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The Greenback Party advocated for government control of America’s monetary system without gold or silver reserves. It was formed by farmers and the poor who hoped it would drive up inflation and help them pay off debts. The party later changed its agenda to include progressive ideas and gained 14 seats in Congress in 1878. However, without the support of industrial workers, the party’s popularity declined and it dissolved after the 1884 election. Its leaders continued to promote progressive agendas in other parties.
The Greenback Party was an American political party active from 1874 to 1884. Its primary platform was to see the government solely control America’s monetary system and should not be backed by a gold or silver reserve. The party got its name from greenback currency, a form of paper currency used during the Civil War that was not backed by the Federal Reserve.
After the Civil War there was debate as to whether the United States should revert to a gold and silver backed currency or keep the greenback system. The supporters of the greenback were mainly farmers and the poor who saw the potential for the greenback to drive up inflation and hopefully help them pay off their debts. They organized and formed the Greenback Party in 1874 with this belief as a core part of their platform.
Party efforts to gain support for the greenback failed, and the Resumption Act of 1875 mandated that the greenback currency be phased out of circulation. He also decreed that all legal tender would once again be backed by gold and silver reserves. While there were fears that canceling the green note would cause bank runs and panic over the value of paper money, the transition went smoothly and without major incidents. With its main political platform considered completely irrelevant, the Greenback Party has changed its agenda.
In 1878, the Greenback Party renamed itself the Greenback-Labor Party, adopting a progressive pro-labor agenda. He advocated progressive ideas such as income tax, the eight-hour workday, and women’s right to vote. The move away from a purely agricultural party to one that accepted industrial workers helped broaden its appeal. At the time of the 1878 election, it had 1 million voters. With further working-class support and continued support from the farming community, the Independent Party gained 14 seats in Congress that year.
His success was short-lived, however. As economic conditions across America improved during the first half of the 1880s, worker discontent subsided. Without the support of the industrial worker, the Greenback-Labor Party was unable to win votes. His popularity plummeted, and the 1880 election saw a scant 300,000 votes cast for presidential candidate, General James B. Weaver. Its 1884 presidential candidate, General Benjamin Franklin Butler, also failed in his campaign for the White House. After these next two failures the party dissolved completely. Greenback Party leaders continued to promote workers’ rights and other progressive agendas in both the Labor Party and Populist Party.
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