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Republican campaign poster of 1896 attacking free silver. Free silver was a major economic policy issue in the United States in the late 19th century. Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on-demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard.
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. In his address, Bryan supported "free silver" (i.e. bimetallism), which he believed would bring the nation prosperity
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. [1] Advocates predicted that if silver were used as the standard of money, they would be able to pay off all of their debt.
The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890. [1] The measure did not authorize the free and unlimited coinage of silver that the Free Silver supporters wanted. It increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces.
The free-silver movement of the late 19th century advocated the unlimited coinage of silver, which would have resulted in inflationary monetary policy. In 1873, Congress had removed the use of silver dollar from the list of authorized coins under the Coinage Act of 1873 (referred to by opponents as 'the Crime of '73'").
The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States.By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default.
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"free silver" political activism William Hope "Coin" Harvey (August 16, 1851 – February 11, 1936) was an American lawyer, author, politician, and health resort owner best remembered as a prominent public intellectual advancing the idea of monetary bimetallism .