Lincoln's Greenback Currency

Lincoln's Greenback Currency (1963) by John O. Bye is a concise historical and economic analysis of the United States’ issuance of fiat currency—known as “greenbacks”—during the Civil War under President Abraham Lincoln. The book explores how Lincoln, facing immense wartime financial pressure, authorized the printing of government-backed paper money not redeemable in gold or silver, bypassing private banking interests and high-interest loans. Bye presents the greenback policy as a constitutional and pragmatic solution to national insolvency, emphasizing its role in preserving the Union and stimulating industrial growth. He critiques the Federal Reserve System and postwar monetary policy, arguing that Lincoln’s approach offered a more democratic and debt-free alternative to centralized banking. The book also discusses the long-term implications of fiat currency, inflation, and public debt, positioning Lincoln’s greenbacks as a model for sovereign monetary reform. * Singerman #1089