 The drop in American gold reserves worsened the effects of the Panic of 1893, and the Panic of 1896 was given its own distinction.The Coinage Act of 1873 demonetized the use of silver in America, and the Resumption Act of 1875 further established the gold standard.This period of deflation was met with some resistance, as the agrarian Populist Party formed to protest the adoption of the gold standard, and reinstate the bimetallic standard, due to farmers’ inability to repay debts at lower prices, and silver miners loss of market share.