e expansion of the
currency in the hope that this would result in higher prices for
their products. It was not until the panic of 1873 had intensified the
agricultural depression and the Granger movement had failed to relieve
the situation that the farmers of the West took hold of greenbackism and
made it a major political issue.

The independent parties of the Granger period, as a rule, were not in
favor of inflation. Their platforms in some cases demanded a speedy
return to specie payment. In 1873 Ignatius Donnelly, in a pamphlet
entitled "Facts for the Granges", declared: "There is too much paper
money. The currency is DILUTED--WATERED--WEAKENED .... We have no
interest in an inflated money market... As we have to sell our wheat at
the world's price, it is our interest that everything we buy should
be at the world's price. Specie payments would practically add eighteen
cents to the price of every bushel of wheat we have to sell!" In Indiana
and Illinois, however, the independent parties were captured by the
Greenbackers, and the Indiana party issued the call for the conference
at Indianapolis in November, 1874, which led to the organization of the
National Greenback party.

This conference was attended by representatives from seven States and
included several who had been prominent in the Labor Reform movement.
"The political Moses of the 'New Party, "' according to the Chicago
Tribune, was James Buchanan of Indianapolis, a lawyer "with an ability
and shrewdness that compel respect, however much his theories may be
ridiculed and abused." He was also the editor of the Sun, a weekly paper
which supported the farmers' movement. The platform committee of the
conference reported in favor of "a new political organization of the
people, by the people, and for the people, to restrain the aggressions
of combined capital upon the rights and interests of the masses, to
reduce taxation, correct abuses, and to purify all departments of the
Government." The most important issue before the people was declared
to be "the proper solution of the money question," meaning thereby the
issue of greenbacks interconvertible with bonds. A national convention
of the party was called to meet at Cleveland on March 11, 1875.

The Cleveland convention, attended by representatives of twelve
States, completed the organization of the Independent party, as it was
officially named, and made arrangements for the nominating convention.
This was held