In the 1880s, the economy of the United States grew extraordinarily fast, and by 1890, it was the world’s largest. Growth centralized economic life around railroads, large industrial companies, and the New York money market—a profound shock to what had been a decentralized, rural society. Foreign investment contributed mightily to this expansion, and at the time, the gold standard governed the international financial system. Accordingly, the U.S. adhered to it. Unfortunately, the world’s supply of gold was not growing as fast as the transactions it had to support, creating deflation. Farmers of cotton and wheat in the United States, who exported much of what they grew, suffered greatly because most carried substantial debt. Despite general prosperity, their incomes stagnated or even fell. They naturally questioned the gold standard and many supported the free coinage of silver, which would—in effect—devalue the dollar. This action would raise prices but cut the country off from the foreign investment that had fueled growth. Adding another layer of complexity, the U.S. had an ad hoc, even ramshackle financial system that was fragmented—the country had seven different types of money—inflexible, and prone to crisis.