Word: scrip
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...secret assault on a Viet Cong stronghold? No. What took place last week was a strike against speculators in Military Payment Certificates, the U.S.-issued scrip used to pay American fighting men in Viet Nam. Colonel Richmond happens to be the U.S. military command's top comptroller, and C-day was the moment chosen for a surprise conversion in the $50 million worth of MFCs in circulation in Viet...
Fast Profit. Military scrip was introduced three years ago as a way of curbing the growing black market in regular U.S. currency. The new red-colored MFCs were meant to be valid only in such U.S. establishments as post exchanges and officers' clubs...
...trouble was that a new black market, this time dealing in MFCs, quickly developed. Although scrip was not supposed to be tendered off the base, G.I.s who were short of Vietnamese piastres often used it to pay bills in native stores and bars, generally exchanging it near the official rate of 118 piastres to the dollar. Such MFCs would then wind up in the hands of Chinese and Indian money-changers, who in turn realized a fast profit by selling them at 140 piastres to the dollar...
...unit transports him to the nearest of the three R & R airbases. Here he changes his scrip for U.S. dollars, is checked out for neatness, lectured on good behavior, and then, within 24 hours, he is off. The first pleasure is climbing into big Pan Am planes, complete with tilt-back seats, pretty stewardesses and "refreshments," where privates rub elbows with colonels, and all rank goes by the board...
Generous to Each Other. The store takes such attitudes, says Dick Rich, because "this community has been very good to us." Rich's is rather generous to the community in return. When Atlanta had to pay its schoolteachers in scrip during the Depression, Rich's exchanged the scrip for money. When the Winecoff Hotel burned in 1946 with the loss of 119 lives, Rich's handed out free clothes to survivors and provided shrouds for the dead. Atlanta's biggest Christmas tree is a 60-footer atop the four-story Forsyth Street bridge connecting Rich...