GREENBACKS, a form of paper currency in the United States, so named from the green colour used on the backs of the notes. They are treasury notes, and were first issued by the government in 1862, "as a question of hard necessity," to pro vide for the expenses of the Civil War. The government, follow ing the example of the banks, had suspended specie payment. The new notes were therefore for the time being an inconvertible paper currency, and, since they were made legal tender, were really a form of fiat money. The first act, providing for the issue of notes to the amount of $150,000,000, was that of Feb. 25, 1862; the acts of July II, 1862 and March 3, 1863 each authorized fur ther issues of $150,000,000. The notes soon depreciated in value, and at the lowest were worth only 35 cents on the dollar. The act of April I1, 1866 authorized the retirement of $io,000,000 of notes within six months and of $4,000,00o per month thereafter; this was discontinued by act of Feb. 4, 1868. On Jan. I, 1879 specie payment was resumed, and the nominal amount of notes then stood at $346,681,000.