Westbrook High School - Blue and White Yearbook (Westbrook, ME)

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26 ber 24, 1869, Jay Gould and his confederates made an attempt to corner the gold market. The Federal Banks were established in 1913 and there are about 20,000 now. The country is divided into twelve sections, each having a principal bank. These banks do business with other banks only and are secured by gold deposits and commercial papers. Money is made in mints, the director having his office at Washington. Philadelphia has the largest mint. The coin is alloyed with copper to make it hard enough for use. This is cast in ingots passed thru rollers to make it the thickness of coins. It is then cut into blanks, weighed and purified and the edge is raised in the milling machine. It is next cleaned and dried ready to be stamped. Both sides are done at the same time between engraved dyers but they are not alike. The last thing to be done is the edge made ragged. It takes great pressure for the stamping. Nearly one-half billion of nickels and pennies are coined Industrial Several changes have been made in the teach- ing staff of the Industrial Department this year. Mr. Patrick, head of the Industrial Department of W. H. S. resigned his position to accept one at Augusta as State Supervisor of Vocational Ed- ucation. Mr. Alden, former Manual Training In- structor taking his place and a Mr. Percy Allen was secured to do the work formerly done by Mr. Alden. Mr. Lord remained, as in former years, Instructor of the Machine and Metal Shops. At the beginning of the school year in 1924 there were enrolled in the Industrial Course: Seniors, 6, Juniors, 153 Sophomores, 18, Fresh- men, 30. Industrial students have besides their regular studies the following minimum minutes per week of shop work. FREsHMEN 80 minutes Shop-sheet metal, forging, plumb- ing. Mr. Lord. 80 minutes General wood and repair work- domestic science tables, music racks. Mr. Alden and Mr. Allen. The Blue fr White annually. Everything that is left is melted and this leaves the pieces of metal, which are then coined over again. In Philadelphia this amounts to about 310,000 a year. Paper money is printed at Washington and made in a private mint in Massachusetts. It has little fibres of colored silk run thru it. The plate took six months to be made and very costly ma- chinery must .,be used. This plate is not used itself, but the copies of it are. It takes thirty days to make the money, during which time it is counted more than fifty times. If three-fifths of a bill is there it is worth its face value and if between two-fifths and three-fifths it is worth half of its face value. When the bills are to be de- stroyed they are counted and put in columns, cut in two and counted again and then put in a steel machine where they are ground up. This machine has a lid secured by three locks, the keys of which are kept by three officials in Washing- tO1'l. MARION EMERY, '25, Department 120 minutes Mechanical and Geometrical Draw- ing-standard lines, sections, shadings, and Orthographic Projections. Mr. Alden. SOPHOMORES 160 minutes Machine Shop-lathe, benchwork, screw blanks, screw threads, cones, paper weights. Mr. Lord. 120 minutes Mechanical Drawing--projections, intersections developments. Mr. Alden. JUNIORS 480 minutes Machine Shop-general shop practice, jacks, hammers, clamps, vises, etc. Mr. Lord. 270 minutes Pattern Shop-conlstructiong of wooden patterns, core boxes, core molds, etc. Mr. Alden. 200 minutes Mechanical Drawing-detailed assembly drawings, bolts, threads, gears. Mr. Alden. SENIORS 750 minutes Machine Shop-tool making, forg- ing, tempering, general machine construction. Mr. Lord.

