bimetallism

(noun)

The use of a monetary standard based upon two different metals, traditionally gold and silver, usually in a fixed ratio of values.

Related Terms

Examples of bimetallism in the following topics:

  • Silverties Versus Goldbugs

    • Toward the end of the 1800s, bimetallism became a cause of political conflict in the United States.
    • During the Civil War, the U.S. switched from bimetallism to a fiat money currency to finance the war.
    • William Jennings Bryan, who took over leadership of the Democratic Party in 1896 as well as the Populist and Silver Republican Parties, demanded bimetallism and "Free Silver. " The Republican Party nominated William McKinley on a platform supporting the gold standard which was favored by financial interests on the east coast.

  • Inadequate Currency

    • In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity.
    • However, many Americans believed bimetallism, making both gold and silver legal tender, was necessary to the nation's economic health.
    • Silver producers complained, and many Americans came to believe that only through bimetallism could the nation achieve and maintain prosperity.
    • The Bimetallic Committee carefully planned to take control of every aspect of the convention, eliminating any threat that the minority gold faction could take power.
    • In his "Cross of Gold" speech, William Jennings Bryan advocated for bimetallism or "free silver", which he believed would bring the nation prosperity.

  • The Populist Party and the Election of 1896

    • He gave speeches, organized meetings, and adopted resounding resolutions that eventually culminated in the founding of the American Bimetallic League, which then evolved into the National Bimetallic Union, and finally the National Silver Committee.

  • The People's Party and the Election of 1896

    • Silver forces were supported by the Democratic National Bimetallic Committee, the umbrella group formed in 1895 to support silver Democrats in their insurgency against Cleveland.
    • In the address, Bryan supported bimetallism or "free silver," which he believed would bring the nation prosperity.

  • Temperature

    • Dial thermometers using bimetallic strips were also developed.
    • The bimetallic strips are made from two dissimilar metals bonded together, with each metal having a different coefficient of thermal expansion.

  • The Economy and the Silver Solution

    • The Silverites promoted Bimetallism, the use of both silver and gold as currency at the ratio of 16 to 1, 16 ounces of silver would be worth 1 ounce of gold.

  • Depression Politics

    • The delegates at the 1896 Democratic National Convention quickly turned against the policies of Grover Cleveland and those advocated by the Bourbon Democrats, favoring bimetallism as a way out of the depression.

  • Thermal Stresses

    • The greater the temperature change, the more a bimetallic strip will bend.

  • The Bourbons and the Redeemers

    • They opposed imperialism and U.S. overseas expansion, fought for the gold standard, and opposed bimetallism.

  • Economic Conditions

    • During the Civil War, the United States switched from bimetallism to a fiat money currency to finance the war.