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In the late 19th century, why were farmers in the United States opposed to the use of the gold standard as part of federal policy related to currency?

A. It required the use of paper money, leading to extreme inflation and devaluing crops.
B. It relied on silver reserves to determine currency value, lowering the prices of crops.
C. It reduced inflation and kept the money supply low, hurting indebted farmers.
D. It reduced the stability of currency, causing financial panics in the country.

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Final answer:

Farmers opposed the gold standard due to its Eastern-centric nature, lack of financial autonomy, and global economic implications.


Explanation:

Western farmers in the late 19th century opposed the gold standard as it restricted the nation's currency to gold held mainly in the East, disadvantaging Western regions with silver deposits. The gold standard meant farmers had to borrow from Eastern banks, reducing their economic autonomy and profits.

Additionally, the gold standard limited currency stability and caused an imbalance in gold reserves globally, contributing to financial panics and a Depression in the United States in 1819.

Overall, farmers favored a currency system backed by silver to increase the value of regional resources and maintain financial independence.


Learn more about Gold standard and its impact on Western farmers in the late 19th century here:

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