bonds. Tell those individuals that we won’t cash any bonds until we find out where the government stands, or if.”
The news that First National was refusing to honor travelers checks and government bonds spread through Fort Repose’s tiny business section in a few minutes. The merchants, grocers, druggists, the proprietors of specialty shops and filling stations, deduced that if travelers checks and government bonds were worthless, then all checks would soon be worthless. Since opening their doors that morning, all sales records had been smashed. Everybody was buying everything, which to the shopkeepers was exhilarating as well as frightening. Most of them, from the first, had been cautious, refusing to accept out-of-town checks, except, of course, payroll and annuity and government pension checks, which everyone assumed were always as good as cash. When the bank acted, their first reaction was to regard all paper except currency as probably worthless.
Their next reaction was to race to the bank and attempt to convert their suddenly suspect paper assets into currency. Looking out through the office door, Edgar watched the queues in the lobby, hoping they would shorten. Instead, they lengthened. He called Mr. Pennyngton and together they checked the cash position. Incredibly, in a single hour it had been reduced to $145,000. If continued at this rate, the bank would be stripped of currency by eleven-thirty, and Edgar guessed that the rate of withdrawals would only increase. Edgar Quisenberry made his decision. He went into the four tellers’ cages and, one by one, removed the cash drawers and carried them into the vault. He then closed and locked the vault. He walked back to the lobby, stepped up on a chair, and raised his hands. “Quiet please,” he said.
At that moment, there were perhaps sixty people in the queues. They had been murmuring. They were silent.
“For the benefit of all depositors, I have been forced to order that the bank be temporarily closed,” Edgar said.
They were all looking up at him. He was relieved to see Cappy Foracre, the Chief of Police, and another officer, turning people away from the door. Apparently, they had sensed there might be trouble. Yet Edgar saw no menace in the faces below. They looked confused and uncomprehending, dumb and ineffectual as cattle barred from the barn at nightfall. He said, “This temporary closing has been ordered by the government as an emergency measure.” It was only a white lie. He was quite sure that had he been able to get in touch with Federal Reserve, this is the course that would have been advised.
His depositors continued to stare at him, as if expecting something more. He said, “I can assure you that your savings are safe. Remember, all deposits up to ten thousand dollars are insured by the government. The bank is sound and will be reopened as soon as the emergency is over. Thank you.”
He stepped down and returned to his office, careful to maintain a businesslike and dignified attitude. The people trickled out. He kept his staff busy until past noon balancing books and accounts. When all was in order, he advanced each employee a week’s salary, in cash, and informed them that he would get in touch with them when they were needed. When all had left, and he was entirely alone, he felt relieved. He had saved the bank. His position was still liquid. Dollars were good, and the bank still had dollars. Since he was the bank, and the bank was his, this meant that he possessed the ready cash to survive personally any foreseeable period of economic chaos.
Edgar’s calculations were not correct. He had forgotten the implacable law of scarcity.
Like most small towns, Fort Repose’s food and drug supply was dependent upon daily or thrice weekly deliveries from warehouses in the larger cities. Each day tank trucks replenished its filling stations. For all other merchandise, it was dependent upon shipments by mail, express, and highway freight, from jobbers and manufacturers elsewhere. With the Red Alert, all these services halted entirely and at once. Like thousands of other towns and villages not directly seared by war, Fort Repose became an island. From that moment, its inhabitants would have to subsist on whatever was already within its boundaries, plus what they might scrounge from the countryside.
Provisions and supplies melted from the shelves. Gasoline drained steadily from the pumps. Closing of the First National failed to inhibit the buying rush. Before closing, the bank had injected an extra $100,000 in cash into the economy, unevenly distributed. And strangers appeared, eager to trade what was in their wallets for necessities of the moment and the future.
