In 1873, Ohio senator John Sherman quietly helped pass a law that stopped Americans from turning silver into official US money. The move, later dubbed the “Crime of 1873,” triggered years of economic pain and political turmoil. Pulitzer Prize‑winning author Liaquat Ahamed explains how the policy squeezed American farmers and fueled the Free Silver movement, led by populist firebrand William Jennings Bryan.

Host Gillian Tett explores with Ahamed how monetary policy can reshape politics. The episode is part of the FT podcast The Story of Money, produced by senior producers Michela Tindera and Laurence Knight, executive producer Manuela Saragosa, with original music by Breen Turner. A live event is scheduled for September 5 at Kenwood House Gardens in London, and the show is available on YouTube at https://www.youtube.com/@FTThe Story Of Money.