The name of the Greenback Party, which …

Years: 1876 - 1876
May

The name of the Greenback Party, which had initially been an agrarian organization associated with the policies of the Grange, refers to the non-gold backed paper money, commonly known as "greenbacks," issued by the North during the American Civil War and shortly afterward.

The party opposes the deflationary lowering of prices paid to producers entailed by a return to a bullion-based monetary system, the policy favored by the dominant Republican Party.

Continued use of unbacked currency, it is believed, will better foster business and assist farmers by raising prices and making debts easier to pay.

The two-year-old party, which opposes retiring the greenbacks and favors issuing more of them, nominates eighty-five-year old Peter Cooper as their first presidential candidate in May 1876.

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