http://arizonaoddities.com/2010/03/life-in-old-boom-towns-with-jackass-prospectors/ History that defined us, quirks that connect us Wed, 01 Sep 2010 17:36:05 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://arizonaoddities.com/2010/03/life-in-old-boom-towns-with-jackass-prospectors/comment-page-1/#comment-332 marshall trimble Fri, 12 Mar 2010 20:48:21 +0000 http://arizonaoddities.com/?p=718#comment-332 Hi Nancy: It was a national policy, the Gold Standard vs The Silver and it was/is complicated. Historically the U.S had used both gold and silver as a basis for currancy but in 1873 Congress passed a law "demonitizing" silver, making gold the only standard for American currancy. It was supposed to promote international trade. Gold Standard supporters, mainly Easterner capitalists wanted to prevent new silver discoveries in the West from expanding the money supply. Silver production boomed, was flooding the market and dropping the value of the metal. Eastern Conservatives in both parties denounced silver while Southerners and Westerners demanded the unlimited coinage of silver. Hard times hit and Congress passed the Sherman Silver Purchase Act in 1890 where the Treasury would buy more silver. This brought about about a boom in silver mining. Again gold standard advocates made plans to repeal the law. President Cleveland pursuaded Congress to repeal the Act in 1893, thus enraging the Southerners and Westerners as the Treasury quit buying silver and this caused western mines to shut down. This was when Sen. William Jennings Bryan made his "Cross of Gold" Speech. Like most Westerners, he saw the silver issue in the context of a struggle between the "corporate interests, aggregated wealth and capital, arrogant, compassionless" against "an unnumbered throng....of work-worn and dust-begrimed." In other words, a fight between the wealthy class and the working class. Most Americans today don't realize how close this country came to a second Civil War in the 1890s. Sorry to be so wordy. Economics can be complicated. Hi Nancy: It was a national policy, the Gold Standard vs The Silver and it was/is complicated. Historically the U.S had used both gold and silver as a basis for currancy but in 1873 Congress passed a law “demonitizing” silver, making gold the only standard for American currancy. It was supposed to promote international trade.
Gold Standard supporters, mainly Easterner capitalists wanted to prevent new silver discoveries in the West from expanding the money supply. Silver production boomed, was flooding the market and dropping the value of the metal. Eastern Conservatives in both parties denounced silver while Southerners and Westerners demanded the unlimited coinage of silver. Hard times hit and Congress passed the Sherman Silver Purchase Act in 1890 where the Treasury would buy more silver. This brought about about a boom in silver mining. Again gold standard advocates made plans to repeal the law. President Cleveland pursuaded Congress to repeal the Act in 1893, thus enraging the Southerners and Westerners as the Treasury quit buying silver and this caused western mines to shut down. This was when Sen. William Jennings Bryan made his “Cross of Gold” Speech. Like most Westerners, he saw the silver issue in the context of a struggle between the “corporate interests, aggregated wealth and capital, arrogant, compassionless” against “an unnumbered throng….of work-worn and dust-begrimed.” In other words, a fight between the wealthy class and the working class.
Most Americans today don’t realize how close this country came to a second Civil War in the 1890s.
Sorry to be so wordy. Economics can be complicated.

]]> http://arizonaoddities.com/2010/03/life-in-old-boom-towns-with-jackass-prospectors/comment-page-1/#comment-331 Nancy Fri, 12 Mar 2010 19:50:00 +0000 http://arizonaoddities.com/?p=718#comment-331 Can you explain in more detail why you said silver was demonetized by the Republicans in 1893? For example what I'd like to know if this was a national move or state move? What events lead up to this decision? Thank you. Otherwise, nice article. Can you explain in more detail why you said silver was demonetized by the Republicans in 1893? For example what I’d like to know if this was a national move or state move? What events lead up to this decision? Thank you. Otherwise, nice article.

]]>