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Silverites were supporters of the free coinage of silver in the late 19th and early 20th centuries, primarily in the United States. They believed that increasing the money supply by minting silver coins would alleviate economic difficulties and help farmers and workers by raising prices and wages. Silverites often opposed the gold standard, advocating for bimetallism as a way to promote economic growth and reduce debt. The movement was notably prominent during events like the 1896 presidential election, where figures like William Jennings Bryan championed their cause.
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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?
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 in the silverites?
Gold bugs were advocates for a monetary system based on gold, believing it would provide greater economic stability and prevent inflation. In contrast, silverites supported the use of silver, often favoring a bimetallic standard that included both gold and silver to increase the money supply and stimulate economic growth. The gold bugs typically represented the interests of bankers and industrialists, while silverites were often associated with farmers and laborers who sought relief from debt. This conflict highlighted broader economic tensions in the late 19th century in the United States.
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 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 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.
