Which of the following was a consequence of the discovery of new silver mines in the West in the late nineteenth century?

Question

Quizplus · Accepted Answer

The discovery of new silver mines in the West led to an increase in the supply of silver, causing the price of silver to drop on the open market. As a result, silver producers found it more profitable to sell silver to the government at the old sixteen-to-one ratio, which led to an increase in the production of silver coins by the United States Treasury. This did not cause severe inflation, as option B suggests, but rather had the opposite effect of stabilizing the value of silver. Option A is also false, as the price of silver did not increase to the same level as gold. Option D is incorrect, as there is no evidence to suggest that silver producers refused to sell to the government, leading to the cessation of silver coin production.

Which of the Following Was a Consequence of the Discovery