History and stories of Nebraska . ch ones dream was a little morecertain to him than his neighbors dream. Money was needed. There was very little of it in Nebraska for the settlers as yet raised almost nothing to sell. Each man grew a little patch of garden and grain, killed a little game and swapped the little surplus with his , neighbors. How to Make Money.— When the second legislaturemet in 1856, some of the men who wished to make thingsgo faster said: Pass a law that will let us join togetherin a company and start a bank. Let the bank issue bank notes. Everyone can use thesenqtes for money
History and stories of Nebraska . ch ones dream was a little morecertain to him than his neighbors dream. Money was needed. There was very little of it in Nebraska for the settlers as yet raised almost nothing to sell. Each man grew a little patch of garden and grain, killed a little game and swapped the little surplus with his , neighbors. How to Make Money.— When the second legislaturemet in 1856, some of the men who wished to make thingsgo faster said: Pass a law that will let us join togetherin a company and start a bank. Let the bank issue bank notes. Everyone can use thesenqtes for money and we will growrich together. So the legislaturemade such a law. Only a fewbr|,ve men, among them J. SterlingMprton and Dr. George L. Miller,opposed it. / The Good Times.— Five men[/could then start a bank. Theydid not need to put in any moneyat the beginning. Each onepromised to pay money at a certain future time. Thenthe bank opened. Thousands of dollars of bright beau-tiful bank notes were printed by each bank and loaned. NEBRASKA AS A TERRITORY 249 / to those who wished to borrow. This was the money which the banks promised to make. Everyone soon had plenty of this kind of money. Everybody was willing to buy. Town lots rose rapidly in price. Business was booming. Population doubled, the census of that year showed 10,716 people. Everyone seemed to be getting 1 rich. More banks were started in order to make more money. Towns of only two or three log cabins had a bank. In one year over $400,000 of these bank notes ; were issued in Nebraska. Since the bank money was so * plentiful and so easy to get, everyone freely bought with it, and those who sold things for a high price at once sought to buy other things. So the market was always lively. The Great Panic.— These good times lasted a littleover a year. Then came the great panic of 1857. Allover the West banks broke and closed their doors. Peoplewho had beautiful, bright bank notes could buy nothingwith them. People who
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