The only apparent means by which the Secretary of the Treasury could return his surplus funds to the channels of trade was by redeeming government bonds; but as these were the basis of bank note issues, the effect of any such action was to produce a sharp contraction in this class of currency.

Between 1882 and 1889, national bank notes declined in amount from $356,060,348 to $199,779,011.

In the same period, the issue of silver certificates increased from $63,204,780 to $276,619,715, and the total amount of currency of all sorts nominally increased from $1,188,752,363 to $1,405,018,000; but of this, $375,947,715 was in gold coin which was being hoarded, and national bank notes were almost equally scarce since they were virtually government bonds in a liquid form.
As the inefficiency of the monetary system came home to the people in practical experience, it seemed as if they were being plagued and inconvenienced in every possible way.

The conditions were just such as would spread disaffection among the farmers, and their discontent sought an outlet.

The growth of political agitation in the agricultural class, accompanied by a thorough-going disapproval of existing party leadership, gave rise to numerous new party movements.