[62] Other planks of the platform called for a graduated income tax, laws to mandate safe working conditions in factories, the regulation of interstate commerce, and an end to child and convict labor; all of these were familiar parts of Greenback platforms from earlier elections, and provoked no serious dissent. The song also compared, in its last verses, greenbacks to African American soldiers, seeing both as "counterfeits" or as inflated values. As a major general in the Union Army, he had been instrumental in emancipating the South's slaves (as a form of economic warfare rather than out of humanitarian concern), was a controversial military governor of occupied New Orleans (whose Jewish population he called "Jews who betrayed their Savior, & also have betrayed us"), and embarrassingly failed to capture Fort Fisher in December 1863. [33] Despite his Protestant upbringing he gained a faithful following among Massachusetts Catholics, and also built support among laborers. [40] He spoke against the Peace Democrats early in the Civil War, but by 1864, believing the Union war aims had changed for the worse, he supported Democrat George B. McClellan for the presidency. Thanks, Greenback! The others included six from Chicago's Eight Hour League, three from the Chicago Workingwomen's Union, three from the Workingmen's Party of Kansas, and one from Chicago's Social Political Workingmen's Society. Some of Butler's supporters proposed nominating Absolom M. West of Mississippi, a more conservative Greenbacker, to balance the ticket against Weaver, whom they regarded as radical. [52] Meanwhile, the Credentials Committee voted narrowly to admit the Union Greenbackers, as well as a delegation from the Socialist Labor Party. He then became active in the Populist Party, standing for President in 1892, winning 5 states and receiving 8.5% of the vote; he then joined the Democratic Party.[12]. Last 50 years [70] As they waited, the delegates turned to the vice presidential nomination. He was an industrialist and inventor, who started with a glue factory in Manhattan's slaughterhouse district at Kips Bay, pioneering industrial chemistry and polluting the city's water. As often happens, after the war a recession followed. It also saw the introduction of a single standard money form, the "greenbacks," controled by the federal government. There were three basic positions on the money question. Last 10 years The Greenback Party (known successively as the Independent Party, the National Independent Party, and the Greenback Labor Party) was an American political party with an anti-monopoly ideology which was active between 1874 and 1889. [1] The party had arisen, mostly in the West and South, as a response to the economic depression that followed the Panic of 1873. The reduction of the money supply, combined with the economic depression, made life harder for debtors, farmers, and industrial laborers; the Greenback Party hoped to draw support from these groups. In 1876, when Rutherford B. Hayes won by a whisker, Peter Cooper polled 83,726 votes (0.99%). [43] Wright proposed it again in 1879 and emphasized the conservatism of his proposal, that it was a loan secured by the homestead, not a gift from the state; even so, the bill went down to overwhelming defeat. [65], With the time now 3:25 a.m., the delegates took an informal ballot. Delegates chose James B. Weaver of Iowa for President and Barzillai J. [42] Finally, Solon Chase of Maine had some support from the New England delegations. [78], The Greenback ticket received 305,997 votes and no electoral votes, compared to 4,446,158 for the winner, Republican James A. Garfield, and 4,444,260 for Democrat Winfield Scott Hancock. On the monetary issue, the platform declared that all money, whether metal or paper, should be issued by the government, not by banks (as was common for paper money at the time). See this reference for a concise history. [2] The Greenback Party liked the way that paper money could become less and less valuable, which is crap if you hold lots of it, but it's significantly better if you owe lots to the bank. They also produced an economic boom for the North. According to Lincoln's allies, greenbacks loosed the spirit of enterprise. For the same reason, banks were strongly opposed to any devaluation, because it would mean they got less money back. The Greenback Party was a 19 th century left-wing and populist American political party, also known as the Independent Party, the National Independent Party, and the Greenback Labor Party (not to be confused with George Wallace's American Independent Party, or the villain from Danger Mouse).Founded around 1875, it comprised a mix of farmers and trade unionists who found common … [44] Despite his failure, Wright, like Weaver, had raised his profile as a potential presidential nominee by attempting to advance Greenback ideas in Congress. O, Greenback, veteran of the years! [35] When Union forces captured New Orleans, Butler was sent to command there. Even more striking, according to the Treasury Department, more than forty percent of the money in circulation was counterfeit. [42] Allis was a longtime supporter of soft money, but had no experience in elected office. [15] Pomeroy's group of mostly Southern and Western Greenbackers was opposed to electoral fusion with either of the two major parties, and took more radical positions on monetary policy—including payment of all federal bonds in greenbacks, rather than the gold dollars originally promised to investors. [35], After the war, Butler was elected to Congress as a Republican, and soon came to identify with that party's more radical element. The Greenback Party was a newcomer to the political scene in 1880, having arisen, mostly in the nation's West and South, as a response to the economic depression that followed the Panic of 1873.

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