Footnotes
Bodenhorn, State Banking in Early America, 48–49; Murphy, Other People’s Money, 58–59, 90. A less common form of discounting related to the issuing of loans. When a bank would issue a loan, it would subtract a set percentage from the loan amount, which usually represented interest, as a discount. For example, if an individual took out a loan for $1,000, and the bank applied a ten percent discount, the loan recipient would receive $900. (See JSP, D5:286n11; Kirtland Safety Society Notes, 4 Jan.–9 Mar. 1837; and Hill, Rooker, and Wimmer, Kirtland Economy Revisited, 55.
Bodenhorn, Howard. State Banking in Early America: A New Economic History. New York: Oxford University Press, 2003.
Murphy, Sharon Ann. Other People’s Money: How Banking Worked in the Early American Republic. Baltimore: John Hopkins University Press, 2017.
JSP, D5 / Rogers, Brent M., Elizabeth A. Kuehn, Christian K. Heimburger, Max H Parkin, Alexander L. Baugh, and Steven C. Harper, eds. Documents, Volume 5: October 1835–January 1838. Vol. 5 of the Documents series of The Joseph Smith Papers, edited by Ronald K. Esplin, Matthew J. Grow, and Matthew C. Godfrey. Salt Lake City: Church Historian’s Press, 2017.
Hill, Marvin S., C. Keith Rooker, and Larry T. Wimmer. The Kirtland Economy Revisited: A Market Critique of Sectarian Economics. Provo, UT: Brigham Young University Press, 1977.
Each uncut printed sheet comprised four notes, with different series of denominations. The first sheet included two one-dollar notes, one two-dollar note, and one three-dollar note. The second sheet included three five-dollar notes and one ten-dollar note. The third sheet is not extant, but likely included the twenty-dollar note, fifty-dollar note, and one hundred-dollar note. In the few extant uncut sheets of notes, clerks filled out the relevant information, including the serial numbers, for all the notes before cutting the sheet into four separate notes. (See Kirtland Safety Society Notes, 4 Jan.–9 Mar. 1837.)