Why did farmer's oppose gold standard?

Answer 1

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.