Why were farmers in the United States particularly harmed by the gold standard of the late nineteenth century?

Question

Quizplus · Accepted Answer

The gold standard of the late nineteenth century led to falling food prices, which made it difficult for farmers to pay off their debts. This was because they were receiving less money for their crops, but still had to pay back loans taken out to fund their operations. The strong value of the dollar may have also contributed to this, as it made imported agriculture too competitive. However, inflation did not have as much of an impact on farmers as falling food prices did. The use of precious metals in manufacturing is not directly related to the harm caused to farmers by the gold standard.

Why Were Farmers in the United States Particularly Harmed by the Gold