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What is the term for the idea that paper money should be backed in both gold and silver?
bimetallism ( two types of metal--gold and silver)
a. During the 1896 election what did Populists call on the U.S. gov't to back paper money with? b. What nickname was given to them as a result?
a. Populists wanted paper money backed in both gold and silver. b. Because of this, Populists were called “silverites.”
What was the central issue during the 1896 presidential election?
The central issue in the 1896 presidential election was whether or not the U.S. gov't should back paper money with gold and silver.
a. During the 1896 election what did Republicans call on the U.S. gov't to back paper money with? b. What nickname was given to them as a result?
a. Republicans wanted paper money backed in only in gold. b. Because of this, Republicans were called “goldbugs.”
a. Who won the election of 1896? b. What party did he represent and what paper money policy did he support? c. Who benefited from his victory, farmers and common people, or bankers and the rich?
a. William McKinley. b. He represented the Republican party, and he was a "goldbug," wanted to back paper money only in gold. c. His victory helped the bankers and rich.
a. If paper money was backed by gold and silver, what would happen to the value of paper money? b. Who would this help, who would it hurt?
a. If paper money was backed in both silver and gold the value of paper money would go down. b. This would help the farmers, because they would be paying off their debts with less valuable money. Banker would not like this because they would be losing money.
a. Who were the two candidates for president in the 1896 election? b. Which party did each represent? c. Which group did they represent on the issue of paper money, "goldbugs," or "silverites"?
William Jennings Bryan (Populist and a "silverite") verses William McKinley (Republican and a "goldbug").
a. If paper money was backed only with gold what would happen to the value of paper money? b. Who would this help, who would it hurt?
a. If paper money was backed only gold the value of paper money would go up. b. This would help the bankers, because loans to farmers would be payed back in more valuable money. Farmers would not like this because they would have to pay back more money.
a. What did the Populist movement show that the poor and less powerful in society could do? b. What Amendment to the Constitution began as a Populists call for political reform? c. What did the Amendment do?
a. The Populist movement showed that the poor and less powerful in society can organize and have a political impact. b. The 17th Amendment. c. It allows people to directly vote for Senators.
What was the name of the speech given by William Jennings Bryan during the Election of 1896? What point did he try to make in the speech?
Bryan gave a speech called the “Cross of Gold” speech. The point he was trying to make was that the common people (Populists supporters) would be be economically crucified if the government backed paper money only in gold.