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By The Editors of Encyclopaedia Britannica Table of ContentsDate:c. 1868 - c. 1888...(Show more)Location:United States...(Show more)Key People:Benjamin F. Butler James B. Weaver...(Show more) See all related content → Greenback movement, (c. 1868–88), in U.S. history, the campaign, largely by persons with agrarian interests, to maintain or increase the amount of paper money in circulation. Between 1862 and 1865, the U.S. government issued more than $450,000,000 in paper money not backed by gold (greenbacks) to help finance the Union cause in the American Civil War. After the war, fiscal conservatives demanded that the government retire the greenbacks, but farmers and others who wished to maintain high prices opposed that move. In 1868 the Democrats gave partial support to the Greenback movement by endorsing a plan that called for the redemption of certain war bonds by the issuance of new greenbacks. The Panic of 1873 and the subsequent depression polarized the nation on the issue of money, with farmers and others demanding the issuance of additional greenbacks or the unlimited coinage of silver. In 1874 champions of an expanded currency formed the Greenback-Labor Party, which drew most of its support from the Midwest; and after Congress, in 1875, passed the Resumption Act, which provided that greenbacks could be redeemed in gold beginning Jan. 1, 1879, the new party made repeal of that act its first objective. The 45th Congress (1877–79), which was almost evenly divided between friends and opponents of an expanded currency, agreed in 1878 to a compromise that included retention of the Resumption Act, the expansion of paper money redeemable in gold, and enactment of the Bland–Allison Act, which provided for a limited resumption of the coinage of silver dollars. In the midterm elections of 1878, the Greenback-Labor Party elected 14 members of Congress and in 1880 its candidate for president polled more than 300,000 votes, but after 1878 most champions of an expanded currency judged that their best chance of success was the movement for the unlimited coinage of silver. While every effort has been made to follow citation style rules, there may be some discrepancies. Please refer to the appropriate style manual or other sources if you have any questions. Select Citation Style Copy CitationShare Share Share to social media Facebook Twitter URL https://www.britannica.com/topic/Resumption-Act-of-1875Give Feedback External Websites Feedback Corrections? Updates? Omissions? Let us know if you have suggestions to improve this article (requires login). Feedback Type Your Feedback Submit FeedbackThank you for your feedback Our editors will review what you’ve submitted and determine whether to revise the article. External Websites
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Alternate titles: Specie Payment Resumption Act By The Editors of Encyclopaedia Britannica Table of ContentsResumption Act of 1875, in U.S. history, culmination of the struggle between “soft money” forces, who advocated continued use of Civil War greenbacks, and their “hard money” opponents, who wished to redeem the paper money and resume a specie currency. By the end of the Civil War, more than $430 million in greenbacks were in circulation, made legal tender by congressional mandate. After the Supreme Court sanctioned the constitutionality of the greenbacks as legal tender, hard money advocates in Congress pushed for early resumption of specie payments and retirement of the paper money. On Jan. 14, 1875, Congress passed the Resumption Act, which called for the secretary of the Treasury to redeem legal-tender notes in specie beginning Jan. 1, 1879. The bill also called for reducing the greenbacks in circulation to $300 million and for replacing the fractional paper currency (“shinplasters”) with silver coins as rapidly as possible. Members of the new Greenback Party were bitterly opposed to the Resumption Act, and in 1878 they succeeded in raising the amount of paper money allowed in circulation. Specie resumption proceeded on schedule, however, and Treasury Secretary John Sherman accumulated enough gold to meet the expected demand. When the public realized that the paper money was “good as gold,” there was no rush to redeem, and greenbacks continued as the accepted currency. |
Which of the following was true of advocates of soft-money or paper currency
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