After viewing and reading through a similar forum post on Historum, the rabbit hole of the Gold Bugs and Silverites was a fascinating one, clarifying many of the circumstances that led to the 1896 Presidential Election and it’s subsequent outcome.
At the time, The US Dollar was backed by the Gold Standard, which equated the value of one dollar to a specific amount of gold. Up until 1873, the US Dollar was also equal to a specific value of silver, which naturally meant some sum of silver was equal to a certain sum of gold, as backed by the US government. However, despite this practice being abolished, many believed in “freeing silver” or reinstating the practice of backing the US dollar with silver and minting silver coins.
William Jennings Bryan, the Democratic Party’s nominee, was an advocate for free silver, while Republican candidate William McKinley, who would go on to win the election, was a staunch advocate for the gold standard.
With much of the debate and discourse- both honorable and underhanded- that comes with a presidential election, the outcome was decided, with McKinley and the gold bugs winning 23 states versus Bryan’s 22 (271 electoral votes to 176).
The Gold Standard remained firmly in place, and the Silverite’s suffered yet another legislative defeat. For more detailed information, I recommend reading the attached article and plenty more that exist across the internet.
What are your thoughts on this election cycle, and the economic circumstances surrounding it?
I’d probably side with the Gold bugs if I was alive during that election cycle. Just from a historic standpoint the gold standard has been more widely used and reliable. Though I see the Silverite’s point with it being more abundant it’s easier to expand the money supply as the economy grows. On the other hand with how abundant silver is it has less stability than gold as it has more practical uses than gold which could deter investments. So I’d be voting McKinley.