Labor Rights Violations Quotes
Money was backed by gold then and therefore limited and the country was growing, and needed more money to finance development. But the only way to then have more money in circulation was for the government to borrow it from the people who had it—mostly wealthy people in the East and in England. These gold owners charged very high interest rates. However there was much more silver in the U. S. and more was being mined every day. So for many populists, the answer was to make silver a basis for money. But those who had gold backed money wanted to maintain the shortage of currency in the growing nation The populists naively thought that if there was sufficient money supply all other problems like labor strife would disappear. Some did when the money supply was finally expanded, but it was no panacea.
