Changes

The [[Panic of 1873]] was the worst depression yet in American history.  President Grant vetoed a bill to expand the currency.  Conservatives won the passage of the Specie Resumption Act of 1875, which required retirement of all greenbacks at face value on January 1, 1879.  The National Greenback Party formed to work for the repeal of this law.  In 1878 a compromise provided that there would be no repeal of the Resumption Act, the money supply would be increased slightly with additional [[specie]]-backed currency, and a limited coinage of silver dollars would be allowed by passing the slightly inflationary Bland-Allison Act (1878).  

The [[Panic of 1873]] was the worst depression yet in American history.  President Grant vetoed a bill to expand the currency.  Conservatives won the passage of the Specie Resumption Act of 1875, which required retirement of all greenbacks at face value on January 1, 1879.  The National Greenback Party formed to work for the repeal of this law.  In 1878 a compromise provided that there would be no repeal of the Resumption Act, the money supply would be increased slightly with additional [[specie]]-backed currency, and a limited coinage of silver dollars would be allowed by passing the slightly inflationary Bland-Allison Act (1878).  

The government built up its gold reserves to prepare for massive redemption on January 1, 1879, but by then the public had full confidence in the currency and there was no run on gold.  The greenback controversy was over, and had been replaced by a movement for free and unlimited coinage of silver.

The government built up its gold reserves to prepare for massive redemption on January 1, 1879, but by then the public had full [[confidence]] in the currency and there was no run on gold.  The greenback controversy was over, and had been replaced by a movement for free and unlimited coinage of silver.

[[Category:United States History]]

[[Category:United States History]]