"the greenback was redeemed, some fifteen years later. This simple fact disproves the popular belief that 'all paper currency systems eventually end in disaster'. On the contrary, this particular one was something of a success.. We could conclude that the greenback was a story to re-assert faith in paper money systems, but it would be simplistic.
"The greenbacks ceased to be legal tender after a Supreme Court ruling struck them down as unconstitutional money. Who was the man who led the Supreme Court to strike down the very financing tool of the North's victory? It was the same man who ushered in its birth. For you see by 1870 the Chief Justice of the Supreme Court was none other than former Secretary of the Treasury, Salmon P. Chase." And America's been paying debt service to Chase banks ever since.
Commented 1363 days ago