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First National Would Become Available
WOULD STIMULATE TRADING AT HOME
Directors of the Statesville chants Association met at their of fices at Tuesday night, to hear proposition from directors of First National whereby closed bank's funds would immediately become available to Newbold, spokesman the bank people, read articles dealing with issuance of tried in numcommunities. is proposed form profit issue the First National be given the privilege assign their accounts to this and return receive value the account less fee to cover administration expenses in script money. Every time this script changes hands, two stamp would have affixed, these stamps of course also to be sold corporation. When fifty stamps have been affixed the script, will then be redeemed currency. received from the bank cciver would turned back and aid in liquidating bank the best advantage depositors Would Release Deposits. It was stated that First Natioral had about 4,000 depositors time that the deposits them aggregated only about $3,000; that the accounts had deposits more than that may be seen that the bulk money the bank belonged small depositors, who would be glad take advantage the and to many of whom would deed godsend, since they would enabled their spend deposits for necessities. was also pointed csheme would stimulate trade the script issued had only when spent with local merchants; that could not saved, because there was time limit for redempand that could not be sent order houses carried or In the lively discussion, these adtogether with tages, were fully talked over. The ripped open, shot full holes, and then put together again. Men who at first to were opposed came to see the possible benefits, and agreed to give Some Among the disadvantages mentioned, these were outstanding: When depositor gets his script money, he would his cent stamp and pass merchant. Now the merchant canpass but must either spend himself another merchant, or force onto his clerks, that the entire burden scheme would on the merchants their employes. offset was proposed enlist the aid requested to use this script their payrolls. questioned whether people would honest enough to stamp when the script changes hands, since there no checking that person handling the should be cancel the with his initials. suggested that script would force good money out of circulation. For instance, who person has $100 deposit the closed bank, $100 in exchange account. would naturally spend this script his needs, banking the good monin which he gets paid Another Meeting Called. finally decided call to other meeting for night, place and hour, the inviting Later on mass meeting all merchants and be held, at which plans for carrying the idea into eration would formulated.
