Gold vs Silver Standard (20 dez 1860 ano – 28 jun 1896 ano)

Descrição:

The late 1800s saw bimetallism become a cause of political conflict

“Goldbugs”
-bankers and businessmen
-believed the economy should stay on a gold standard
-thought silver would depress the economy
-gold standard meant less money in circulation
-deflation: prices fall, money value increases, fewer people have money

“Silverites”
-farmers and laborers
-wanted bimetallism, an economy of gold and silver
-bimetallism meant more money in circulation
-inflation: prices rise, money value decreases, more people have money

Gold vs SIlver Standard:
* After the Panic of 1873, Silverites were angered that the economy was now on a mono-metallic gold standard because it inhibited inflation.

* The Panic of 1893 was a nationwide depression that caused the debate over whether the economy should be based on a gold standard or a silver standard.

* In 1896 McKinley was elected to President and was a proponent for the gold standard.

* William Jennings Bryan, who ran against McKinley, gave a speech denouncing the gold standard, which would lead to an increase in the value of goods

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