NOVEMBER 25, 1874 – GREENBACK PARTY FOUNDED

1874 – GREENBACK PARTY FOUNDED
The Greenback Party was founded on this day at a convention in Indianapolis. Many of its members were farmers hurt by the financial Panic of 1873 (also known as the “Crime of ‘73”). The party supported “Greenback” paper money (U.S. Notes) issued and spent into circulation by the Lincoln administration. They opposed all money systems backed by any precious metal, believing that those who owned gold or silver (banks and corporations) would possess the power to define the value of products and labor. Government control of the US money system would also ensure sufficient quantity of money was in circulation to help small businesses and farmers. Twenty one independent congressmen, mostly Greenbackers, were elected in 1878.