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Why did farmers want free silver?
Bryan wanted the United States to use silver to back the dollar at a value that would inflate the prices farmers received for their crops, easing their debt burden. This position was known as the Free Silver Movement.
What was the free silver policy?
Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on-demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard.
Why would farmers and laborers want to expand the money supply and free silver?
Farmers sought inflation of the money supply so that more money would be available to them for credit, prices for their crops would rise, and debts would become easier to repay.
Why did many farmers want the federal government to do away with the gold standard?
Free Silver supporters were opposed by supporters of the Gold Standard (silverites), which was less inflationary. Silverites wanted bimetallism, which would see gold and solver used as currency. Farmers would benefit from higher prices for crops, and wanted silver. The silver Vs.
Why did the farmers want the US Gov’t to coin both silver and gold rather than gold only?
As silver was cheaper, economists warned more people would mint it, and thus cause inflation. Gold Standard was supported in the NE, while Free Silver saw much support in the S and W. Farmers would benefit from higher prices for crops, and wanted silver.
What was the purpose of the Free Silver movement?
Written By: Free Silver Movement, in late 19th-century American history, advocacy of unlimited coinage of silver. The movement was precipitated by an act of Congress in 1873 that omitted the silver dollar from the list of authorized coins (the “Crime of ’73”).
Why was there a debate about free silver?
The “free silver” debate pitted the pro-gold financial establishment of the Northeast, along with railroads, factories, and businessmen, who were creditors deriving benefit from deflation and repayment of loans with valuable gold dollars, against farmers who would benefit from higher prices for their crops and an easing of credit burdens.
When did the Populists defeat free silver?
Free silver. The Populists also endorsed Bryan and free silver in 1896, which marked the effective end of their independence. In major elections free silver was consistently defeated, and after 1896 the nation moved to the gold standard.
Who was the best supporter of free silver?
The most vocal and best-organized supporters were the silver mine owners (such as William Randolph Hearst) and workers, and the western states and territories generally, as most U.S. silver production was based there and the region had a great number of highly indebted farmers and ranchers.