Greenback Labour Party

By Matthew Smith

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Resulting from Grange sentiments, the Greenback party supported inflation and labour unions following the civil war. The Greenbacks got their name from the name of green paper currency unbacked by "bullion" issued by the North. This currency, without a gold standard, was one of the goals of the party. They also supported labour unions and regulations against government intervention on strikes. The party was supported by farmers and workers in debt.

Significance

The Greenbacks were the precursors to the Populist party. The pro inflationary policies of the Greenbacks transferred to the Populists. William Jennings Brian, presidential candidate for the Populist Party, wanted free coinage of silver and the abolishment of the gold standard. These policies would have created hyperinflation, benefiting those in debt while crippling debtors.