50.7k views
2 votes
Which political party was formed in 1874 and opposed the shift to currency backed by silver or gold?

2 Answers

4 votes
The Greenback party was formed in 1874 and opposed the shift to currency
User Barney Mattox
by
6.3k points
2 votes

Answer:

The Greenback party

Step-by-step explanation:

The Greenback movement was initiated by persons with agrarian interests which goal was to maintain or increase the amount of paper money in circulation.

After the 1873 depression and the pannick it created, the issue of money became important and people started demanding the issuance of additional greenbacks or the unlimited coinage of silver.

This lead to the born of the Greenback Party who opposed the shift from paper money back to an specie-based money system (which would mainly benefit farmers, who were, by the way, the majority members of this party)

User Kiwisauce
by
6.0k points