balm of Gilead, n. — Green’s Dictionary of Slang

balm of Gilead n.

[the phrase ‘Is there no balm in Gilead?’ Jer. 8:22, meaning ‘is there no remedy or consolation?’; both money and whisky provide a much-needed consolation for life’s problems]

(US)

1. (also balm for Gilead) money.

1895		DN I 384: Balm of Gilead: slangy [sic] for money.
c.1970		Halpert Coll. n.p.: Balm for Gilead – money. Negro, illiterate [DARE].

2. illicitly distilled whisky.

1895

DN III 325: Balm of Gilead [...] Illicitly distilled whiskey.