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potlatch

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pot⋅latch

[pot-lach]
–noun
1. (among American Indians of the northern Pacific coast, esp. the Kwakiutl) a ceremonial festival at which gifts are bestowed on the guests and property is destroyed by its owner in a show of wealth that the guests later attempt to surpass.
2. Pacific Northwest. a party or celebration.

Origin:
1835–45; < Chinook Jargon pátlač, páλač < Nootka p̉aλp̉a- (redupl. of p̉a- make ceremonial gifts in potlatch) + suffix marking iterative aspect
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Based on the Random House Dictionary, © Random House, Inc. 2010.
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pot·latch   (pŏt'lāch')   
n.  A ceremonial feast among certain Native American peoples of the northwest Pacific coast, as in celebration of a marriage or accession, at which the host distributes gifts according to each guest's rank or status. Between rival groups the potlatch could involve extravagant or competitive giving and destruction by the host of valued items as a display of superior wealth.

[Chinook Jargon, from Nootka p'achitl, to make a potlatch gift.]
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Word Origin & History

potlatch 
1845, from Chinook jargon, "a gift," from Wakashan (Nootka) patshatl "giving, gift."
Online Etymology Dictionary, © 2001 Douglas Harper
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