1896 -- “Free Silver”

During the Civil War, the United States for the first time issued paper money, which helped fund the war but stimulated inflation. A post-war policy imposed to counter inflation required backing paper dollar with gold. That policy made it difficult for borrowers in agricultural states to repay loans to Eastern banks during the economic depressions of the 1890s.

Support grows for backing paper money with silver rather than gold to put more currency into circulation and make it easier for debtors to repay loans. It is the central debate during the 1896 Democratic National Convention. (Library of Congress)