RHETORIC OF THE STANDARDS: THE DEBATE OVER GOLD AND SILVER IN THE 1890s

AbstractIn the 1890s, questions about whether to base the American currency upon gold or silver dominated public discourse and eventually forced a realignment of the political parties. The matter often confuses modern observers, who have trouble understanding how such a technically complex—even arcane—issue could arouse such passions. The fact that no major nation currently backs its currency with precious metal creates the suspicion that the issue was a “red herring” that distracted from matters of far greater importance. Yet the rhetoric surrounding the “Battle of the Standards” indicates that the more sophisticated advocates of both sides understood that, in the financial context of the 1890s, the contest between gold and silver not only had important economic implications but would substantially affect the future development of the United States.