red dog money

Dictionary of American Words And Phrases by John Russell Bartlett.

A term applied, in the State of New York, to certain bank notes which have on their back a large red stamp.


The late General Banking law of the State of New York, which was applied to all new banks, as well as to those the charters of which were renewed, obliged the parties or individuals associated to deposit securities with the Comptroller, and receive from him blank notes of various denominations, signed or hearing the certificate of the Comptroller or officer authorized by him. These notes bore a red stamp on their backs.

So free a system of banking induced many persons, both individually and collectively, to organize banks of issue; and, as a natural consequence, a considerable portion of the circulating medium soon consisted of the notes of the free banks, bearing the red stamp. The community, generally, did not consider these notes as safe as those issued by the old banks, and stigmatized them as red dogs, and the currency as red dog money. Since the passage of the act, however, the charters of most of the banks in the State having expired, they have been renewed under the "General Banking Law;" and, of course, the odium which existed against the first banks no longer exists. In Michigan, they apply the term blue pup money to bank notes having a blue stamp on their backs.

Dictionary of American Words And Phrases by John Russell Bartlett.

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