In the late 18th and early 19th centuries, paper money and bank notes spread widely. The bulk ofthe money in use came to consist not of actual gold or silver but of fiduciary money--promises to payspecified amounts of gold and silver. These promises were initially issued by individuals or companiesas bank notes or as the transferable book entries that came to be called deposits. But gradually the stateassumed a role. From fiduciary paper money promising to pay gold or silver, it is a short step to fiat paper money--that is,notes that are issued on the "fiat" of the sovereign, are specified to be so many dollars or francs or yen. The first large-scale issue in a Western country occurred in France in the early 18th century (though there are reports of paper money in China many centuries earlier). Later, the French revolutionary government issued paper money in the form of assignats from 1789 to 1796. The American colonies and later the Continental Congress issued bills of credit that could be used in making payments. These early experiments gave fiat money a deservedly bad name. The money was overis- sued, and prices rose drastically until the money became worthless or was redeemed in metallic money at a small fraction of its initial value.
Subsequent issues of fiat money in the major countries during the 19th century were temporarydepartures from a metallic standard. In Great Britain, for example, payment of gold for the outstand-ing bank notes was "suspended" during the Napoleonic Wars (1797--1815). As a result, gold coinand bullion became more expensive in terms of paper. Similarly, in the United States during the CivilWar, convertibility of Union currency (greenbacks) into gold was suspended, and resumption did notoccur until 1879. At its peak, in 1864, the greenback price of gold, nominally equivalent to $100,reached more than $ 250.
阅读理解
1. Which kind of money is issued by government, fiduciary paper money or fiat money?
2. What does "overissue" in paragraph 1 mean?
3. According to the passage, first kind of large scale money issue by government occurs in_______
4. What is the name of American paper bill?
5.During American Civil War, when the value of gold reached its highest point, it may increase________times in terms of paper bill
阅读理解
1. bulk 大小，体积，大批，大多数
2. fiduciary 基于信用的，信托的，受信托的
3.transferable 可转移的，可转换的，可传递的
4. deposit 沉淀物，存款，押金，保证金
5. fiat 命令，法令，许可，批准
6. issue 出版，发行
7. assignat 法国大革命时期(1789-1796)发行的纸币
8. credit 信任，信用，[财务]贷方，银行存款；
9. overissue (货币，公债等的)过度发行，滥发，限外发行；
10. redeem 赎回，挽回，恢复，补偿，兑换 Il.departure 启程，出发，离开
12. Napoleonic 拿破仑一世的 13. bullion 金银，银条，金块
14. greenback 美钞
15. resumption 恢复，再开始，重获，(中断后)再继续
难句翻译
1．From fiduciary paper money promising to pay gold or silver，it is a short step to fiat paper money-that is，notes that are issued on the“fiat”of the sovereign，are specified to be so many dollars or francs or yen.
从许诺支付黄金和白银的信用纸币到不兑现纸币经历的只是很小的一步。所谓的不兑现的纸币是指政府批准发行的货币，如具体的美元、法郎和日元等各种货币。
2．The money was overissued，and prices rose drastically until the money became worthless or was redeemed in metallic money at a small fraction of its initial value．
如果货币发行过度，物价就会急剧上升，直到货币变得没有任何价值，或者只值货币当初发行时的一点点。
3．At its peak，in l864，the greenback price of gold，nominally equivalent to $100，reached more than $250．
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