What was the silver versus gold controversy?

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  • Joseph
    Lv 5
    1 decade ago
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    During the late 19th century the United States was embroiled in a political controversy between those who wanted to maintain the gold standard for backing U.S. currency (i.e. bankers, financiers, etc.) and those who wanted to move to a system in which silver -- much less valuable, and easier to obtain -- would also be used for backing currency.

    This struggle was an outgrowth of discontent amongst those who depended upon the agrarian eonomy (i.e. farmers), and the high price of credit being charged by supporters of the gold standard (i.e. bankers).

    Moreover, the silver v. gold controversy was also one of the first instances in which the country was divided by along a West v. East axis (i.e. West=agrarian, East=financial center) rather than North v. South.

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