n 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.