The Specie Redemption Act of 1875:

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The Specie Redemption Act of 1875 allowed for the redemption of greenbacks in gold, providing a sounder monetary policy and stabilizing the currency. This was a reversal of the previous policy that saw greenbacks used as legal tender rather than backed by gold. This shift was intended to address the inflation that had resulted from the Civil War and stimulate economic growth. The act did not call for the withdrawal of greenbacks from circulation, and it did not have support from the Greenback Party or most western farmers, as they believed that a more flexible currency system would better serve their interests.