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What are the differences between silverites and goldbugs?
Silverites advocated that silver should have an unlimited coinage. Gold bugs that gold should be used as a standard.
What were supporters of silver called by the opposition?
Silverites
What were supporters of silver called the opposition?
Silverites
What groups would have favored reducing tariffs before 1912?
Silverites
What did the gold bug and the silverites each want?
Gold bugs (gold standard) wanted "tight money" meaning less money in circulation. Silverites ( bimetallism) wanted "cheap money" meaning more money in circulation.
What was the difference the gold bugs and the silverites?
The term goldbug describes investors who were very bullish on buying the commodity gold. The Silverites were a political group in the US in the late-19th century that advocated that silver should continue to be a monetary standard w/ gold.
What was the difference between gold bugs and the silverites?
The term goldbug describes investors who were very bullish on buying the commodity gold. The Silverites were a political group in the US in the late-19th century that advocated that silver should continue to be a monetary standard w/ gold.
What was the difference between the gold bugs and the silverites?
Gold bugs were advocates for a gold standard, favoring a monetary system where currency was backed by gold. Silverites, on the other hand, supported bimetallism, which would allow both gold and silver to be used as currency. The debate over these two monetary systems was prominent in the late 19th century in the United States.
Why did farmer's oppose gold standard?
In the United States, bimetallism (gold vs silver) became a center of political conflict toward the end of the nineteenth century. Newly discovered silver mines in the American West caused an effective decrease in the value of money. In 1873, in order to de-monetize silver, the government passed the Fourth Coinage Act, just as these silver resources were beginning to be exploited. Proponents of monetary silver, known as the Silverites, referred to this act as "The Crime of '73," as it was judged to have inhibited inflation. Instead deflation resulted, causing problems for farmers with large mortgages who found they could sell their goods for only a fraction of their post-Civil War price. In addition, improvements in transport meant it was cheaper for farmers to ship their grain to Europe, and they over-expanded production until there was a glut on the market. The Panic of 1893 was a severe nationwide depression that brought the money issue to the fore. The "silverites" argued that using silver would inflate themoney supply and mean more cash for everyone, which they equated with prosperity. The gold advocates said silver would permanently depress the economy, but thatsound money produced by a gold standard would restore prosperity.
Why did farmers oppose the gold standard?
In the United States, bimetallism (gold vs silver) became a center of political conflict toward the end of the nineteenth century. Newly discovered silver mines in the American West caused an effective decrease in the value of money. In 1873, in order to de-monetize silver, the government passed the Fourth Coinage Act, just as these silver resources were beginning to be exploited. Proponents of monetary silver, known as the Silverites, referred to this act as "The Crime of '73," as it was judged to have inhibited inflation. Instead deflation resulted, causing problems for farmers with large mortgages who found they could sell their goods for only a fraction of their post-Civil War price. In addition, improvements in transport meant it was cheaper for farmers to ship their grain to Europe, and they over-expanded production until there was a glut on the market. The Panic of 1893 was a severe nationwide depression that brought the money issue to the fore. The "silverites" argued that using silver would inflate themoney supply and mean more cash for everyone, which they equated with prosperity. The gold advocates said silver would permanently depress the economy, but thatsound money produced by a gold standard would restore prosperity.
Why did farmers support bimetallism or free silver in the late 1800?
In the late 1800s, a political party emerged known as the Populists that was comprised dominantly of farmers. This group wanted the free and unlimited coinage of silver. Led by William Jennings Bryan, the Democratic nominee for the 1896 election, free silverites demanded inflation of the silver coin. The farmers supported bimetallism or free silver in the late 1800s because many of them were struggling to make ends meet, and the inflation of silver would add much needed financial respite. For example, if one were to borrow two dollars in gold, this sum could be paid back in two dollars of silver. Silver and gold, under a Populist notion, are considered equal. Yet silver is NOT equivalent to gold, and the true worth of the debt repaid in silver would be equivalent to one dollar.
How did the panic of 1893 affect the outcome of the election of 1896?
Many historians have argued that without the Panic of 1837, the Whigs are unlikely to have ever won a presidential election. The Panic of 1837 allowed the nascent Whig party to win an overwhelming electoral victory in the presidential elections of 1840. The Party had formed early in the 1830s out of protest of Democrat President Jackson's war on the Second Bank of the United States. Jackson's Bank Wars is considered by many historians to be the main catalyst of the Panic of 1837 - an economic crisis that saw over half of the country's banks shut down, the highest unemployment rates yet seen in the United States, and a depression that lasted until 1843. Jackson had been succeeded to the presidency by his Vice-President Martin Van Buren in 1836, and Van Buren was inaugurated just 5 weeks before the outbreak of the Panic in May 1837. Van Buren and the Democrat party shouldered much of the blame for the crisis. Van Buren strongly believed that government intervention in monetary matters should be kept to a minimum, and so did little to alleviate the effects of the Panic. When the Panic worsened in 1839, he did take the step of pushing an Independent Treasury Bill through Congress, a legislative move that would to an extent decrease America's dependence on Britain for the state of her econonmy. However, the two nation's economies were far more deeply intertwined, and the move had little effect on the crisis. As unemployment and poverty reached record levels, many grew disillusioned with Van Buren's approach. The Whig party were not regarded as a serious threat, and ven his own Democrat party were unenthusiastic about the incumbent President, and so the 1840 election was approached somewhat half-heartedly. The Whig candidate, William Henry Harrison, famously ran a "log-cabin" campaign - one that emphasised his nature as a hard-working, self-made man who knew the truths of poverty and the working life. Va Buren was portrayed as an effette, ineffective politican, out of touch and uninterested in the Panic.
