City of Ashland
The City of Ashland authorized the printing of $50,000.00 in Certificates of Indebtedness in May 1933. This scrip was necessary to make payroll and pay other municipal expenses. The City’s funds were tied up in closed banks and it had approximately $200.00 in cash on hand in May 1933.
The plan to issue scrip was not well received by the merchants of Ashland. The merchants were reluctant to accept scrip and preferred that the City float a bond issue to pay expenses.
Back salaries of teachers paid in the scrip on June 7, 1933 totaling $31,000.00. Other city employees were to be paid following week in scrip. The scrip was due on or before March 15, 1934 and earned 6%. It was receivable in payment of taxes or other debts owed to the City.
The scrip was issued in denominations of $1.00, $5.00, and $10.00. Twenty dollar notes were authorized but not printed. The only known examples are $1.00 notes. No record of the number issued or redeemed is known to exist.