American History: McKinley and the Gold Standard Win in 1896
30 June 2010
A 1896 campaign poster for William McKinley and Garrett Hobart showing the candidates' support for sound money based on gold and protective tariffs
STEVE EMBER: Welcome to the MAKING OF A NATION -- American history in VOA Special English.
In the eighteen nineties, the American people were deeply divided over the nation's money system. Should the United States support its currency with gold or with gold and silver? This question became the main issue in the presidential election of eighteen ninety-six.
This week in our series, Kay Gallant and Harry Monroe tell the story of that election.
KAY GALLANT: Many Americans wanted a gold standard. They said the United States should support its money only with gold. A gold standard, they said, would keep the value of the dollar high. These people were called "gold bugs." Most were businessmen, bankers, and investors.
Many other Americans wanted the United States to support its money with both gold and silver. They thought the value of the dollar was too high. A high dollar, they said, drove down prices for agricultural products. A silver standard would lower the value of the dollar. These people were called "silverites."Most were farmers, laborers, and owners of small businesses.”
HARRY MONROE: The debate over gold and silver was especially important because of an economic depression that began in the United States in eighteen ninety-three. Thousands of banks and businesses closed. Millions of men lost their jobs. Foreign investors withdrew their money from America. Americans who had money were afraid to invest it.
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