Bimetallism

bimetallicbimetalismbimetallic standardbimetallistbimetallic monetary systemgold and silversilver questiona bi-metallic currencya system based on gold and silveralongside gold
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.wikipedia
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Silver

Agsilver orenative silver
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
Silver metal is used in many bullion coins, sometimes alongside gold: while it is more abundant than gold, it is much less abundant as a native metal.

Gold standard

goldgold exchange standardbacked by gold
In the 19th century, there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold or silver standard (monometallism).
This began a long series of attempts by the United States to create a bi-metallic standard.

Monetary system

monetary standardcurrency systemsmonetary
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
Another alternative which was tried in the twentieth Century was bimetallism, also called the "double standard", under which both gold and silver were legal tender.

Croeseid

Croesus is credited with issuing the Croeseid, the first true gold coins with a standardised purity for general circulation,
Croesus is credited with issuing the first true gold coins with a standardised purity for general circulation, and the world's first bimetallic monetary system.

Latin Monetary Union

common standardfrancsLatin Monetary League
These countries joined France in a treaty signed on 23 December 1865 which established the Latin Monetary Union (LMU).
They agreed to a combined gold and silver standard (bimetalism) with a gold-to-silver ratio of 15.5 to 1 as established in the French Franc.

Free silver

free coinage of silverFree Silver movementunlimited coinage of silver
Then in 1792, Secretary of the Treasury Alexander Hamilton proposed fixing the silver to gold exchange rate at 15:1, as well as establishing the mint for the public services of free coinage and currency regulation "in order not to abridge the quantity of circulating medium.". Bimetallism and "Free Silver" were demanded by William Jennings Bryan who took over leadership of the Democratic Party in 1896, as well as by the Populists, and a faction of Republicans from silver mining regions in the West known as the Silver Republicans who also endorsed Bryan.
Supporters of an important place for silver in a bimetallic money system making use of both silver and gold, called "Silverites", sought coinage of silver dollars at a fixed weight ratio of 16-to-1 against dollar coins made of gold.

Lydia

ancient LydiaLydian EmpireMaeonia
From the 7th century BCE, Asia Minor, especially in the areas of Lydia and Ionia, is known to have created a coinage based on electrum, a natural occurring material that is a variable mix of gold and silver (with about 54% gold and 44% silver).
Croesus is credited with issuing the Croeseid, the first true gold coins with a standardised purity for general circulation, and the world's first bimetallic monetary system circa 550 BCE.

Silver standard

silversilver currencyprice of silver
In the 19th century, there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold or silver standard (monometallism).
This began a long series of attempts for America to create a bimetallic standard for the US dollar, which would continue until the 1920s.

Metallism

Metal as moneymonometallismmetallist
In the 19th century, there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold or silver standard (monometallism).
A smaller disagreement which takes place relating to metallism is whether one metal should be used as currency (as in monometallism), or should there be two or more metals for that purpose (as in bimetallism).

Coinage Act of 1873

Fourth Coinage ActCrime of '73Mint Act of 1873
Bimetallism was effectively abandoned by the Coinage Act of 1873, but not formally outlawed as legal currency until the early 20th century.
In abolishing the right of holders of silver bullion to have their metal struck into fully legal tender dollar coins, it ended bimetallism in the United States, placing the nation firmly on the gold standard.

Coinage Act of 1853

Act of 1853Act of February 21, 1853
Silver took a further hit with the Coinage Act of 1853, when nearly all silver coin denominations were debased, effectively turning silver coinage into a fiduciary currency based on its face value rather than its weighted value.
Although intending to stabilize the country's silver shortage, it, in effect, pushed the United States closer to abandoning bimetallism entirely and adopting the gold standard.

People's Party (United States)

PopulistPopulist PartyPeople's Party
The latter element – "free silver" – came increasingly to the fore as the answer to the same interest groups' concerns, and was taken up as a central plank by the Populist movement.
Other Populist-endorsed measures included bimetallism, a graduated income tax, direct election of Senators, a shorter workweek, and the establishment of a postal savings system.

