1873: The year America ditched silver as money and all hell broke loose

In 1873, Ohio senator John Sherman quietly helped pass a law that stopped Americans from turning silver into official US money. The consequences were huge: years of economic pain and political turmoil that earned it the nickname “the Crime of 1873”. Pulitzer Prize-winning author Liaquat Ahamed explains how the event squeezed American farmers and fuelled the Free Silver movement, led by the populist firebrand William Jennings Bryan. Host Gillian Tett explores with Ahamed how monetary policy can reshape politics.  Further reading: 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (2026), by Liaquat Ahamed Credits: Getty Images, Wikimedia, Alamy Note: The “Cross of Gold” clip is from a 1921 studio recording, read by William Jennings Bryan.  Love listening to The Story of Money? Join Robin and Gillian on Saturday September 5 at Kenwood House Gardens in London, or online as the FT Weekend paper comes to life. Register now at ft.com/festival and enjoy 10% off with code FTPODCAST. To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney  Hosts: Gillian Tett and Robin Wigglesworth Senior Producers: Michela Tindera and Laurence Knight  Executive producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT global head of audio: Flo Phillips  Video editor: Richard Topping Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.