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Updated: May 13, 2025
One day as I was sitting at my table, strapping some new razors I had just got with the avails of my "Shinplasters," one of the men entered and said, "Emperor, you will oblige me if you will give me some other money for these notes of yours." I immediately cashed the notes with the most worthless of the Wild Cat money that I had on hand, but which was a lawful tender.
I inquired how they did, and he said, "When your notes are brought to you, you must redeem them, and then send them out and get other money for them; and, with the latter, you can keep cashing your own Shinplasters." This was indeed a new job to me.
While I was thus engaged in thought, I saw the fourth man crossing the street, with a handful of notes, evidently my "Shinplasters." I instantaneously shut the door, and looking out of the window, said, "I have closed business for the day: come to-morrow and I will see you."
My head being already filled with the idea of a bank, I needed but little persuasion to set the thing finally afloat. Before I left the printer the notes were partly in type, and I studying how I should keep the public from counterfeiting them. The next day my Shinplasters were handed to me, the whole amount being twenty dollars, and after being duly signed were ready for circulation.
The result was, that banks were started all over the Western States, and the country flooded with worthless paper. These were known as the "Wild Cat Banks." Silver coin being very scarce, and the banks not being allowed to issue notes for a smaller amount than one dollar, several persons put out notes from 6 to 75 cents in value; these were called "Shinplasters."
Mike was not much of a scholar, and could not make out the inscription on the coupon; but he had heard of shinplasters as something they "had in the war," and he took this to be some sort of a ten-cent piece. The policeman on the block might tell. Just now he and Mike were hunk. They had made up a little difference they'd had, and if any one would know, the cop surely would.
In the North a carpenter got three dollars a day, gold valuation; in the South he got fifty payable in Confederate shinplasters worth a dollar a bushel. In the North a suit of overalls cost three dollars a day's wages; in the South it cost seventy-five which was two days' wages. Other things were in proportion.
This system of plunder was at length checked, in a measure at least. Fowls, eggs and potatoes could be purchased of the people at fair rates, while rebel currency could be bought for silver at a very considerable discount. Twenty-five cent and one cent shinplasters were brought into camp and laughed at by men who were afterward glad to get shinplasters from another manufactory.
In the North a carpenter got three dollars a day, gold valuation; in the South he got fifty payable in Confederate shinplasters worth a dollar a bushel. In the North a suit of overalls cost three dollars a day's wages; in the South it cost seventy-five which was two days' wages. Other things were in proportion.
"I'd overhaul some of his letters. Steam will loosen a wafer, and a hot knife-blade, wax. I'd overhaul his money-letters and pay myself. Ha! ha! do you take? Now, that letter you've got in your fin, my boy, looks woundy like a dokiment chock full of shinplasters. What do you say to making prize of 'em? wouldn't it be a jolly go?"
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