What is meant by the term bimetallism?

What is meant by the term bimetallism?

bimetallism, monetary standard or system based upon the use of two metals, traditionally gold and silver, rather than one (monometallism).

What is bimetallism in US history?

Bimetallism is a monetary system where the value of the money is based on two different metals. Usually, these two metals are gold and silver. Bimetallism became an alternative to the gold standard where the value of money was based on how much gold a country had in its reserves and how much that gold was worth.

What is bimetallism and what was its purpose?

A bimetallic standard, or bimetallism, is a monetary system in which a government recognizes coins composed of both gold or silver as legal tender. The bimetallic standard backs a unit of currency to a fixed ratio of gold and/or silver.

Does the US use bimetallism?

History of Bimetallism Mint was established, until 1900, the United States was a bimetal country, with both silver and gold recognized as legal currency; in fact, you could bring silver or gold to a U.S. mint and have it converted into coins.

What are the types of bimetallism?

2] Bimetallism Usually, the two metals are gold and silver. So two types of standard coins are minted (gold and silver).

Why did William Jennings Bryan want bimetallism?

In the address, Bryan supported bimetallism or “free silver”, which he believed would bring the nation prosperity.

What was bimetallism quizlet?

Bimetallism. The use of both gold and silver as a basis for a national monetary system.

Why was bimetallism important to farmers?

Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates.

How did bimetallism affect farmers?

Basically supporters of the free silver movement thought that bimetallism would help the economy by causing inflation. This would help farmers and others who had too much debt.

What did the Cross of Gold speech mean?

The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or “free silver”, which he believed would bring the nation prosperity.

How does bimetallism cause inflation?

The Free Silver Movement was a political movement that proposed returning to “bimetallism”: Those in the movement wanted money backed by silver to be added to the money supply, which was backed by gold. Adding to the money supply would have ended the deflation and created the possibility of inflation.

Who was against bimetallism?

In 1896, the bimetallism issue was politically ended with the election of the Republican William McKinley, who favored a gold standard, over the Democratic silverite William Jennings Bryan, who had won the nomination with his famous Cross of Gold Speech.