Two Rivers

In March 1933 the City of Two Rivers found itself short of cash. Tax collections were $90,000.00 behind the previous year and $58,000.00 in city money was tied up in closed banks.

In order to cover the shortfall the city proposed to issue scrip to meet payroll. After receiving input from local businesses the city paid employees half in cash and half in small denomination certificates of indebtedness. The scrip was paid out for three successive months totaling a little over $30,000.00.

E. J. Donnelly, the city manager whose signature appears on the certificates, stated in May that the scrip issue was a “flop” He noted that $11,000.00 of the $19,000.00 that had been paid out to that point had already been returned to the city. By November 1933 $332 remained outstanding.

No examples are known. The image above appeared in the March 17, 1933 Two Rivers Reporter and Chronicle.

%d bloggers like this: