The
Greenback Party was established in 1875. Its
main support came from farmers who were suffering
from declining
farm prices, high railroad rates and the government's deflationary
currency policies. Peter
Cooper was the party's presidential candidate in 1876 but he won
only 81,737 votes and was easily beaten by Rutherford
Hayes (4,036,298)
and Samuel
Tilden (4,300,590).
However, the party did send 15 representatives to Congress.
In 1878 members
of the Greenback Party joined with urban trade union groups to establish
the Greenback Labor Party. James
Weaver
emerged as leader of the party and was its presidential candidate
in 1880. During
the campaign Weaver argued that the two major political parties had
lost sight of their original democratic ideals of equal opportunity.
He also claimed that the maintenance of the gold standard benefited
banking interests but was driving farmers out of business. Weaver
called for policies where all classes could share in the economic
wealth of America.
The
Greenback Labor Party program included the coinage of silver on a
par with gold, an adequate supply of money, the taxing of government
bonds, a maximum eight-hour day, the introduction of graduated income
tax and opposition to railroad land grants.
Weaver
obtained 308,578 votes but was beaten by James
Garfield (4,454,416) and Winfield S.
Hancock (4,444,952). Most of Weaver's support came from the rural
West but he was now one of the most important political figures in
the United States.
After
the election of the
Greenback-Labor Party merged with the Democratic
Party in most states. Weaver was against this policy and in 1891
helped establish the Populist Party.
The party advocated the public ownership of the railroads, steamship
lines and telephone and telegraph systems. It also supported the free
and unlimited coinage of silver, the abolition of national banks,
a system of graduated income tax and the direct election of United
States Senators.
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