Greenback Party was an American political party that was active between 1876 and 1884. Its name referred to the greenbacks, or paper notes, that had been issued during the Civil War and afterward. Farm prices rose higher than ever before during this period.
After the panic of 1873, prices dropped, mortgages were foreclosed, and the amount of money in circulation dropped greatly. The Greenbackers believed that the issuance of large amounts of paper money would bring prosperity, especially to the farmer, by raising prices and making debts easier to pay. Many farmers of the West and South joined the party, or promoted its policies in the Republican and Democratic parties.
The Greenback Party was founded at a meeting in Indianapolis, Indiana, in 1874. It was originally called the Independent National Party. The first party convention, held in 1876, nominated Peter Cooper for President. The party received few votes. In 1878 it succeeded in electing 14 members of Congress. Some of these people formed a group in the House of Representatives called the Greenback bloc. In 1880 the Greenback Party broadened its platform, supporting an income tax, an eight-hour day, votes for women, and other progressive measures. It nominated James B. Weaver, leader of the bloc in Congress, as its candidate for President. The party made a poor showing in the election and lost some of its seats in Congress. By 1888, the Greenback Party lacked the strength to nominate its own candidate for President.
