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• Deflation– Supporters of “hard money” got Grant to blockcoinage of silver– Treasury bought up gold (to have enough on h<strong>and</strong>to redeem greenbacks in 1879)– Treasury also continued taking greenbacks out ofcirculation– 1870 – 1880 – amount of money per capita incirculation decreased ($19.42 to $19.37)– Made depression worse, but improvedgovernment’s credit rating <strong>and</strong> got greenbacks upto full value of gold