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.
they wanted the inflation to start
money was too scarce ap3x
Why did farmers oppose tariffs? Tarrifs would raise the proces for their goods & they worried that they would not make as much profit. By Kenny A.
Gold Farmers
They did not want to pay taxes to help the northern states
There are no countries today that are using the gold standard.
thought it made farmers pooper . apex :)
An end to the gold standard
farmers suffered because of gold
money was too scarce ap3x
because they wanted to. because it was a good idea
Why did farmers oppose tariffs? Tarrifs would raise the proces for their goods & they worried that they would not make as much profit. By Kenny A.
Because they were yeoman.
Yes, farmers and the Populist Party wanted more silver to be coined rather than the current gold standard.
Why did farmers oppose tariffs? Tarrifs would raise the proces for their goods & they worried that they would not make as much profit. By Kenny A.
He thought it would make them poor. Sheesh, go learn your history and do your school work, I'm sure you're a bright person.
In 1873, Congress put US currency on the gold standard, which converted all the currency (money) into gold. This reduced the amount of money in circulation because the money supply was limited by the amount of gold the gov't had. This was bad for people like farmers because it made the debt they had worth more than they owed.
osweg