advocates during the second Grant administration. The United States government had issued $450 million in greenbacks during the Civil War. These paper notes were not backed by specie (gold or silver) and maintained value only through trust in the government. After the war the debtor elements, desiring inflation, wanted the greenbacks to remain in circulation and for new notes to be issued. Conservative forces, abhorring inflation, opposed these schemes and wanted all paper currency to be backed by gold…
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