Free silver in the context of "Grover Cleveland"

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⭐ Core Definition: 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. Free silver became increasingly associated with populism, unions, and the perceived struggle of ordinary Americans against the bankers, monopolists, and robber barons of the Gilded Age. Hence, it became known as the "People's Money".

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. Because the actual price ratio of the two metals was substantially higher in favor of gold at the time, most economists warned that the less valuable silver coinage would drive the more valuable gold out of circulation.

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👉 Free silver in the context of Grover Cleveland

Stephen Grover Cleveland (March 18, 1837 – June 24, 1908) was the 22nd and 24th president of the United States, serving from 1885 to 1889 and from 1893 to 1897. He was the first U.S. president to serve nonconsecutive terms and the first Democrat elected president after the American Civil War.

Born in Caldwell, New Jersey, Cleveland was elected mayor of Buffalo in 1881 and governor of New York in 1882. While governor, he closely cooperated with state assembly minority leader Theodore Roosevelt to pass reform measures, winning national attention. He led the Bourbon Democrats, a pro-business movement opposed to high tariffs, free silver, inflation, imperialism, and subsidies to businesses, farmers, or veterans. His crusade for political reform and fiscal conservatism made him an icon for American conservatives of the time. Cleveland also won praise for honesty, self-reliance, integrity, and commitment to classical liberalism. His fight against political corruption, patronage, and bossism convinced many like-minded Republicans, called "Mugwumps", to cross party lines and support him in the 1884 presidential election, which he narrowly won against Republican James G. Blaine.

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Free silver in the context of Morgan Dollar

The Morgan dollar is a United States dollar coin minted from 1878 to 1904, in 1921, and beginning again in 2021 as a collectible. It was the first standard silver dollar minted since the passage of the Coinage Act of 1873, which ended the free coining of silver and the production of the previous design, the Seated Liberty dollar. It contained 412.5 Troy grains of 90% pure silver (or 371.25 Troy grains = 24.057 g; 0.7734 ozt of pure silver). The coin is named after its designer, United States Mint Assistant Engraver George T. Morgan. The obverse depicts a profile portrait representing Liberty, modeled by Anna Willess Williams, while the reverse depicts an eagle with wings outstretched. The mint mark, if present, appears on the reverse above between D and O in "Dollar".

The dollar was authorized by the Bland–Allison Act. Following the passage of the 1873 act, mining interests lobbied to restore free silver, which would require the Mint to accept all silver presented to it and return it, struck into coin. Instead, the Bland–Allison Act was passed, which required the Treasury to purchase between two and four million dollars' worth of silver at market value to be coined into dollars each month. In 1890, the Bland–Allison Act was repealed by the Sherman Silver Purchase Act, which required the Treasury to purchase 4,500,000 troy ounces (140,000 kg) of silver each month, but only required further silver dollar production for one year. This act, once again, was repealed in 1893.

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Free silver in the context of History of the Democratic Party (United States)

The Democratic Party is one of the two major political parties of the United States political system and the oldest active political party in the country. Founded in 1828, the Democratic Party is the oldest active voter-based political party in the world. The party has changed significantly during its nearly two centuries of existence. Once known as the party of the "common man", the early Democratic Party stood for individual rights and state sovereignty, and opposed banks and high tariffs. In the first decades of its existence, from 1832 to the mid-1850s (known as the Second Party System), under Presidents Andrew Jackson, Martin Van Buren, and James K. Polk, the Democrats usually defeated the opposition Whig Party by narrow margins.

Before the American Civil War, the party generally supported slavery or insisted it be left to the states. After the war until the 1940s, the party opposed civil rights reforms in order to retain the support of Southern white voters. The Republican Party was organized in the mid-1850s from the ruins of the Whig Party and Free Soil Democrats. It was dominant in presidential politics from 1860 to 1928. The Democrats elected only two Presidents during this period: Grover Cleveland (in 1884 and 1892) and Woodrow Wilson (in 1912 and 1916). Over the same period, the Democrats proved more competitive with the Republicans in Congressional politics, enjoying House of Representatives majorities (as in the 65th Congress) in 15 of the 36 Congresses elected owing largely to their dominance of the Solid South, although only in five of these they formed the majority in the Senate. Furthermore, the Democratic Party was split between the Bourbon Democrats, representing Eastern business interests, and the agrarian party elements representing poor farmers in the South and West. After the Republican landslide in the 1894 House elections, the agrarian element, marching behind the slogan of free silver (i.e. in favor of inflation), captured the party. They nominated William Jennings Bryan in the 1896, 1900, and 1908 presidential elections, although he lost every time. Both Bryan and Wilson were leaders of the progressive movement in the United States (1890s–1920s) and opposed imperialistic expansion abroad while sponsoring liberal reforms at home despite supporting racism and discrimination against blacks in government offices and elsewhere.

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Free silver in the context of Silver certificate (United States)

Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, which had effectively placed the United States on a gold standard. The certificates were initially redeemable for their face value of silver dollar coins and later (for one year from June 24, 1967, to June 24, 1968) in raw silver bullion. Since 1968 they have been redeemable only in Federal Reserve Notes and are thus obsolete, but still valid legal tender at their face value and thus are still an accepted form of currency.

Large-size silver certificates, generally 1.5 in (38 mm) longer and 0.5 in (13 mm) wider than modern U.S. paper currency, (1878 to 1923) were issued initially in denominations from $10 to $1,000 (in 1878 and 1880) and in 1886 the $1, $2, and $5 were authorized. In 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate (1928–1964) was only regularly issued in denominations of $1, $5, and $10. The complete type set below is part of the National Numismatic Collection at the Smithsonian's National Museum of American History.

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Free silver in the context of William Jennings Bryan

William Jennings Bryan (March 19, 1860 – July 26, 1925) was an American lawyer, orator, and politician. He was a dominant force in the Democratic Party, running three times as the party's nominee for President of the United States in the 1896, 1900, and 1908 elections. He served in the House of Representatives from 1891 to 1895 and as the Secretary of State under Woodrow Wilson from 1913 to 1915. Because of his faith in the wisdom of the common people, Bryan was often called "the Great Commoner", and because of his rhetorical power and early fame as the youngest presidential candidate, "the Boy Orator".

Born and raised in Illinois, Bryan moved to Nebraska in the 1880s. He won election to the House of Representatives in the 1890 elections, served two terms, and made an unsuccessful run for the Senate in 1894. At the 1896 Democratic National Convention, Bryan delivered his "Cross of Gold" speech, which attacked the gold standard and the eastern moneyed interests and crusaded for inflationary policies built around the expanded coinage of silver coins. In a repudiation of incumbent President Grover Cleveland and his conservative Bourbon Democrats, the Democratic convention nominated Bryan for president, making Bryan the youngest major party presidential nominee in U.S. history. Subsequently, Bryan was also nominated for president by the left-wing Populist Party, and many Populists would eventually follow Bryan into the Democratic Party. In the intensely-fought 1896 presidential election, the Republican nominee, William McKinley, emerged triumphant. At age 36, Bryan remains the youngest person in United States history to receive an electoral vote for president and cumulatively, the most electoral votes without ever being elected president. Bryan gained fame as an orator, as he invented the national stumping tour when he reached an audience of 5 million people in 27 states in 1896, and continued to deliver well-attended lectures on the Chautauqua circuit well into the 20th century.

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