Bimetallism Debate

About Bimetallism Debate

A political debate in the late 19th century United States over whether to back the dollar with both gold and silver. Farmers and debtors supported bimetallism, which would increase the money supply and make debts easier to pay. Bankers and creditors supported the gold standard, which preserved the value of savings. William Jennings Bryans Cross of Gold speech demanded free silver. The issue dominated the 1896 election, won by gold standard Republican William McKinley. Bimetallism faded after gold discoveries in Alaska and South Africa increased the gold supply. The debate foreshadowed later arguments about fiat money, quantitative easing, and monetary policy.