Zubayer Mirza

Response Paper 13(?):

The election of 1896 was so pivotal because the American economy was in shambles due
to the panic of 93. Because so many people exchanged silver for gold at twice what its market
value, banks fell into debt, causing run on banks to spread across the nation and the stock market
to crash in 1893. Consequently, many were left impoverished and unemployed, and gold reserves
were being rapidly depleted, contributing to inflation. As inflation continued and employment
rates grew, many Americans were left with no means to pay for necessities leading to the onset of
poor habitations. As inflation increased, so did the disparity between the wealthy and the poor.
While Chicago had one of the most luxurious expeditions, cities around the United States were
replete with slums. During this period the standard of living drastically decreased and the
mortality rate rose from these poor conditions. Consequently, due to these pressing economic
issues, the election of 1896 was made very critical, as its solution proposed by the party
representatives would determine the economys recovery.
The two part delegates competing in the election had two very different solutions to
economic catastrophe, leaving different fiscal policies at stake. The Democratic and Populist
nominee, William Jennings Bryan, advocated for unlimited silver coinage affirming that free
silver would solve the inflation crisis. Since silver was mined in prodigious, Bryans reasoned that
there would a greater supply of wealth distributed, which would could be used to pay off the debt
the poor had. However, William McKinley, the republican nominee insisted that silver coinage
would only streamline inflation aggravate the economy in the long term. Instead, he supported a
more stable standard, gold, which he believed would withstand economic fluctuations better
because it was the universal currency and it was the one that major businesses used. Since only
one nominee can become President, one of these policies will have to abandoned.

Not only did these candidates propose different monetary policies, but they also
championed two different governments. McKinley, as republic, advocated for government
involvement in securing domestic commerce. On the other hand, Bryan, a Democrat and
Populist, favored government support to the laborers.