The United States Greenback Party is established as a political party consisting primarily of farmers affected by the Panic of 1873

The United States, a country renowned for its dynamic political landscape, bore witness to a major event on November 25, 1874. The Greenback Party, largely consisting of farmers affected by the Panic of 1873, was formally established as a political section. This momentous event marked a significant turn in the country’s history and politics, demonstrating the rise of populist movements and the ever-increasing role of the common man.

The Panic of 1873, a profound financial crisis, had significant repercussions on the United States’ economy. Like a cascade affecting all sectors, it swept through the banking houses of New York City and quickly spread, leading to countless business failures and heightened unemployment rates. It was a period of financial turmoil, and out of such adversity, the ill-effects were severely felt by farmers countrywide.

As a response to the financial challenges posed by the Panic of 1873 and the subsisting monetary policies, a group of affected farmers rose to form the United States Greenback Party. The name was coined from the term ‘greenbacks,’ referring to the non-interest-bearing notes issued by the Union during the Civil War. This new political formation was centered around the ambition for the continued circulation of these greenbacks, rallying for inflation as a means to ease loan repayment for farmers and other debt-ridden classes.

This political movement represented more than just economic policies and financial reform. It represented the voice of the common man, particularly the distressed farmers. It wasn’t just another political party – it stood as a beacon for those stricken by the economic downturn and personified a collective response to the adversities faced by ordinary citizens post the Panic of 1873.

The establishment of the Greenback Party was marked by grassroots initiatives and an underpinning of populism. The party sought to resist the influence and dominance of the banking class along with railroad interests and protect the rights of labor against rampant capital. It effectively made a mark in the field of politics, managing to elect 14 members to the 45th Congress in the midterm elections of 1878.