GREENBACK PARTY

a political party of the United States which favored ‘greenbacks, or paper currency, to expeange for interest-bearing bonds. They called themselves the Independent Party. The rise in gold value of greenbacks, or paper currency after the Civil War caused much distre in the¥West where busine was regulated to the high scale of prices prevalent in the war. The ‘purpose of the Act of 1866 was to slowly ‘retire greenbacks, and created much opposition. The further proposition in 1868, to make bonds, when no medium of payment was specified, paid in coin, ‘developed the ‘Ohio Idea,’ This was ~ that all bonds be paid in greenbacks at ‘the government’s option, The idea jee and controlled the Democratic Convention. Agitation over the green- ‘hack question was revived in 1874, and ‘on November 25, a Greenback Convention met at Indianapolis to protest ‘against the Resumption Act, and pa ed ‘three resolutions: (1) All banks and _or por a tions currency should be withdrawn, (2) That no currency be allowed ‘except government paper and exchange- ‘able on demand for 3.65 per cent bonds, (8) That coin should be paid only for YGnterest on the national debt and for ‘that part of the pee which promised it. 1876 with hard-money, Samuel J. date, the Greenback Party was formed Peter Cooper of New York was nom i- ‘nated for president and Newton Booth _of California for vice, but the latter delined, and was succeeded by Samuel F. Cary. Besides the three points mendioned the repeal of the Resumption Act of 1875 was demanded, In the election the Greenback vote was 81,737. In the States election the next year the ‘vote was 187,095. The party then merged with the Greenback-Labor party. cated at Tuscaloosa Female College. Taught for a number of years in public schools of Alabama, Has contributed largely to newspapers and magazines, short stories and other forms of fiction. Author, King Arthur and His Court, 1901; Into the Night, 1909; The Right of the Strongest, 1913; The Devil to Pay, op; America Fivst, 1917; and American _ Ideals, 1921.