Greenback got its name from a slang term for U.S. paper dollars due to their color, however, in the mid-1800s, “greenback” was a negative term. During this time, the Continental Congress did not have taxing authority. As a result, the greenback did not have a secure financial backing and banks were reluctant to give customers […]
Read More...During the 1800´s the United States gold reserve was dramatically increased by the government. It increased its gold reserves in the event of a mass run on the banks to redeem the greenbacks. However, January 1, 1879, came and went. The public had gained full confidence in the currency. The greenback issue was dead, but attention turned […]
Read More...Farmers and debtors, feeling a the economic downturn of the united states depression and began requesting the halt of the greenback notes. Around 1867, the wartime economic boom had ended and it was in their interest to create inflation, which would make it easier for them to pay off large debts. A compromise was reached in which $356 million worth of greenbacks […]
Read More...The monetary value of the greenback, which was printed using green ink on one side, fluctuated as the war progressed. At the start of 1864, when Union prospects were slim, the greenback dollar held a value of below 40 cents; by the end of the war in 1865, it was around 67 cents. The original intention was for the greenbacks […]
Read More...Its all about the Ink! The ink on the reverse side of the Greenback Federal Reserve Notes being green is what led to the nick name “greenback”. To a lesser extent, Silver Certificates and United States Notes also had a greenback, but the seal and serial numbers on the front were printed in blue and […]
Read More...Congressional Record states that American Bankers Association was printed in these records on the of April 29, 1913. The continued gold standard made this possible. William Jennings Bryan was the Democratic candidate for president in 1896, campaigning to bring silver back as a money standard. (Silver standard) “We will answer their demand for a gold standard by […]
Read More...W.Cleon Skousen. Even after his death, the idea that America might print its own debt free money set off warning bells throughout the entire European banking community. On April 12th in 1866, the American congress passed the Contraction Act, allowing the treasury to call in and retire some of Lincoln’s greenbacks, With only the banks […]
Read More...During the American Civil war, Colonel Dick Taylor When Lincoln asked if the people of America would accept the notes Taylor said. “The people or anyone else will not have any choice in the matter, if you make them full legal tender. They will have the full sanction of the government and be just as […]
Read More...With Abraham Lincoln as president and the Central Bank resolutely dead, fractional reserve banking moved like the plague through numerous state chartered banks instead causing the instability this form of economics thrives on. When people lose their homes someone else wins them for a fraction of their worth. Abraham Lincoln said, “Depression is good news […]
Read More...The American congress voted to renew the charter of The Second Bank of The United States, Andrew Jackson replied by using his veto to prevent the renewal bill from passing. Andrew Jackson´s response gives us an interesting insight. “It is not our own citizens only who are to receive the bounty of our government. More than […]
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