Greenback Party (1 janv. 1874 – 1 janv. 1889)

Description:

at the time the government had backup paper money not backed by gold and silver that was to be used in case of an emergency to finance the Civil War. This led to many farmers during the Civil War prospering off the use of greenbacks. On the other hand many of the wealthier creditors and investors attacked the use of this paper money as a violation of natural law. Eventually Congress decided to side with the creditors bypassing the Specie resumption Act. This act withdrew all greenbacks from circulation. This led to the creation of a new political party called greenbacks that was heavily backed by lower-income people as well as farmers.This party ended up getting around a million votes and 14 members elected into Congress. eventually this party died out around the 1870s but the goal of increasing the amount of money in circulation never did.

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