Endless chain. Name given to the process by which gold is taken from the Treasury by the
presentation of United States notes (greenbacks), which, not being cancelled and retired, are
reissued and become again available for the same purpose.  Since the resumption of specie
payments in 1879 nearly twice the amount of United States notes in existence has been redeemed
in gold without extinguishing any of the debt they represent. The process is employed when gold is
wanted for export or for hoarding in times of panic.