Word: scrip
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Other former Soviet republics are already turning their backs on the ruble. Ukraine will launch a new currency called the grivna this spring; Ukraine has made coupons for the money the sole legal tender in state-owned shops. Officially pegged at a rate of one coupon per ruble, the scrip fetches up to 13 rubles on the Ukrainian black market. Belarus intends to issue its own new currency in April, and Moldova and Kazakhstan are planning to print new money as well. Such defections will flood Russia with ever more rubles as the neighboring republics begin exchanging the shaky currency...
...largest landowners in the Rio Grande Valley. He started his empire with a grocery and a land-clearing operation. He hired Mexican laborers to clear the land, and instead of paying them half the contract price, as was the custom, he paid them the full amount -- but in scrip good only in the grocery store. Soon he was buying the land he was clearing; the small cottage gave way to a sprawling ranch house with a 27-acre man-made lake stocked with ducks and geese. At 94, Lloyd Sr. is still running the ranching and farming business, with more...
Many citizens are carrying a new kind of make-believe money. Unable to meet a $62 million monthly payroll, the government began issuing salary checks in $20, $50 and $100 denominations, then persuaded merchants to treat them as cash. Businesses use the scrip to pay taxes and utility bills...
Woven into Cronkite's scrip will be bursts of fireworks, and descriptions of Harvard student life by author George Plimpton '54, who is also a fireworks expert...
While housewives around the country begged food on credit and businessmen started bartering goods or issuing private scrip, Roosevelt's financial experts worked late into the night to patch together a rescue bill. That bill effectively took the U.S. off the gold standard and thus promised easier money in days to come; it also authorized the Treasury to inspect all closed banks and gradually reopen them with various guarantees of solvency. The only copy of the bill was rushed to the House as soon as it reconvened at noon Thursday, and after half an hour of debate, there came...