The Greenback Party was established in the aftermath of the Panic of 1873, a financial crisis that triggered a severe economic depression in the United States. Farmers, particularly those in the Midwest and South, faced immense hardship due to falling crop prices, rising debts, and the tightening of credit, which led them to struggle against large banks and industrial interests. On November 25, 1874, at a convention in Indianapolis, Indiana, the Greenback Party was officially created to represent their interests. The party was based on the platform of monetary reform, specifically advocating for the continued issuance of greenbacks, or paper currency, which had been introduced during the Civil War to help finance the conflict.The party's founders included notable figures such as Peter Cooper and Ulysses S. Grant's former Secretary of the Treasury, David A. Wells. The Greenback Party gained significant traction, especially among farmers and laborers who believed that increasing the money supply would alleviate their financial distress. The party not only sought to address the immediate economic concerns but also aimed to establish a more equitable financial system that favored smallholders over corporate interests.The Greenback Party ran candidates for various political offices and had notable electoral success in the late 1870s and early 1880s, leveraging the discontent of the agrarian population. They also participated in local elections, attempting to influence policy decisions in favor of their economic agenda. The establishment of the party marked a significant moment in the evolution of American populism and laid the groundwork for future movements advocating for monetary reform and economic justice.