Peel's Bill

1819 Act for the Resumption of Cash PaymentsResumption of Cash Payments, etc. Act 1819
After the suspension of metal convertibility from 1797 to 1819, Peel's Bill set the country on the gold standard for the remainder of the century; however advocates of a return to bimetallism did not cease to appear.
Country gentlemen clamoured for relief, whether from the issuing of small paper notes (briefly tried), by a return to bimetalism, or by a debt restructuring to allow for the changing value of money.

Alexander Baring, 1st Baron Ashburton

Alexander BaringLord AshburtonAlexander
Similarly, after the banking crisis of 1847, Alexander Baring headed an external bimetallist movement hoping to prevent the undue restriction of the currency.
After the Panic of 1847, Baring headed an external bimetallist movement hoping to prevent the undue restriction of the currency.

Cross of Gold speech

Cross of Gold" speechCross of GoldCross of Gold and Crown of Thorns
Bryan, the eloquent champion of the cause, gave the famous "Cross of Gold" speech at the National Democratic Convention on July 9, 1896 asserting that "The gold standard has slain tens of thousands."
In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity.

Currency

currenciesforeign currencycoinage
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. Then in 1792, Secretary of the Treasury Alexander Hamilton proposed fixing the silver to gold exchange rate at 15:1, as well as establishing the mint for the public services of free coinage and currency regulation "in order not to abridge the quantity of circulating medium.".
The parallel use of both metals is called bimetallism, and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists.

Silver Republican Party

Silver RepublicanSilver RepublicansSR
Bimetallism and "Free Silver" were demanded by William Jennings Bryan who took over leadership of the Democratic Party in 1896, as well as by the Populists, and a faction of Republicans from silver mining regions in the West known as the Silver Republicans who also endorsed Bryan.
It was so named because it split from the Republican Party over the issues of free silver (effectively, expansionary monetary policy) and bimetallism.

History of the United States Democratic Party

Democratic PartyDemocraticDemocrat
Bimetallism and "Free Silver" were demanded by William Jennings Bryan who took over leadership of the Democratic Party in 1896, as well as by the Populists, and a faction of Republicans from silver mining regions in the West known as the Silver Republicans who also endorsed Bryan.
They represented business interests, supported banking and railroad goals, promoted laissez-faire capitalism, opposed imperialism and U.S. overseas expansion, opposed the annexation of Hawaii, fought for the gold standard and opposed Bimetallism.

History of the United States Republican Party

Republican PartyRepublicanRepublicans
The Republican Party itself nominated William McKinley on a platform supporting the gold standard which was favored by financial interests on the East Coast.
He denounced William Jennings Bryan, the Democratic nominee, as a dangerous radical whose plans for "Free Silver" at 16–1 (or Bimetallism) would bankrupt the economy.

Samuel Dana Horton

Samuel Dana Horton (January 16, 1844 – February 23, 1895), American writer on bimetallism, was born in Pomeroy, Ohio.

Francis Amasa Walker

Francis A. WalkerWalker, Francis AmasaFrancis A. Walker Medal
Walker argued in support of bimetallism and although he was an opponent of the nascent socialist movement, he argued that obligations existed between the employer and the employed.

William McKinley

McKinleyPresident McKinleyPresident William McKinley
The Republican Party itself nominated William McKinley on a platform supporting the gold standard which was favored by financial interests on the East Coast.
Before the Republican convention, McKinley had been a "straddle bug" on the currency question, favoring moderate positions on silver such as accomplishing bimetallism by international agreement.

James Laurence Laughlin

J. L. LaughlinJ. Laurence LaughlinJ.L. Laughlin
A conservative, he generally subscribed to the economic theories of John Stuart Mill and opposed bimetallism.

Silverite

free silver coinagepro-silverSilverites
Proponents of monetary silver, known as the silverites, referred back to the Fourth Coinage Act as "The Crime of '73," as it was judged to have inhibited inflation, and favoured creditors over debtors.

Elisha Andrews

Elisha Benjamin Andrews
In 1892, he was an American commissioner to the Brussels monetary conference and was a strong supporter of international bimetallism.