Arlie apologizes for the erratic publication schedule of the magazine. The magazine now consists of 24 pages.

�U.S. Civil War Paper Money Printed on Substitute Paper� by Arlie Slabaugh. During the U.S. Civil War many different kinds of paper were used in the Confederate States to print banknotes. With the blockage and little paper making capability, the South often had to resort to extreme measures. Materials used included the backs of bills of exchange; backs of old notes; plain paper, wall paper, and envelops. What follows are 6 pages listing notes by state, county, town and private enterprises.

Russian Cheese Money. Very little is known of this currency except that it was issued during WWI by stamping cakes of cheese with a seal and value in indelible ink. The seal was of dancing girl or fairy(?). The pieces were about 3� X 5�. Apparently very rare. Arlie wants to know if any reader knows of another specimen.

Hungarian Inflation Money by Charles Z. Mihlyi. Many countries have gone down in history as issuing large denomination notes, Germany and Russia after WWI, Greece and China recently (keep in mind this is 1953). But, Hungary in 1949 reached astronomical heights. As banknotes of a million pengos proved inadequate, �mil-pengo� notes were issued (notes of multiples of a million). Then �bil-pengo� notes (notes of a quadrillion pengos). Finally, the �Ado-Pengo� or �Tax Note�. These were notes to be used as currency and, depending on the issue date, could be used to pay taxes. One assumes this means their value was guaranteed for tax purposes.

Chapter IV of �Russian Emergency Paper Money� by Vladimer M. Oushkoff is presented. This eight page chapter discussed the emergency paper money in the Crimea and Southeast Russia. The Germans occupied the Crimea until 1918 and issued few notes. The author relocated to the Crimea in autumn 1919 and writes of his observations. Many local issues consisted of state bonds with the inscription informing the bearer that the bond was legal tender.The next region covered was the North Caucasus. This was a small region with many local issues because of the diversity of the population and the civil war.

The eighth region covered is the Transcaucasus. This is an area where 24 different languages were spoken. In addition, the population was very independent and did not want to join Soviet Russia.

Dr. Arnold Keller of Berlin-Wittenau, Germany, writes �WANTED: To add to my collection of 150,000 pieces of paper money of all countries. I desire to exchange with the USA. I am looking for state and bank notes and POW notes and tickets.� (Note: Is this is the same Arnold Keller who is mentioned in the GRAM of March 29th as being elected to the IBNS Hall of Fame?)Also, Elmer Wright of Champagne, Illinois, wants to buy POW money and Civil War Sutler's tokens.

To read the earlier E-Sylum article, see:THE EMERGENCY MONEY COLLECTOR, VOL. 2 NO. 1(www.coinbooks.org/esylum_v13n15a09.html)