Ohio idea
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The Ohio idea was an idea by poor Midwesterners during the US presidential election of 1868 to redeem federal war bonds in United States dollars, also known as greenbacks, rather than gold. Agrarian Democrats hoped to keep more money in circulation to keep interest rates lower. In summary, wealthy eastern delegates demanded a plank promising that federal war bonds be redeemed in gold-even though many of the bonds had been purchased with badly depreciated paper greenbacks. Poorer Midwestern delegates answered with the "Ohio Idea," which called for redemption in greenbacks. Debt-burdened agrarian Democrats thus hoped to keep more money in circulation and keep interest rates lower. This dispute later showed a bitter fight over the money policy that would fight the Republic and cause disagreement until the century's end.
The Democratic candidate in 1868, Horatio Seymour, blew the Democrats' hope for the high office by repudiating the Ohio Idea plank.
Ulysses S. Grant won, with 214 electoral votes to 80 for Seymour.
