Who supported bimetalllism and who supported the gold standard?
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What was the gold standard and which groups of Americans supported it?
The gold standard was a system of money where the government owned and kept an amount of gold that was represented by the paper money issued. Paper money was called gold certificates and originally you could present the paper money and be given the stated face amount of gold for it. People like libertarians and strict constitutionalists supported the system, but the US stopped using it.
Asked in History, Politics & Society
What did William Jennings Bryan promote?
In the 1896 US presidential election, Democratic candidate William Jennings Bryan was well known for supporting the silver standard, as opposed to Republican William McKinley's support of the gold standard. The gold standard meant that money was linked to the value of gold. Because of the gold standard, debtors rarely got out of debt because of continuous inflation. Bryan supported shifting the standard to silver, a cheaper metal that would give debtors greater chances to pay their debts. As a result, the silver producing states in the West and rural debtors supported Bryan. Bryan lost the election to McKinley.