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Westbrook High School V again. If I act badly I am turned upside, down and usually given a dose of oil, I suppose for med- icine. If I am touched on the wrong place, the student blames me and begins to pound me all the harder. Sometimes when a student finds an im- perfect place in the line I have written, he raises his hand and asks what the matter is with the typewriter and a friend will answer, I am sorry, but I think the fault is with you and not with the typewriter. In spite of the fact that I have to undergo many abuses there are some students who I know to be my friends. With the aid of these friends I am able to perform my work faithfully. BARBARA LEIGHTON, '26, MONEY The story of money is very interesting. There are very few people who realize how many changes have taken place since the first colonists came to America. There are five different kinds of paper money: The gold certificate which is backed by gold coing the silver certificate represented only by silver dollars in the United States Treasury, kept for the sole purpose of redeeming the silver certifi- categ the United States Promissory Note or green- back the amount of which is limited by law to S346,681,016 having new notes only to replace old ones and with a gold reserve of EB150,000.000 in coin, kept for redemption, the Federal Reserve Note issued only thru the Federal Reserve Banks 5 the Bank Notes issued by the National Banks, the fifth kind. All National Banks must make a reserve of Government Bonds in the Treasury at Washington for the amount issued and must keep 519 of the amount for redemption. When the colonists first came over here they did not bring much money with them, and that soon went back to England for supplies. To make up for the scarcity which existed, they ex- changed articles. Among these articles were Wampum, tobacco fthe Tobacco Note of 1728 was backed by tobacco depositsj, beaver skins, and vegetables. The first coins to be made in this country, adopted from the Spanish coin, were the silver Z5 shilling, sixpence, threepence and twopence made in Massachusetts in 1652. For a figure the pine tree was used and for thirty years they were dated 1652 with the exception of the two penny piece dated 1662. The first paper money was also made in Massa- chusetts thirty-eight years later. The colonists made blunders, and people and institutions, no- tably Harvard College, lost much money. The bills depreciated until one pound equalled five dollars. The next paper money was the Conti- nental Currency made by the states. By the end of the Revolution it had been too popular and there was a depreciation to such an extent that a bushel of corn cost 3150.00 and for a hat and suit Samuel Adams paid 32,000 The financial genius of the Revolution was Robert Morris, who established the Bank of North America in 1781. Alexander Hamilton, first Secretary of the Treasury, devised our present system of coining and the decimal system, the silver dollar being the unit. It was at Hamilton's suggestion that the First Bank of the United State was established in Philadelphia, issuing pa- per money, called bank notes. Other banks were established in Philadelphia, issuing paper money, called bank notes. Other banks were established in seven of the principal cities, but when they were needed most their charters had expired. The second Bank of the United States was es- tablished a few years later but was involved in political strife and in 1837 the charter ran out and the situation became worse than before. At this time many Wild Cat banks were estab- lished and found to be frauds, so in 1846 the Gov- ernment found it wiser to withdraw all of its deposits from all banks and take care of it at Washington. At the beginning of the Civil War all the gold and silver money disappeared so that large amounts of paper money had to be issued, causing still another depreciation. The people next ex- perimented in changes of postage stamps and then issued fractional currency in paper money, such as 3.50, .25, .10, and .05 bills . jay Cook established the National Banks in 1864 with a backing of Government Bonds in the Treasury at Washington. 'In 1879 paper money was still in currency but on Black Friday, Septem-

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Westbrook High School 51 IIINES BRUTHEIIS IIIIMPANY of Yedf'-Y Specializing in Women's and Ghiidren's Apparel and Ddyfliifhf 171 Bm-zyzeyy Accessories. High Grade Linens, Dependable Silks, Depmafdye M Yard Goods, Laces and Draperies Department Sweate s cl Oth r P tl d Porffand Needs lliorgtudenlzes Haig: Store NEW FASHIONS FOR SPRING Authoritative Styles Reliable Qualities Value Giving Prices ffl! are com bined at 1I4dlNE'S LAIRGEST DEPARTMENT STORE PORTEOUS, MITCHELL 85 BRAUN CO. --l--HOUSE FURNISHERS FOR THREE GENERATIONS JOHN R. FORTIN FURNITURE RANGES FLOOR COVERINGS 15 BRIDGE STREET, WESTBROOK. MAINE STATIONERY BOOKS FOUNTAIN PENS OFFICE EQUIPMENT SPORTING GOODS LEATHER GOODS Loring, Shari 55 Harmon MONUMENT SQUARE fx PORTLAND, MAINE