- 1 What political party proposed an increase in the money supply?
- 2 What was a monetary system in which the government would give people silver or gold in exchange for paper currency?
- 3 What did the Silverites want?
- 4 What was the main issue in the 1896 presidential election?
- 5 Who gave the Cross of Gold speech?
- 6 Which group of people organized the Grange?
- 7 Why did farmers oppose the gold standard?
- 8 What economic and political issues gave rise to the Populist Party and what changes did?
- 9 What reforms did the Populist Party propose?
- 10 Why did the gold standard fail?
- 11 What replaced the gold standard?
- 12 Did the gold standard Cause the Great Depression?
What political party proposed an increase in the money supply?
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.
What was a monetary system in which the government would give people silver or gold in exchange for paper currency?
The typical 19th-century bimetallic system defined a nation’s monetary unit by law in terms of fixed quantities of gold and silver (thus automatically establishing a rate of exchange between the two metals).
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 was the main issue in the 1896 presidential election?
Economic issues, especially tariff policy and the question of whether the gold standard should be preserved for the money supply, were central issues.
Who gave the Cross of Gold speech?
The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896.
Which group of people organized the Grange?
Former Minnesota farmer Oliver Hudson Kelley founds the Grange, which became a powerful political force among western farmers. Though he grew up in Boston, Kelley decided in his early twenties that he wanted to become a farmer.
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 economic and political issues gave rise to the Populist Party and what changes did?
What economic and political issues gave rise to the Populist Party and what changes did the party advocate? Farmers were locked into debt due to decreasing prices, high shipping costs, and excessive interest rates from banks. The goal was to change political corruption and economic inequality.
What reforms did the Populist Party propose?
The party adopted a platform calling for free coinage of silver, abolition of national banks, a subtreasury scheme or some similar system, a graduated income tax, plenty of paper money, government ownership of all forms of transportation and communication, election of Senators by direct vote of the people, nonownership
Why did the gold standard fail?
Gold supplies are also unreliable: If miners went on strike or new gold discoveries suddenly stalled, economic growth could grind to a halt. If the output of goods and services grew faster than gold supplies, the Fed couldn’t put more money into circulation to keep up, driving down wages and stifling investment.
What replaced the gold standard?
1 2 The gold standard was completely replaced by fiat money, a term to describe currency that is used because of a government’s order, or fiat, that the currency must be accepted as a means of payment.
Did the gold standard Cause the Great Depression?
They argue that large purchases of gold by central banks drove up the market value of gold, causing a monetary deflation. But, the briefest investigation of central bank gold-buying behavior (in aggregate, not just France) shows nothing out of the ordinary. The gold standard did not cause the Great Depression.