Populists campaigned for silver-backed money rather than gold-backed, believed to be able to relieve working conditions and exploitation of labor .
Why did the populist want free coinage of silver?
The Populist Party wanted free coinage of silver to expand the money supply and encourage investment .
Why did the Populist Party 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.
Did the Populist Party support the Free Silver movement?
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.
What were the goals of the Free Silver movement?
The Free Silver Movement was a political movement that proposed returning to “bimetallism”: Those in the movement wanted money backed by silver to be added to the money supply , which was backed by gold. Adding to the money supply would have ended the deflation and created the possibility of inflation.
Why did farmers support backing money with silver quizlet?
Farmers wanted to expand the currency supply by coining an unlimited amount of silver . They believed that if more money was in circulation, prices would go up for all goods, including farm products. If profits increased on their crops, farmers could pay their debts.
Why did the populist party want to use gold and silver in the economy?
They wanted a national income tax to take the tax burden off farmers, and they called for an amendment to allow citizens (not state legislatures) to directly elect Senators. Populists demanded bimetallism : using currency based on gold and silver in order to inflate the money supply.
Why did farmers oppose the gold standard?
Gold Standard- Money in circulation is backed by gold. Amount of money in circulation is restricted by amount of gold to back it. Farmers were opposed to the gold standard because it restricted the amount of money in circulation .
What did populists set their sights on after achieving some success on a local level in the late 80s?
What did Populists set their sights on after achieving some success on a local level in the late 1800s? the “Free Silver” speech . the “Gold Standard” speech.
Why did farmers support Bimetallism?
Farmers, particularly in wheat and cotton belts, advocated bimetallism because they believed it was inflationary and beneficial to them , and silver miners in the western United States advocated bimetallism for safe value for money.
Who was the third party that wanted to increase the amount of silver?
| Question Answer | The _____was a third party primarily supported by farmers who were looking to have their voices heard (they also wanted to increase silver). Populist Party | The _____was passed in 1916 to protect wildlife and the outdoors. National Park Service |
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Why did big business and others not want an increased coinage of silver?
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. As silver was cheaper, economists warned more people would mint it, and thus cause inflation.
What did the Silverites want?
The Silverites advocated free coinage of silver . They wanted to lower the gold standard of the United States to silver therefore allowing inflation of the money supply. Many Silverites were in the West, where silver was mined.
What is the best explanation of free silver?
What is the best explanation of “free silver?” The U. S. government would promote prosperity by inflating the money supply, through minting all of the silver offered to it .
What was the free silver movement quizlet?
political agenda adopted by the populist party in 1892 at their Omaha, Nebraska convention. Called for unlimited coinage of silver (bimetallism), government regulation of railroads and industry, graduated income tax, and a number of election reforms.
Who does free silver benefit why quizlet?
Who does free silver benefit? Why? Mainly farmers because it would lower the value of money & cause inflation which would cause the price of farm goods they’re selling to increase. Identify the economic & political grievances of late 19th century American farmers.
