Final answer:
The Southern Alliance wanted to implement a 'free silver' policy for unlimited coinage of silver to increase currency circulation and provide economic relief, especially for farmers.
Step-by-step explanation:
The Southern Alliance, part of the larger movement known as the Populists, wanted to enact a monetary policy referred to as free silver. This policy advocated for the government to allow the unlimited coinage of silver currency alongside gold-backed currency, effectively backing the US currency with both silver and gold. This policy aimed to increase the money supply, making loans more accessible and providing economic relief, particularly to indebted farmers. They believed it would counter the restrictive nature of the gold standard, which tied the currency solely to gold reserves, limiting the amount of money in circulation. The Southern Alliance's plan was to have a bimetallic standard, which was different from the Sherman Silver Purchase Act of 1890, as it did not allow for unlimited coinage of silver and did not treat silver-backed money as regular currency, unlike the proposed free coinage stance.