The Public Credit Act of 1869 in the USA states that bondholders who purchased bonds to help finance the Civil War (1861 – 1865) would be paid back in gold. The act was signed on March 18, 1869, and was mainly supported by the Republican Party, notably Senator John Sherman. The measure is significant because it was a step to help alleviate the financial struggles faced by the United States after the Civil War. The U.S. was already indebted before the war and the issuing of greenbacks to keep currency circulating during the war increased the indebtedness significantly. The country had no central bank or monetary policy at the time and was desperate to improve its position to maintain itself as a global economic leader. The U.S. was undecided as to whether it should operate on a greenback, g