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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.
What else can I help you with?
Why did farmers reject the gold standard?
money was too scarce ap3x
Why did farmers oppose tariffs?
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.
Why farmers were opposed to the gold standard?
Farmers opposed the gold standard because it limited the money supply and often led to deflation, which reduced the prices they received for their crops. With a fixed amount of gold backing the currency, there was less money available for loans, making it harder for farmers to finance their operations and repay debts. This monetary policy favored creditors and wealthier classes, exacerbating the economic struggles of farmers, particularly during periods of economic downturn. They advocated for the inclusion of silver to increase the money supply and promote inflation, which would benefit their financial situation.
What types of farmers make the most money?
Gold Farmers
How would bimetallism help farmers?
Bimetallism, the use of both gold and silver as a monetary standard, would help farmers by increasing the money supply, which could lead to higher prices for their crops. This would alleviate debt burdens as farmers would pay back loans with less valuable currency, effectively increasing their purchasing power. Additionally, bimetallism could provide a more stable economic environment for farmers by reducing the volatility associated with a gold-only standard. Overall, it would create a more favorable economic climate for agricultural producers.
Why did William jennings Bryan oppose switching to the gold standard?
thought it made farmers pooper . apex :)
What did farmers expect from the populist party?
An end to the gold standard
Why did William jennings Bryan compare the gold standard to a cross?
farmers suffered because of gold
Why did farmers reject the gold standard?
money was too scarce ap3x
Why did the adoption of the gold standard led to the farmers alliance?
because they wanted to. because it was a good idea
Why did farmers oppose tariffs?
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.
Why did yeoman farmers not oppose slavery?
Because they were yeoman.
Was gold versus silver the major economic issue of the election of 1896?
Yes, farmers and the Populist Party wanted more silver to be coined rather than the current gold standard.
Why did farmer oppose?
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.
Why did William Bryan oppose the gold standard?
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.
A brief history on the gold standard?
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.
Why did the singletary and many American farmers and laborers oppose the new federal Constitution?
osweg
