Michigan historical collections . d. This wasfound in the so-called iron money. This had been in use, in a limitedway, by several of our companies, as long ago as 1853 and 1854, whichwas its first appearance. Called iron money on the iron range, the-same plan was used at Portage lake, and there they called it coppermoney. But it was the war that increased the volume of it sufficientlyto get it into history, and a very important part it played. Here is a brief description of what it was. In those days, the greatcompanies had not come to handling all of their own work. Theyfarmed a great deal of
Michigan historical collections . d. This wasfound in the so-called iron money. This had been in use, in a limitedway, by several of our companies, as long ago as 1853 and 1854, whichwas its first appearance. Called iron money on the iron range, the-same plan was used at Portage lake, and there they called it coppermoney. But it was the war that increased the volume of it sufficientlyto get it into history, and a very important part it played. Here is a brief description of what it was. In those days, the greatcompanies had not come to handling all of their own work. Theyfarmed a great deal of it over to small contractors, who employed their-own men, and made what they could. When one of these small con-tractors wanted, we will say, a hundred dollars on his contract, thecompanys local agent or paymaster, gave him a draft for the amount,,just like any other draft, drawn on the sales agent, or the companys-treasurer in Cleveland, Boston, or elsewhere. This contractor probably had a store account somewhere, and tendered*.
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Keywords: ., bookauthormichigan, bookcentury1800, bookdecade1870, bookyear1876
