Racine Clearing House

The Racine Clearing House began making scrip available on March 6, 1933 in response to the state moratorium which commenced on March 4. Businesses could apply to the Clearing House to issue scrip for payroll and other business purposes. The following businesses are known to have issued scrip:

  • Western Printing and Lithographing Compan
  • Christensen Machine Company
  • Belle City Malleable Iron Company
  • W. H. Pugh Coal Company

Unused examples are also known with the name X. Y. Z. Corporation.

The scrip was printed by Western Printing and Lithographing Company in denominations of $1.00, $5.00 and $10.00. In addition to the Clearing House scrip uniform credit slips were developed for the purpose of making change.

The name of the issuing company was added to each piece as were the signatures of a corporate officer and a member of the Clearing House. The printing process was described in detail in the March 7, 1933 Racine Journal-Times.:

The clearing house association met at 4 o’clock Saturday [March 5] afternoon for the purpose of arriving at the form the substitute should take. The details of the scrip plan were complete at 6:30 o’clock and at 7 o’clock the Western Printing and Lithographing company was entrusted with the task of supplying the blank certificates. It was understood that it must be ready by 10 o’clock Monday morning.

The composing room foreman was located on a shopping tour at 7:30 o’clock and members of the Clearing House association waited at their homes to give their approval pf the final draft of the scrip. The final “okeh” was not received until 2 o’clock Sunday morning. The engravers and lithographers were called to the plant at that hour and they proceeded with the preparation of the border and the pantagraphic background as shown on the facsimile on page one.

Transfer lithographic plates were ready at 3 o’clock Sunday morning and at 3:30 the pressmen started printing them. Racine’s scrip came rolling off the presses at a fast rate at that time and the last sheet was printed at 8 o’clock Sunday morning. There was still another operation and the sheets were then transferred to the vertical presses where each check was given its correct serial number.

All of that activity was carried on while the greater portion of Racine’s population slept.

The scrip had an initial redemption date of four months from the date of issue. On March 30 it was announced that redemption would commence on April 5.

%d bloggers like this: