, I needed but little
persuasion to set the thing finally afloat. Before I left the printer
the notes were partly in type, and I studying how I should keep the
public from counterfeiting them. The next day my Shinplasters were
handed to me, the whole amount being twenty dollars, and after being
duly signed were ready for circulation. At first my notes did not take
well; they were too new, and viewed with a suspicious eye. But through
the assistance of my customers, and a good deal of exertion on my own
part, my bills were soon in circulation; and nearly all the money
received in return for my notes was spent in fitting up and decorating
my shop.
Few bankers get through this world without their difficulties, and I was
not to be an exception. A short time after my money had been out, a
party of young men, either wishing to pull down my vanity, or to try
the soundness of my bank, determined to give it "a run." After
collecting together a number of my bills, they came one at a time to
demand other money for them, and I, not being aware of what was going
on, was taken by surprise. One day as I was sitting at my table,
strapping some new razors I had just got with the avails of my
"Shinplasters," one of the men entered and said, "Emperor, you will
oblige me if you will give me some other money for these notes of
yours." I immediately cashed the notes with the most worthless of the
Wild Cat money that I had on hand, but which was a lawful tender. The
young man had scarcely left when a second appeared with a similar
amount, and demanded payment. These were cashed, and soon a third came
with his roll of notes. I paid these with an air of triumph, although I
had but half a dollar left. I began now to think seriously what I should
do, or how to act, provided another demand should be made. While I was
thus engaged in thought, I saw the fourth man crossing the street, with
a handful of notes, evidently my "Shinplasters." I instantaneously shut
the door, and looking out of the window, said, "I have closed business
for the day: come to-morrow and I will see you." In looking across the
street, I saw my rival standing in his shop-door, grinning and clapping
his hands at my apparent downfall. I was completely "done _Brown_" for
the day. However, I was not to be "used up" in this way; so I escaped by
the back door, and went in search of my friend who had first suggested
to me the idea of issuing notes. I found him, told him of the difficulty
I was in, and wished him to point out a way by which I might extricate
myself. He laughed heartily, and then said, "You must act as all bankers
do in this part of the country." I inquired how they did, and he said,
"When your notes are brought to you, you must redeem them, and then send
them out and get other money for them; and, with the latter, you can
keep cashing your own Shinplasters." This was indeed a new job to me. I
immediately commenced putting in circulation the notes which I had just
redeemed, and my efforts were crowned with so much success, that before
I slept that night my "Shinplasters" were again in circulation, and my
bank once more on a sound basis.
As I saw the clerks shovelling out the yellow coin upon the counters of
the Bank of England, and men coming in and going out with weighty bags
of the precious metal in their hands, or on their shoulders, I could not
but think of the great contrast between the monster Institution, within
whose walls I was then standing, and the Wild Cat Banks of America!
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