The Greenback Party convention gathered in Chicago in mid-June, using the hall recently vacated by the Republicans. The party was a newcomer to the political scene in 1880, having arisen as a response to the economic depression that followed the Panic of 1873, mostly in the nation's West and South. During the Civil War, Congress had authorized "greenbacks", a form of money redeemable in government bonds, rather than in gold, as was traditional. After the war, many Democrats and Republicans in the East sought to return to the gold standard, and the government began to withdraw greenbacks from circulation. The reduction of the money supply, combined with the economic depression, made life harder for debtors, farmers, and industrial laborers; the Greenback Party hoped to draw support from these groups. Beyond their support for a larger money supply, they also favored an eight-hour work day, safety regulations in factories, and an end to child labor.