Currency of Colombia peso was made .900 fine. The peso de oro was set at 1.612 g .900 fine (equal to the décimo de cóndor of 1867 and the peso of 1857). Copper was made legal tender to 50 centavos per transaction, altered in 1872 to 50 centavos for every 50 pesos in gold or silver (equivalent to 1% per transaction). A law of May 5, 1872 divided the peso de oro into 100 centavos. The fall in the world price of silver from 1872 on broke the 15.5 ratio. Gold coin was undervalued in Colombia and tended to disappear from circulation. Currency
Free silver standard which had been the hallmark of the Cleveland administration to the free-silver position epitomized by 1896 presidential nominee William Jennings Bryan in his Cross of Gold speech. Bryan's 1896 candidacy was supported by Populists and "silver Republicans" as well as by most Democrats. The issue was over what would back the US currency. The two options were: "gold" (wanted by the Goldbugs and William McKinley) and "silver" (wanted by the Silverites and Bryan). Unbacked "paper" (wanted by the Greenbacks) represented a third option. A fourth option, currency backed by "land value", was advocated by Senator Leland Stanford through several