Answer to Question #305702 in History for dee

Question

The Populist Party favored a bimetallic standard for monetary policy in hopes that

this would create what

effect?

Answer 1

The Populist Party favored a bimetallic standard for monetary policy in hopes that it would inflate the money supply. Bimetallism was a policy where currency was backed by both gold and silver. Populists, by advocating for bimetallism, were pushing for an an end to pro-business, laissez-faire policies and regulation of railroads to force them to lower rates for farmers. They supported a national income tax that would take the tax burden off farmers. They opposed the gold standard enforced by the government as it had led to the country experiencing deflation, which lowered prices.