Greenback Party (WXT, POL) (31 dic 1860 año – 31 dic 1870 año)

Descripción:

Greenbacks were issued post Civil War around the 1860s in order to fund the reconstruction efforts and pay off the expenses of the Civil War. The main demographic that gained from the circulation of paper money were northern farmers who received high prices during the war. On the other end, investors and creditors despised paper money that was not backed up by a hard currency like gold or silver. These investors claimed that it was a violation of natural law to have a currency that was not backed by any hard currency. In the mid-1870s Congress favored the creditors and passed the Specie Resumption Act, halting the circulation of all greenbacks within the American economy. In order to gain support of the greenback and push forth a currency that was not backed by a species, the Greenback party was established. In 1878, the party managed to gain a significant amount of support, racking up around 1 million votes and placing 14 members of the Greenback party into Congress. However, once the adversities of the 1870’s subsided, so did the Greenback party, but the hopes of circulating more money in the economy were not given up.

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