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Updated: May 11, 2025
Because of these facts, there arose a demand after the war for two things taxation of the bonds and payment of the 5-20's in greenbacks. This idea was so prevalent in Ohio in 1868 that it was called the "Ohio idea," and its supporters were called "Greenbackers." Opposition to Land Grants to Railroads.% Much fault was now found with Congress for giving away such great tracts of the public domain.
In this refunding, the 5-20's, whose principal was payable in greenbacks, were replaced by others whose principal was payable "in coin." The act of 1873, by stopping the coinage of silver dollars, and taking away the legal tender quality of those in circulation, made the words "in coin" mean gold. All greenbacks were to become redeemable in specie on January 1, 1879.
In the process of refunding, the 5-20's, whose principal was payable in greenbacks, were replaced by others payable "in coin." In 1873, the coinage of the silver dollar was stopped, and the legal-tender quality of silver was taken away. The words "in coin" therefore meant "in gold." In 1878 silver was made legal tender, and given limited coinage. The South and the Negro
The payment of the bonds brought up the question, Shall the 5-20's be paid in coin or greenbacks? The Democrats in 1868 insisted that the bonds should be redeemed in greenbacks; the Republicans that they should be paid in coin, and when they won, they passed the "Credit Strengthening Act" of 1869, and in 1870 refunded the bonds at lower rates.
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