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Greenback (1860s money) Greenbacks were emergency paper currency issued by the United States during the American Civil War that were printed in green on the back. [1] They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money, the notes were legal tender for most ...
Greenback Party. The Greenback Party (known successively as the Independent Party, the National Independent Party and the Greenback Labor Party) was an American political party with an anti-monopoly ideology which was active from 1874 to 1889. The party ran candidates in three presidential elections, in 1876, 1880 and 1884, before it faded away.
United States Note. A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note.
Demand Note. A Demand Note is a type of United States paper money that was issued from August 1861 to April 1862 during the American Civil War in denominations of 5, 10, and 20 US$. Demand Notes were the first issue of paper money by the United States that achieved wide circulation.
[10] [11] The act allowed the creation of national banks, set out a plan for establishing a national currency backed by government securities held by other banks, and gave the federal government the ability to sell war bonds and securities (in order to help the war effort). National banks were chartered by the federal government, and were ...
The Greenback Party was a newcomer to the political scene in 1880, having arisen, mainly in the nation's West and South, as a response to the economic depression that followed the Panic of 1873. During the Civil War, Congress had authorized "greenbacks", a form of money redeemable in government bonds rather than in
The gold standard and the tariff tax on imports divided the major parties. [5] The monetary debate was over the basis for the value of the United States dollar. Nothing but gold and silver coin had ever been legal tender in the United States until the Civil War, when the mounting costs of the war forced the United States Congress to issue "greenbacks" (dollar bills backed by government bonds). [6]
The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously unbacked United States Notes [1] and reversed inflationary government policies promoted directly after the American Civil War. The decision further contracted the nation's money ...