Why did the Populist Party want the free coinage of silver?

One of its key demands was the unlimited coinage of silver at a ratio of 16 to 1 (that is to say, 16 ounces of silver would have the same value as 1 ounce of gold). Most supporters of Free Silver also called for regulation of railroad rates, breaking up of monopolies, and other reforms to benefit farmers and workers.

What was the free coinage of silver?

Free coinage of silver was another rallying cry of the populist party. The point of this policy was to give people a more accessible and stable currency. As it stood, gold was rare and expensive, making the debts of people like farmers (the main base of the populist party) hard to pay back.

Did the populists get free coinage of 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.

What was the purpose 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.

What does unlimited coinage of silver mean?

They agitated for “free silver,” or unlimited coinage of silver, a metal that could be mined in abundance in the West, to produce an increased and more flexible money supply that they hoped would lead to a more equitable economy and foster social reforms.

Why did farmers generally desire the unlimited coinage of silver?

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.

What was the outcome of the free silver movement?

In the late 19th century in the United States, the Free Silver Movement was an unsuccessful campaign for unlimited coinage of silver. It was supported by owners of silver mines, farmers, and debtors. A law of 1873 (called the “Crime of 1873”) dropped silver coinage in favor of the gold standard.

Why did support for free silver coinage grow rapidly from 1894 to 1896?

Why did support for free silver coinage grow rapidly from 1894 to 1896? Its legislation shaped the future policy of the nation.

What was meant by the term free silver in the 1890’s quizlet?

Free silver. A short term solution. Wanted to put silver into circulation instead of paper money. However, is was not free because it could cause inflation of prices of goods and deflation of the value of money.

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.

Which best explains why farmers favored free silver over the gold standard in the 1890’s?

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.

How did the free silver movement affect American politics?

For true believers, silver became the symbol of economic justice for the mass of the American people. The Free Silver Movement gained added political strength at the outset because of the sharp economic depression of the mid-1870s.

Why did the Democrats support unlimited coinage of silver in 1896?

This had been an important objective of the Populist Party in the election of 1892, and in 1896 the Democrats, despite strong opposition from President Grover Cleveland, made unlimited coinage of silver the principal plank in their platform.

What was the populist platform of 1892?

The Populist platform represented views of farmers in the West. The Omaha platform of 1892 nominated James Weaver of Iowa for president. “Crime of 1873”: This is the term given to a federal law of 1873, which adopted the gold standard over the silver standard.

Where did the issue of free silver have little support?

It had little support among farmers in the Northeast and the Corn Belt (the eastern Midwest). Free silver was the central issue for Democrats in the presidential elections of 1896 and 1900, under the leadership of William Jennings Bryan, famed for his Cross of Gold speech in favor of free silver.

How did the Free Silver movement gain political strength?

The Free Silver Movement gained added political strength at the outset because of the sharp economic depression of the mid-1870s.