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  • sas88598 sas88598 Jan 14, 2011 9:19 PM Flag

    This Day in Wall Street History

    1875: Debate Continues Over Greenbacks

    "By 1875, the United States was involved in a roiling debate over greenbacks, the paper currency issued during the Civil War. So-called "soft money" supporters had taken up the cause of the greenback and successfully pushed for the paper notes to stay in circulation following the close of the war. However, "hard money" forces in the House fired back, and on January 14, they engineered the passage of the Specie Resumption Act, a legislative salvo against paper currency. The bill directed the Treasury to begin exchanging legal tender for gold on January 1, 1879; it also mandated that the number of greenbacks in circulation be trimmed down to $300 million. Treasury Secretary John Sherman stocked up on gold and, by the dawn of 1879, the specie exchange program was up and running. But, at the same time, greenbacks had become just as valuable as gold on the exchange market; the public was reluctant to swap their paper currency for coinage and the exchange program turned out to be a flop."

    Now I will wait for the real history guys to post some follow up.... I am a novice at history....

    sas

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