Local Money Strengthens Communities
28/10/08 16:43
Groups
stem the flight of capital from their towns and help
small businesses through local currencies.
by
Dave Block
FEDERAL currency was in short supply during the Great Depression, so local banks, stores, town governments and others with initiative issued their own scrip. In Springfield, Massachusetts, the publisher of the Springfield Union News, Samuel Bowles, began to pay his employees in scrip redeemable at local stores, which used it to pay for advertisements in the newspaper. Seeing Bowles regularly and knowing his character, locals developed more confidence in his dollars than federal money, which helped the Springfield economy stay relatively healthy during those hard times (Lire l’article)
FEDERAL currency was in short supply during the Great Depression, so local banks, stores, town governments and others with initiative issued their own scrip. In Springfield, Massachusetts, the publisher of the Springfield Union News, Samuel Bowles, began to pay his employees in scrip redeemable at local stores, which used it to pay for advertisements in the newspaper. Seeing Bowles regularly and knowing his character, locals developed more confidence in his dollars than federal money, which helped the Springfield economy stay relatively healthy during those hard times (Lire l’article)
