Question

Why did farmers and the Populist party support bimetallism vs. the gold standard?

A.To establish a sound backing into currency
B.To establish more loans so farmers can pay off their debt
C.To establish inflation by printing more money for debt relief
D.To establish deflation by printing more money for debt relief

Answer 1

Farmers and the Populist party supported bimetallism over the gold standard to increase the money supply, create inflation, and provide a sound backing for the currency. This would help farmers with their debts and low crop prices.

Step-by-step explanation:

Farmers and the Populist party supported bimetallism over the gold standard for several reasons. Bimetallism, which allowed for the use of both gold and silver as currency, would increase the money supply, providing relief to farmers who were struggling with debts and low prices for their crops. By expanding the money supply, bimetallism would also create inflation, which would benefit farmers by increasing the prices of their goods. Additionally, bimetallism would provide a sound backing for the currency and allow for more loans, giving farmers greater flexibility in paying off their debts.