Beautiful RARE Depression Scrip from Carmel by the Sea
issued by the Carmel Business Association in 1933. This historic document has an ornate border around it with a vignette of a mission bell. This item has the original signatures of the Company’s President, and Chairman, and is over 79 years old. There are thirty six 3 Cent Unemployment Releif Stamps affixed to the back.
Back of Document
Company scrip was a credit against the accrued wages of employees. In the United States, where everything in a mining or logging camp was run, created and owned by a company, scrip provided the worker with credit when their wages had been depleted. These remote locations were cash poor. Workers had very little choice but to purchase meals and goods at a company store. In this way, the company could place enormous markups on goods in a company store, making workers completely dependent on the company, thus enforcing their "loyalty" to the company. Additionally, while employees could exchange scrip for cash, it was rarely done at face value. Scrip in this context was valid only within that area or town where it was issued. While store owners in neighboring communities could accept the scrip as currency, they rarely provided a 1 for 1 exchange. This was to avoid the risk of having coins/currency that were worthless anywhere else.
When U.S. President Andrew Jackson issued his Specie Circular of 1836 due to credit shortages, Virginia Scrip was accepted as payments for federal lands.
In 19th-century Western Canada, the federal government devised a system of land grants called scrip. Notes in the form of money scrip (valued at $160 or $240) or land scrip, valued at 160 acres (0.65 km2) or 240 acres (0.97 km2) were offered to the Métis people in exchange for their Aboriginal rights.
During the Great Depression, many local governments were forced to pay employees in scrip at the height of the crisis.
Scrip as a de facto form of currency within the setting of the mining or logging industry was discontinued around 1952.
Carmel-by-the-Sea, often called simply Carmel, is a small city in Monterey County, California, United States, founded in 1902 and incorporated in 1916. Situated on the Monterey Peninsula, the town is known for its natural scenery and rich artistic history. In 1906, the San Francisco Call devoted a full page to the "artists, poets and writers of Carmel-by-the-Sea", and in 1910 it reported that 60 percent of Carmel's houses were built by citizens who were "devoting their lives to work connected to the aesthetic arts." Early City Councils were dominated by artists, and the town has had several mayors who were poets or actors, including Herbert Heron, founder of the Forest Theater, bohemian writer and actor Perry Newberry, and actor-director Clint Eastwood, who was mayor for one term, from 1986 to 1988.
The town is known for being dog-friendly, with numerous hotels, restaurants and retail establishments admitting guests with dogs. Carmel is also known for several unusual laws, including a prohibition on wearing high-heel shoes without a permit, enacted to prevent lawsuits arising from tripping accidents caused by irregular pavement.
Carmel-by-the-Sea is located on the Pacific coast, about 330 miles (530 km) north of Los Angeles and 120 miles (190 km) south of San Francisco. As of the 2010 census, the town had a total population of 3,722, down from 4,081 at the 2000 census.
History from Wikipedia and
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