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TeachMeFinance.com - explain Inflation bill historic definition... Inflation bill -- The name given to a bill passed by Congress in 1874 which provided for an increase of $44,000,000 in the issue of legal tender notes (United States notes, commonly called greenbacks). The bill also provided for the redemption of legal tender notes in gold coin or in government 5 per cent bonds and further provided that the notes when so redeemed might be reissued. Objecttion was raised that the constant reissue of legal tender notes and their conversion into bonds would increase the funded debt (bond issue) without retiring the notes. President Grant vetoed the bill. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.