FEB 1862: U.S. Congress authorizes issue of "Greenbacks" (paper money not backed by gold) as legal tender. $450,000,000 issued.

 1866-1870: Supply of Greenbacks contracted to about $356,000,000

 1868: Democratic presidential platform includes George H. Pendleton's "OHIO IDEA" (payment of national debt in greenbacks rather than in gold-backed currency.)

1869: President Grant signs Public Credit Act, providing for the payment of government obligations in gold, thus repudiating the "Ohio Idea."

 1873: Fourth Coinage Act ("THE CRIME OF '73"). Silver is no longer used as money. Gold is the only acceptable metallic standard in the United States.

 1875: SPECIE RESUMPTION ACT. All government payments to be made in gold by January 1, 1879. Greenbacks in circulation to be reduced to $300,000,000. Every dollar, of whatever type, is to be made convertible into gold.

1878: BLAND-ALLISON ACT attempts to force the government to make silver money again. Secretary of the Treasury is required to make monthly purchases of silver worth between 2 million and 4 million dollars at the prevailing market price, and to convert it into silver dollars.

1879: Resumption of specie payments. There is no attempt to remove the greenbacks still in circulation. $346,000,000 in greenbacks remains outstanding, but all are now worth their face value in gold.

1890: SHERMAN SILVER PURCHASE ACT. Requires Treasury to purchase 4,500,000 ounces of silver each month at the prevailing market price, and to pay for it in legal tender treasury notes redeemable in gold or silver at the option of the treasury. (4,500,000 ounces/month was the total production at the time.) The act effectively increases the circulation of paper currency and causes some inflation.

 1892: POPULIST PARTY PLATFORM demands cheap money (inflation), free and unlimited coinage of silver at 16:1, an increase in the circulating medium to not less that &50.00 per capita, a national currency issued by the government only, without banks.

1893: Panic and depression. Gold reserves fall below $100,000,000, precipitating further panic. Sherman Silver Purchase Act repealed.

1895: APPEAL OF THE SILVER DEMOCRATS, sponsored by Congressmen Richard P. Bland (MO) and William Jennings Bryan (NE) calls for free and unlimited coinage of silver at 16:1. Free silver movement grows across the country.

1896: Republican Party Presidential platform calls for remonitization of silver by internationl agreement. Democratic platform calls for free and unlimited coinage of silver at 16:1. William Jennings Bryan named Democratic nominee. Sen. Henry M. Teller (CO) leads Silver Republicans in bolt, and endorses Bryan. Gold Democrats withdraw from party and nominate their own candidates. Populists endorse Bryan, but with a different vice-presidential candidate. McKinley's victory indicates end of silver problem.

1900: CURRENCY ACT (GOLD STANDARD ACT) declares the gold dollar the standard unit of value, and places all forms of U.S. currency on par value with gold. Legal Tender note authorized, but a gold reserve required to back them.

1900: Presidential election. McKinley and Republicans endorse Currency Act and Gold Standard, Bryan and Democrats call for Free Silver. Fusion Populists endorse Bryan, Anti-Fusion Populists run their own candidate. McKinley's victory reaffirms dominance of gold standard.

1933: U.S. abandons the Gold Standard in the face of the Great Depression. Gold dollar devalued.

1934: SILVER PURCHASE ACT empowers president to buy silver and use it as backing for currency.