my understanding of the monetary issues of 19th and 20th centuries

Monetary policy was one of the most persistent and conspicuous issues of the late-19th century. It was first raised during the Civil War when the federal government suspended the gold standard and began printing and issuing paper currency (called "greenbacks") in order to help finance the extraordinary cost of the war. The greenbacks were not backed by gold or silver ("specie"), but were "fiat" money — i.e., legal tender based on government decree. The policy was controversial, with critics condemning it as inflationary and unconstitutional. Supporters, however, justified it as a wartime measure that was fiscally necessary but temporary.

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