ABSTRACT
In the spring of 1933 the United States went on a paper money standard. The Government itself, or the central bank which issues the paper money, determines how much shall be issued. With a paper money standard, therefore, each country is usually a law unto itself in determining how much or how little paper money it will issue from time to time in the light of what it considers to be the national economic and political necessity. This is, of course, a great handicap to international trade and international finance, for it involves widely fluctuating exchange rates among all paper money standard countries and between each such country and the gold standard countries. The important kind of money circulating in the United States is the "greenback", or United States note. It was the money that constituted the depreciated paper money standard from 1862 to 1879.
