ROTARIANS, DID YOU KNOW?? In 1931, at the height of the Great Depression, Joliet was broke. Government workers, teachers, firemen and police were being paid in tax-anticipation warrants. The banks were closed and merchants--who were accepting the warrants--had nowhere to cash them. On May 27,1933, a group of eleven Rotarians formed the Joliet Clearing Association and printed new script that they backed by thousands of their own money. They arranged with two Rotarian-owned businesses to pay their employees in 2/3 cash and 1/3 script. The script was quickly circulated. Local merchants were able to redeem it at the new Clearing Association, and purchase needed inventory to stay open. 13 months later the script was called for cash with a profit of $1,000 which was donated to local charities.
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