The people of Fort Repose had no way of knowing it, but establishments on the arterial highways leading down both coasts, and crisscrossing between the large cities, had swiftly been stripped of everything. From the time of the Red Alert, the highways had been jammed with carloads of refugees, seeking asylum they knew not where. The mushroom cloud over Miami emptied Hollywood and Fort Lauderdale. The tourists instinctively headed north on Route 1 and AlA, as frightened birds seek the nest. By nightfall, they would be stopped outside the radioactive shambles of Jacksonville. Some fled westward toward Tampa, to discover that Tampa had exploded in their face. The evacuation of Jacksonville, partially accomplished before missiles sought out the Navy Air complex, sent some of its people toward Savannah and Atlanta. Neither city existed. Others sped south, toward Orlando, to meet the evacuees from Orlando rushing toward the holocaust in Jacksonville. When the authorities in Tallahassee suspected that the fallout from Jacksonville, carried by the east wind, would blanket the state capital, they ordered evacuation. Some from Tallahassee drove south on Route 27, toward Tampa, unaware that Tampa was no longer there.
This chaos did not result from a breakdown in Civil Defense. It was simply that Civil Defense, as a realistic buffer against thermonuclear war, did not exist. Evacuation zones for entire cities had never been publicly announced, out of fear of “spreading alarm.” Only the families of military personnel knew what to do, and where to go and assemble. Military secrecy forbade radio identification of those cities already destroyed, since this might be information for the enemy.
In Florida alone several hundred thousand families were on the move, few with provisions for more than one day and some with nothing at all except a car and money. So of necessity they were voracious and all-consuming as army ants. The roadside shops, restaurants, filling stations, bars, and juice stands along the four-lane highways were denuded of stocks, or put out a sign claiming so. Only the souvenir shacks, with their useless pink flamingos and tinted shells, were not picked clean. This is why strangers, swinging off these barren highways, invaded Fort Repose and other little towns off the main traffic streams.
Those people in Fort Repose who remembered rationing from the second World War also remembered what goods had been in short supply, back in ‘forty-two and ‘forty-three, and bought accordingly. There were runs on tires, coffee, sugar, cigarettes, butter, the choicer cuts of beef, and nylon stockings. Some proprietors, realizing that these items were vanishing, instituted their own rationing systems.
The more thoughtful wives bought portable radios and extra batteries, candles, kerosene lanterns, matches, lighter fluid and flints, first-aid kits, and quantities of soap and toilet paper.
When news spread that armed convicts, escaped from road gangs, had been seen near the town; Beck’s Hardware sold out of rifles, shotguns, pistols, and very nearly out of ammunition.
By afternoon the cash registers of Fort Repose were choked with currency, but many shelves and counters were bare and others nearly so. By afternoon the law of scarcity had condemned the dollar to degradation and contempt. Within a few more days the dollar, in Fort Repose, would be banished entirely as a medium of exchange, at least for the duration.
Sitting alone in his office, Edgar Quisenberry was aware of none of these facts, nor could his imagination anticipate the dollar’s fall, any more than he could have imagined the dissolution of the Treasury and the Federal Reserve System in the space of a single hour. Methodically, he read through the last batch of mail. There was nothing of any great importance, except heartening items in the Kiplinger Letter, predicting another increase in FHA mortgage rates, and better retail business in the South during the Christmas season. Also, from Detroit there was notice of a ten percent stock dividend in automobile shares in his personal portfolio. He’d certainly got in on the ground floor of that one, he thought. He hoped nothing happened to Detroit, but he had a disquieting feeling that something would, or had.
At two o’clock, as always on Saturdays, he left the bank, first setting the time lock on the vault for eight-thirty Monday morning. His car was a black Cadillac, three years old. He recalled that during the last big war automobile production had halted. He decided that on Monday, or perhaps this very afternoon, he would drive to San Marco and see what sort of a trade he could make on a new Caddy. Henrietta would be pleased, and it would be a hedge against long disruption of the economy.
When he started the engine he saw that his gas was low, and on the way home stopped at Jerry Kling’s
