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The Politics of Industrial Society,...
Overview Chart
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Opposing Views of Currency Regulation
| Greenbackers: Sought to keep paper bills called greenbacks in circulation. Greenbacks were backed up by the government’s word, not by silver or gold. An inflationary policy associated with radicals. |
| Resumptionists: South to return to the gold standard by making greenbacks convertible into specie (gold or silver). A "sound money" policy associated with conservatives. |
| The Compromise: Greenbacks were made convertible into gold, and the Treasury was authorized to purchase silver and mint it in amounts tied to the amount of gold being mined. |
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