On March 6, 1933 government and business leaders met in Horicon to discuss ways to keep commerce in the city moving during the state imposed bank holiday. Brothers Howard V. B. Wilcox and Russell A. Wilcox stepped forward to back an issue of small denomination checks.
Checks in denominations of $.25, $1.00, $5.00, $10.00 and $20.00 were issued. Howard Wilcox signed the $.25, $5.00 and $20.00 checks and Russell signed the $1.00 and $10.00. A total amount of $30,000 was printed. It was anticipated that the checks would only need to circulate for a short period of time so they were void after July 1, 1933.
The checks were accepted by all local businesses except Wisconsin Telephone and Wisconsin Power & Light. They did not accept the scrip because they did not have any local creditors and they would be unable to pay the scrip out if they received it. They would also not be able to use it to pay their outside creditors.
The Horicon State Bank was allowed to reopen on March 16, 1933 and redemption of the checks was accomplished by depositing them with the bank or paying obligations owed to the bank with them.