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One of the most venerable New Years traditions is the champaign toast at midnight to ring in the new year. Toasting can be traced back to the ancient Romans and Greeks who would pour wine, to be shared among those attending a religious function, from a common pitcher. The host would drink first, to assure his guests that the wine was not poisoned. Poisoning the wine was a fairly common practice in ancient times, designed to do away with one's enemies. In those days the wine was not as refined as it is today so a square of burned bread (toast) would be floated in the wine bowl and then eaten by the last person to drink. The bread was put there to absorb the extra acidity of the wine in order to make it more palatable. Eventually, the act of drinking in unison came to be called a toast, from the act of "toasting" or putting toast into the wine.
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