2008년 10월 27일 월요일

greenback (dollar as the first U.S. legal tender)

자료: http://www.answers.com/greenback


※ 메모: 남북전쟁 당시 미국 정부가 전비조달을 위해 금태환(이나 은태환) 없이 정부의 신용만으로 발행했던 달러화 지폐의 별칭이다. 지폐 뒷면이 녹색이어서 생긴 이름이다.

Word Origin: greenback

Origin: 1862

The beginnings of many words are obscure, but we know exactly when greenback entered the vocabulary of American English. It was in the Civil War year of 1862, after a year of fighting had made it clear to officials in Washington that there would be no quick victory and vast additional resources would be needed. Paper money was already in circulation, issued by state banks, but the federal government had restricted itself to coins, and coins were fast disappearing under the pressures of war. On February 25, therefore, for the first time in history, the United States Congress approved the issue of paper money backed not with gold or silver but simply with the full faith and credit of the government, and valid for all debts, public and private (except duties on imports and interest on the public debt).

But why greenback? Because of a precaution against the common practices of altering and counterfeiting paper money. To prevent these, a patented ink had been devised that was difficult to erase and also difficult to imitate because it had a secret formula. Being green instead of the usual black, it was also difficult to photograph. The Secretary of the Treasury ordered this special ink to be used for one side of the new notes. Because of the distinctive color on the back of the notes, the Union soldiers who received them in pay began calling them greenbacks, and soon everyone else called them greenbacks too. The blue or gray Confederate money similarly became known as bluebacks and graybacks.

From that time to the present, all U.S. paper money has had a green back, making green the color of money. So we have coined terms like green itself meaning "money" (1898), green handshake (1975), "a bribe or tip," and Greenmail (1983), a play on blackmail. In recent years, green has also been used for a quite different purpose: to describe those who have concern for the natural environment (1971), but the connection of greenwith money will remain as long as the green stuff (1887) is in circulation.



Greenbacks, the popular name for the U.S. notes issued during the Civil War as legal tender for all debts except tariff duties and interest on the public debt. They served as the standard of value in ordinary commercial transactions after their issue in 1862. The $450 million in greenbacks that was authorized was later permanently reduced to $346,681,016. Although heavily depreciated during the Civil War, greenbacks were much favored by rural proponents of inflationary monetary policies, who rallied for their continuance in the late 1860s and 1870s. Organized as the Greenback Party, the proponents succeeded in postponing the resumption of specie payments until the Resumption Act of 1875, which by 1879 had returned the greenback to a value on par with metallic currency.

Bibliography

Ritter, Gretchen. Goldbugs and Greenbacks. Cambridge: Cambridge University Press, 1997.

Unger, Irwin. The Greenback Era. Princeton, N.J.: Princeton University Press, 196

***
cf. Continental Dollar

"The Continental was the name of a paper currency issued by several American Colonies, as well as by the Continental Congress, after the Revolutionary War began in 1775. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving voice to the phrase 'not worth a continental'.

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