Abe Lincoln

Unfortunately, even Jackson failed to grasp the entire picture and its root cause. Although Jackson had killed the central bank, the most insidious weapon of the Money Changers – fractional reserve banking remained in use by the numerous
state-chartered banks. This fuelled economic instability in the years before the Civil War.

Still, the central bankers were out and as a result America thrived as it expanded westward.

When Lincoln asked if the people of the United States would accept the notes, Taylor said:“The people or anyone else will not have any choice in the matter, if you make them full legal tender. They will have the full sanction of the government and be just as good as any money; as Congress is given that express right by the Constitution.”
— Colonel Dick Taylor

So that’s exactly what Lincoln did. In 1862-63, he printed up $450 million of the new bills. In order to distinguish them from other bank notes in circulation, he printed them in green ink on the back side. That’s why the notes were called “Greenbacks.” With this new money, Lincoln paid the troops, and bought their supplies. During the course of the war, nearly 450 million dollars worth of Greenbacks were printed at no interest to the federal government.