What was all this bimetallism stuff about?

Question

This bimettalism and free silver issue seems to have been one of the most important political issues in late 19th century USA, but I just can't understand it. Please explain what it was all about, in terms that can be understood by someone not well up in economics.

5 ANSWERS AND I STILL DON'T GET IT.

Answer 1

It was a monetary system that ruled most of the world during the 19th century, providing price stability for many countries until it burst into pieces in the 1880's, causing a strong worldwide recession.

In this system, the monetary unit is defined as consisting of either a certain amount of a metal or a certain amount of another, with the monetary authority being ready at all times to coin either metal at the legal price. For example, in the United States for the greater part of the 19th century the dollar was defined as consisting either of 22.5 grains of gold or 371 grains of silver (a grain is 0.065 grams). People could bring gold or silver bars at the Mint (the agency responsible for coining money) and they would get gold or silver dollar coins in exchange.

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Answer 5

Bimetallism is a monetary system that is based upon the idea that the base monetary unit ( in our case the U.S. dollar) is supported by a certain quantity of silver or a certain quantity of gold. This ratio was fixed by law. It is inherently unstable as precious metals are a commodity and the value changes with supply and demand. If the demand for the metal increased to a point where the metallic value of a coin was greater than the face value of the coin money was removed from the economy.

Answer 6

First a disclaimer // three fourths of all political arguments are 'shibai/BS/Crapola/caa-caa' in other words stuff politicans argue about in order to get one leg up over another politcian. . The issue of Bimentalism was terrific for Politicians one of them, WIlliam Jennings Bryan was nominated for President mostly for crying "Do Not Crucify Me on a Cross of Gold."
It costs money to make money and most money during the late 1800's was either Gold or Silver. Gold has always been worth more than Silver. (North) America was Gold and Silver poor until Gold was discovered first in North Carolina and then Georgia (why dya think they kicked out the Natives; among other reasons). And when Gold was discovered in California Americans seized the Region. By 1850 most Americans were much more prosperous than fifty years before, and despite the erruption of a not so Civil War in 1861, America continued to prosper.
A lot of that was due to Silver. Silver strikes in Eastern California and then especially in what became Nevada. But Silver did a curious thing in the 1860 s. It went WEST to China. The Chinese love (d) Silver. Silver from Nevada went to China, bought lots of 'stuff,' stuff that traveled further West to Europe where some of it was traded for more Stuff, eventually that Stuff reached the Eastern USA and the Interior via the Erie Canal and helped the Union beat the Confederates (and helped get a lot of soldiers addicted to Opium one of the few items that didn't get traded in Europe).

A problem with Precious Metals. As technology improves it gets easier removing precious metals from the Earth. Silver suffered from two glitches after 1876. Silver financed the Transcontinental Railroad and so now that Silver could go East as easy as it went West. And China started collapsing financially, they no longer wanted as much Silver and had less stuff worth buying (people were getting upset about Opium and they had enough dinner plates).
Suddenly Silver was becoming less valuable then Gold. But
'No,' cried Nevada and California, 'We helped you Win the War, buy our Silver,' or (what) was never quite stated. And Farmers in the Interior, in places such as Nebraska where Williams Jenning Bryan grew up, in the interior the people liked 'easy' money, plentiful money, even if inflation meant it took more to buy stuff, it still made them feel good to have a pocket full of coin. Silver Coins, for a while they even forced the US of A to subsize Silver Coinage. Therefore a Silver Dollar might cost a Quarter to Make and a Gold Dollar a Dine but they were botha Dollar!! It got crazy before the craze for Silver petered out.

What complicated matters is that Money now in 2007 is based on 'air,' truly, what is that wad of paper in your wallet worth? Or maybe you don't have paper, just plastic, so some Bank thinks you have 'dollars' and so a merchant says. "yea. here is your slurpee."

Throughout the 1800s up till around 1914 Gold & Silver Dollars were the Norm and those pennies in your pocket actually had copper in them. Now that copper is needed for the wiring in your computer and the bullets shattering an Iraq life and that penny is mostly plastic! As for Silver, by 1900 is was apparent than a Dollar worth a Dollar in Silver would be the size of a saucer, so silver became the stuff iof quarters and dimes until it was needed for film stock and vannished from the picture altogether (sort of, a coin person can explain these things). Gold Dollars disappeared soon after and everyone was cool with green paper w/ patriotic images & ancient symbols.

Peace.................................

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RE:
What was all this bimetallism stuff about?
This bimettalism and free silver issue seems to have been one of the most important political issues in late 19th century USA, but I just can't understand it. Please explain what it was all about, in terms that can be understood by someone not well up in economics.

Answer 10

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