The repeated disappointments with politics and legislation led in the early seventies to a revival of faith in trade unionism. Even in the early sixties we find not a few unions, national and local, limiting their hours by agreement with employers. The national unions, however, for the most part left the matter to the local unions for settlement as their strength or local conditions might dictate. In some cases the local unions were advised to accept a reduction of wages in order to secure the system, showing faith in Steward's theory that such reduction could not be permanent. The movement to establish the eight-hour day through trade unionism reached its climax in the summer of 1872, when business prosperity was at its height. This year witnessed in New York City a general eight-hour strike. However, it succeeded in only a few trades, and even there the gain was only temporary, since it was lost during the years of depression which followed the financial panic of 1873. To come back to the National Labor Union. At the second convention in 1867 the enthusiasm was transferred from eight-hour laws to the bizarre social reform philosophy known as "greenbackism." "Greenbackism" was, in substance, a plan to give the man without capital an equal opportunity in business with his rich competitor. It meant taking away from bankers and middlemen their control over credit and thereby furnishing credit and capital through the aid of the government to the producers of physical products. On its face greenbackism was a program of currency reform and derived its name from the so-called "greenback," the paper money issued during the Civil War. But it was more than currency reform--it was industrial democracy.