Whiskey Certificate
| Dram | |
|---|---|
| Iśkēvathagisvağérua Deimhniú uisce beatha | |
| File:Whiskey Certificate.png | |
| Denominations | |
| Superunit | |
| 32/1 | Gill |
| Subunit | |
| 1/10 | Shot |
| Demographics | |
| Date of introduction | 21193 |
| User(s) |  Kiravian Federacyunofficial but widely circulated:  Paulastra |
| Issuance | |
| Central bank | Treasury of the Kiravian Federacy |
| Valuation | |
| Inflation | -0.8% |
A Kiravian whiskey certificate (Coscivian: Kiravix iśkēvaþagisvaɣérua, Gaelic: Deimhniú Cíaraibheach uisce beatha) is a form of commodity-backed currency issued by the Kiravian treasury, which is backed by the contents of its Strategic Whiskey Reserve.
Background
The use of whiskey (and to a lesser extent, other distilled spirits) as currency in Kiravia predates the establishment of the country itself by centuries. The Gaelic chiefdoms of the Far Northeast made extensive use of whiskey for trade, and records left by Brehon jurists show that surety payments were commonly calculated in units of whiskey. In the Coscivian colonies, whiskey was far more widely available than the Imperial atra or any of the official colonial saar coins, and was the medium of exchange most often used by ordinary people for much of the colonial period, especially during the Cromwelute Depredations. During the Viceregal period, most of the sub-Imperial Coscivian states in Kiravia began issuing metal-backed currencies which became commonplace in the coastal plains and in cities, but whiskey remained the only currency reliably accepted in the Eastern Highlands and Far Northeast. In Koskenkorva, Vrykróva, and areas along the North Coast, "white spirit" was employed in a similar fashion. During the Ētrebiktor or settlement of the Kiravian interior basin, many settlements used local whiskey certificates as a form of scrip redeemable for whiskey (or other drinks) at local pubs or general stores. The Settlement Construction Bank of Varuna, Kastera established a chain of whiskey banks in key towns along the main migration routes and hired a private army of Barrel Escorts to protect whiskey shipments from bandits as they were transferred between branches. This division of the Bank's business was later spun off as the North-Central Barrel & Crate Guardian Company, which continues to exist today as the multinational private security firm NCB Protective Systems SAK.
Monetary policy was one of the comparatively few areas of authority reserved to the national government during the era of the Confederate Republics, and as such the fledgling government devoted much effort to solidifying its authority with measures to enforce adoption of the Confederate saar instead of state and local currencies, various smokable herbs, pressed bricks of Çyrine tea, and, of course, whiskey. The Confederate government had little power to impose direct taxes, but ended the longstanding practice of accepting the payment of import duties in kind and required that all payments to or by the confederal government be in saars, as well as all transactions between state governments. Many states and localities, however, continued to accept tax payments in whiskey or similar commodities. Between 20754 and 20791, the Reserve Bank of Kirav attempted to replace monetary whiskey in circulation with the saar, first by buying whiskey stocks from banks, and later from individuals and households. Most holders of whiskey were reluctant to participate and the purchases from banks had to be compelled by law (the Monetary Spirits Exchange Act of 20768). These early purchases formed the core of what would later become the Strategic Whiskey Reserve.
The use of whiskey as currency declined steeply after the Continental War and the dawn of the Federal Era. The discovery of large silver reserves in the newly-conquered Western Highlands and the establishment of a stronger federal government with the power to impose domestic direct taxes (which it assessed in saars and saars alone) led to the abandonment of monetary whiskey outside of the Eastern Highlands and rural parts of Ardmore and Æonara. Kiravian households and businesses turned over their investment whiskey caches to the Reserve Bank of Kirav for saars, most of which they spent on more whiskey, albeit for consumption. As whiskey remained a valuable commodity, the federal government locked away its growing whiskey stores in various vaults and armouries across the country, including a very large collection of particularly old barrels in the cellars of the Treasury Building and the Stanora Hall, from which high-ranking officials were known to purloin a few every so often.
Under Kirosocialism, most of the federal government's whiskey holdings were carefully transferred to their present home at the Strategic Whiskey Reserve at Fort Mortlach, Arkvera. The Kirosocialist government often borrowed against the value of the reserves and sold off considerable portions of it as its financial situation deteriorated.
Introduction
The economic turbulence associated with the end of Kirosocialism and economic liberalisation during the National Renewal revived interest in commodity-backed currencies among large segments of the Kiravian public, especially in inland, Highland, and Southern Kirav, and some of the outer colonies; as well as among libertarians and traditionalist conservatives distrustful of fiat currency, the international financial system, and the federal government. The Authentic Historical Caucus and the Liberty Group in the Federal Stanora both made "monetary pluralism" (Kiravic: krótavùlsikor) a feature of their caucus manifesti. Although neither group has spent much time in the Stanora majority and the Liberty Group has generally been excluded from the pro-administration camp, monetary pluralist members of both caucuses have often managed to extract government support for their goals as concessions in return for their support on close votes. This has resulted in the expansion of the Federacy's bullion coin and precious metal certificate programmes.
The modern whiskey certificate was introduced under the Mérovin administration as part of Irasur Mérovin's reëlection strategy. Mérovin's presumptive main opponent in the election, which would take place amid the economic uncertainty of the Cripping Depression, was Ruarí MacTòisich, a former Governor of Irovasdra who had strong support from Eastern and Western Highlanders, Gaels, libertarians, fiscal conservatives, and antifederalists. Although Mérovin trailed MacTòisich among these demographics, he remained somewhat competitive due to his own Western Highlands roots and the many spending cuts and administrative reforms that he pushed through while in office. Ruarí MacTòisich made monetary pluralism a major plank of his campaign platform, and in response Mérovin organised a new whiskey certificate programme in order to sway some voters over to him in the major whiskey-producing states. It is thought to have been a key factor in Mérovin narrowly winning the electoral votes of Arkvera, where the Strategic Whiskey Reserve is located.
The first sheet of modern whiskey certificates was signed by Treasurer I.B. Gettin-Pépur in 21193.
Use
As with the other federally-recognised commodity-backed currencies, whiskey certificates are bought and held primarily as investments, and have been marketed to middle-class Kiravians and Paulastrans as a way to diversify their portfolios. Whiskey certificates are useful as long-term investments and hedges against inflation because their value increases over time as the whiskey ages. Its use as a day-to-day currency is more limited, though it is accepted by many businesses in the Eastern Highlands states, Ilánova, Koskenkorva, New Ardmore, Uruvun, Sakhalin, and frontier areas of Kiravian Punth. It is also commonly used in Æonara, particularly Sar-i-Pául, where many vendors list prices in drams and companies trading across the strait with Paulastra use them for international transactions. Many pubs in other areas also accept whiskey certificates as payment.