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Steve Marr Blog

Steve Marr's contributions

Jul 09
2020

Cities Issue Own Currency?

Posted by: Steve Marr

Tagged in: Untagged 

Many individuals are under substantial hardship as a result of the Covid 19 pandemic. Federal, state and local governments are looking for ways to provide relief. One interesting example is the city of Tenino taking the step of issuing their own town currency, up to $300 per individual, for those demonstrating negative impact from the pandemic.

Throughout the history of our nation, local governments have taken the step of issuing currency, in one fashion or another, in an effort to work through difficult economic times.

 

An example is the city of Detroit, where until I moved, I was a fifth-generation resident. My aunt Helen was a Detroit schoolteacher and during the depths of the Great Depression the city did not have adequate money to pay teachers. As a result the city of Detroit issued their own “currency” and below is a picture of a one-dollar note issued by Detroit.

At the time the notes were redeemable in the future at full value, Plus interest, but because of the economic situation there is serious doubt if the notes would be honored several years in the future. As a result my aunt told me that if you actually wanted cash for the one-dollar Detroit note you would only receive about $0.70 in US currency.

King David wrote, “He who trusts in his riches will fall, But the righteous will flourish like the green leaf.” (Psalm 11:28 NASB)

We are reminded that her trust needs to be in the Lord and the Lord alone, we may think that our money which we handle every day will always be available, but history and reality dictate we are never assured of future finances.

Below copy of Detroit note. 

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