The Silverites were a political group in the
United Statesin the mid-19th century that advocated that silver should continue to be a monetary standard along with gold. The Silverite coalition's famous slogan was "16 to 1" – that is, the ratio of sixteen ounces of silver equal in value to one ounce of gold, a ratio similar to the Coinage Act of 1792.
The Silverites advocated free coinage of silver. They wanted to lower the gold standard of the United States to silver, thus inflating the economy. Many Silverites were in the West, where silver was mined. Advocates predicted that if silver were used as the standard of money, they would be able to pay off all of their debt. The debt amount would stay the same but they would have more silver money with which to pay it.
The Silverites' main presidential candidate was
William Jennings Bryan. Though he ran several times for president, he was never elected.
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Silverite — Sil ver*ite, n. One who favors the use or establishment of silver as a monetary standard; so called by those who favor the gold standard. [Colloq. or Cant] [Webster 1913 Suppl.] … The Collaborative International Dictionary of English
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silverite — ˈsilvəˌrīt noun ( s) Etymology: silver (I) + ite : one favoring use or establishment of silver as a monetary standard … Useful english dictionary
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