Chattanooga
Depression Scrip

St. Elmo Bank & Trust Depression Scrip

One dollar design
The front of the depression scrip from the four Chattanooga banks is similar. The $1 is printed with a black scallop border with the value 1 at each corner, the center is yellow with the Bank name at the top with red serial numbers. The scrip is issued for six months from the issue date , March 10, 1933. It is signed by the cashier, Leroy H. Lamb, Jr. or other bank officer. The notes are punch canceled that read PAID 11-26-33.

Five dollar design
The $5 is printed with a blue scallop border with the value 5 at each corner, the center is yellow with the Bank name at the top with red serial numbers. The scrip is issued for six months from the issue date, March 10, 1933. It is signed by J. R. Huffop or other bank officer.

Ten dollar design
The $10 is printed with a green scallop border with the value 10 at each corner, the center is yellow with the Bank name at the top with red serial numbers. The scrip is issued for six months from the issue date , March 10, 1933. It is signed by the President or other bank officer.

According to Brown's thesis (see Bibliography), the amount authorized was $30,000 and the amount issued $3,139. Released March 10th, it was called three days later. As of October 3, 1935, there were no notes outstanding. The scrip is very scarce, I have recorded 11 notes, 4 $1, 3 $5 and 4 $10 as of 2/17/2015. They are punch canceled. The initial newspaper reports of March 4 to 11 do not include the St. Elmo bank in the list of those issuing scrip. However, a Notice in the Sunday, March 12 Chattanooga Times reads: "Notice! This Bank will issue a limited amount of scrip for the accommodation of it's customers. All of said issue is fully protected by sound collateral. St. Elmo Bank and Trust Company, Z. C. Patten, President."