Politics and the Gilded Age
Politics and the Gilded Age
Politics and the Gilded Age
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Depression, Deflation, <strong>and</strong>Inflation• Greenbacks– $450 million in greenbacks issued during CivilWar– Had depreciated because it wasn’t backed by gold<strong>and</strong> because Supreme Court declared <strong>the</strong> lawunder which it was issued (Civil War LegalTender Act) unconstitutional in 1870 (although <strong>the</strong>Supreme Court reversed itself in 1871)– Treasury withdrew $100 million from circulationby 1868; in process of taking out more