The Silverites: Advocating for Silver to Become the Unit of Money in the US

JP Buntinx
May 8, 2020

When people actively discuss the precious metals market, most discussions will ultimately be steered in the direction of gold. Silver is often overlooked, even though the Silverites movement certainly tried to change that many moons ago. 

An Introduction to Silverites

Over the past few centuries, there have been numerous debates to find a new sort of monetary system. Ultimately, the battle was won by supporters of centralized finance and central banks. Whether that is good or bad for society, is a topic for a different type of debate.

If the Silverites had any say in the matter – and they certainly did in the late-19th century – things could have looked very different. Rather than advocating for paper bills and full control by central banks, they aimed to maintain a monetary standard linked to precious metals. As the name suggests, they had high hopes for silver to co-exist alongside gold in this particular regard.

More specifically, the Silverates aimed to enforce this procedure through the Coinage Act of 1792. Under that act, the coinage of the United States is regulated. It also established the silver dollar as the unit of money in the US, although it was replaced by other coinage later on. 

In theory, everything was in place to ensure that silver would have a bright future as a unit of money in the United States. Nothing ever comes easy in life, however, and the vision of the Silverites didn’t come to pass. That doesn’t mean they gave up on the idea that easily, however. 

The Silverites and Politics

The best way to get something done in the United States is by leveraging one’s political position. The Silverites certainly explored that angle quite well. Members of this political movement could be found across different parties, including the Democratic Party, Populist Party, and Silver Republican Party. 

At one point, the Silverites even had their own Presidential candidate. Willian Jennigns Bryan, credited with the Cross of Gold speech, often lobbied in favor of the movement’s desires and plans. Despite attempting to run for President on multiple occasions, he never succeeded in getting elected. 

The Silver-Gold Ratio

In modern finance, the ratio between silver and gold has become a valuable tool to determine overall market sentiment. Not that long ago, it surpassed the 100-to-1 ratio, further indicating that silver would be left behind if the gold price continued to rally. 

In their initial proposals, the Silverites wanted to ensure that this ratio would be maintained at 16-to-1. A very ambitious goal, although a similar ratio was effectively established in the Coinage Act of 1834. By maintaining this ratio between the two metals, the Silverites also aimed to allow for inflation of the money supply. 

Even today, there will be Silverites among society. While not necessarily adhering to all standards of the late 19th century, there are many who feel that silver should play a more prominent role in the precious metal industry. Following the coronavirus crisis and subsequent financial recession, that vision may yet come to pass in some shape or form. 

Easily open your Swiss tax free gold vault in under 6 minutes

It’s Free to open a Swiss vaulting account, you can buy and sell gold directly to it instantly.

0 Comments

Trackbacks/Pingbacks

  1. Silver Bug Profile: Stewart Thomson, Bar9, Simple Wealth Protection - […] could argue that Thomson has always had a link with silver. At the age of 17, he already ran…
  2. Why 2020 may be the Year of Silver Instead of Gold, Bar9, Simple Wealth Protection - […] years ago, the Silverites suggested that silver should become the monetary standard. While their vision never came true, most…

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

CME Increases Margin for Silver Futures Contracts due to Expected “Larger-than-Normal Price Swings”

The recent margin changes by CME paint an interesting short-term future for silver. Raising the margin requirements seems to be a sign for shorters to not go against the grain right now.

Gold Bug Profile: Shayne McGuire

Back in 2008, Shayne McGuire was already expecting big things for gold. This statement came on the heels of the publication of his “Buy Gold Now” book, which hinted at an imminent collapse of traditional finance.

Silver Bug Profile: Juerg Kiener

These days, Kiener is primarily involved in management resources mandates for SAC, with a strong focus on institutional clients and wealthy individuals.

The World’s Largest Silver Producer is Closing Domestic Mines for a Full Month

In Mexico, there will be a major change for most silver mines. Multiple locations will have to shut down their operations for at least one full month.

Gold Bug Profile: Ned Naylor-Leyland

During an interview with Morningstar, Ned confirmed that he remains very bullish on gold for the foreseeable future. He even claimed that there is a good chance to see the gold price move higher, although Ned doesn’t offer potential price targets.

Is Silver Really Scarce?

More importantly, the mining of silver keeps ramping up. Breakthroughs in technology have allowed for far more efficient and streamlined mining operations. This further reduces the cost of extracting the ore.

Gold Bug Profile: Ewan Downie

Since leading Premier Gold Mines Limited since 2006, the company has gone through major growth. Its stock is also trading publicly, further validating its approach to gold and silver.

Silver Bug Profile: Nathan Eric Fier

Many individuals have shown their love for gold, silver, and other precious metals over the years. Nathan Eric Fier is certainly a silver bug, although he pays close attention to gold as well. Who is Nathan Eric Fier? People with a link to the financial industry will...

Silver Bug Profile: Alisdair Macleod

In the modern era, Macleod is best known for educating the masses on how governments handle money and the potential consequences.

Gold Bug Profile: Alan Greenspan

There are many pathways in life which can influence the future of one’s existence. For Alan Greenspan, one pathway of particular influence is called Objectivism.

Unveiling the System Behind the IMF Lending $50 Billion to Member States Fighting the Coronavirus

Currently, it has yet to be determined which options will be explored by the different member states. There is no such thing as free money, not even during a coronavirus outbreak.

Gold Bug Profile: Thomas Fischer

Over the years, Fischer began paying closer attention to the precious metals markets. This has been apparent through the press picking up some of his publications.

Gold Bug Profile: John Paulson

It is also worth noting that the gold sector has treated Paulson rather well in his career. Back in 2010, he set a hedge fund record by making almost $5 billion in just twelve months.

How do Silver Ions Kill Bacteria?

Silver has been used in wound care for decades. It is primarily used in wound dressings, as it helps clean out the wound and allow for it to recover bacteria-free.

Gold Bug Profile: Eric Sprott

It is also worth noting that Eric Sprott sold his first company – known as Sprott Securities – back in 2011. Interestingly enough, the company was purchased by other staff members.

Physical Gold Demand and Price Premiums Spike in Singapore

While the physical demand for bullion rises, the modern age warrants looking at digital solutions. Opening a portfolio for digital gold and silver on Bar9 is a great way to be exposed to different markets.

Gold Bug Profile: Ben Davies

Ben Davies is the co-founder and CEO of Hinde Capital. Founding this company came after building up over a dozen years of experience in financial and commodity markets.

Gold bug Profile: Egon von Greyerz

In fact, von Greyerz was confident that allocating up to 50% of one’s portfolio to gold and silver could pay off handsomely. He certainly got that sentiment right

Silver Bug Profile: Adam Hamilton

Most mining operations have very mixed – and primarily disappointing – results in Q1. That has not affected the price of silver in a negative manner.

Why 2020 may be the Year of Silver Instead of Gold

Another contributing factor to the sudden popularity of silver is the gold-silver ratio. Despite this correlation hitting a high in favor of gold earlier this year, the current momentum looks very different.

Translate Blog Post

Article Categories

Blog Stats

  • 106,340 hits

Follow the CEO on Twitter

%d bloggers like this: