Question

The excerpt below is from 1892:

“The national power to create money is appropriated to enrich bondholders; a vast public debt, payable in legal tender currency, has been funded into gold…thereby adding millions to the burdens of the people.”

Which of the following describes the source of the excerpt above?

Populist Party platform
Interstate Commerce Act
Republican Party platform
Sherman Silver Purchase Act

Answer 1

Populist Party Platform. In the wake of the Civil War and the vast sums needed to pay for it (funded with paper money), Congress was under pressure to restore the gold standard. This required a contraction of the currency so that a paper dollar and a gold dollar would buy the same thing. Congress accomplished this objective by selling Western lands to settlers and taxing imports in gold, then paying off the war bonds (which served as reserve support for paper money). But, as the money supply contracted, each dollar became worth more -- the opposite of inflation -- and any contracted debt became harder to pay. This impacted farmers heavily, who had borrowed to buy farmland. They eventually rebelled in the movement known as Populism. Their candidate, William Jennings Bryan, took center stage with his "Cross of Gold" speech at the 1896 Democratic National Convention.

Answer 2

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Answer 3

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Answer 4

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Answer 5

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Answer 6

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Answer 7

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Answer 8

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Answer 9

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Answer 10

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