seek employment in the neighbouring towns. I went to the town of Monroe, in the state of Michigan, and while going through the principal streets looking for work, I passed the door of the only barber in the town, whose shop appeared to be filled with persons waiting to be shaved. As there was but one man at work, and as I had, while employed in the steamer, occasionally shaved a gentleman who could not perform that office himself, it occurred to me that I might get employment here as a journeyman barber. I therefore made immediate application for work, but the barber told me he did not need a hand. But I was not to be put off so easily, and after making several offers to work cheap, I frankly told him, that if he would not employ me I would get a room near to him, and set up an opposition establishment. This threat, however, made no impression on the barber; and as I was leaving, one of the men who were waiting to be shaved said, "If you want a room in which to commence business, I have one on the opposite side of the street." This man followed me out; we went over, and I looked at the room. He strongly
urged me to set up, at the same time promising to give me his influence. I took the room, purchased an old table, two chairs, got a pole with a red stripe painted around it, and the next day opened, with a sign over the door, "Fashionable Hair-dresser from New York, Emperor of the West." I need not add that my enterprise was very annoying to the "shop over the way"—especially my sign, which happened to be the most expensive part of the concern. Of course, I had to tell all who came in that my neighbour on the opposite side did not keep clean towels, that his razors were dull, and, above all, he had never been to New York to see the fashions. Neither had I. In a few weeks I had the entire business of the town, to the great discomfiture of the other barber.
At this time, money matters in the Western States were in a sad condition. Any person who could raise a small amount of money was permitted to establish a bank, and allowed to issue notes for four times the sum raised. This being the case, many persons borrowed money merely long enough to exhibit to the bank inspectors,
and the borrowed money was returned, and the bank left without a dollar in its vaults, if, indeed, it had a vault about its premises. 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." The Shinplaster was in the shape of a promissory note, made payable on demand. I have often seen persons with large rolls of these bills, the whole not amounting to more than five dollars. Some weeks after I had commenced business on my "own hook," I was one evening very much crowded with customers; and while they were talking over the events of the day, one of them said to me, "Emperor, you seem to be doing a thriving business. You should do as other business men, issue your Shinplasters." This, of course, as it was intended, created a laugh; but with me it was no laughing matter, for from that moment I
began to think seriously of becoming a banker. I accordingly went a few days after to a printer, and he, wishing to get the job of printing, urged me to put out my notes, and showed me some specimens of engravings that he had just received from Detroit. 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. At first my notes did not take well; they were too new, and viewed with a suspicious eye. But through the assistance of my customers, and a good deal of exertion on my own part, my bills were soon in circulation; and nearly all the money received in return for my notes was spent in fitting up and decorating my shop.
Few bankers get through this world without their difficulties, and I was not to be an exception. A short time after my money had been out, a
party of young men, either wishing to pull down my vanity, or to try the soundness of my bank, determined to give it "a run." After collecting together a number of my bills, they came one at a time to demand other money for them, and I, not being aware of what was going on, was taken by surprise. 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. The young man had scarcely left when a second appeared with a similar amount, and demanded payment. These were cashed, and soon a third came with his roll of notes. I paid these with an air of triumph, although I had but half a dollar left. I began now to think seriously what I should do, or how to act, provided another demand should be made. 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." In looking across the street, I saw my rival standing in his shop-door, grinning and clapping his hands at my apparent downfall. I was completely "done Brown" for the day. However, I was not to be "used up" in this way; so I escaped by the back door, and went in search of my friend who had first suggested to me the idea of issuing notes. I found him, told him of the difficulty I was in, and wished him to point out a way by which I might extricate myself. He laughed heartily, and then said, "You must act as all bankers do in this part of the country." 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. I immediately commenced putting in circulation the notes which I had just redeemed, and my efforts were crowned with so much success, that before I slept that
night my "Shinplasters" were again in circulation, and my bank once more on a sound basis.
As I saw the clerks shovelling out the yellow coin upon the counters of the Bank of England, and men coming in and going out with weighty bags of the precious metal in their hands, or on their shoulders, I could not but think of the great contrast between the monster Institution, within whose walls I was then standing, and the Wild Cat Banks of America!