Major Concept 3:Gold Standard vs. BimetallismTerms/People:William Jennings Bryan &“Cross of Gold Speech”
The Gold Standard
“The gold standard isa monetary system where a country's currency orpaper money hasa value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used todetermine the value of the currency.”
The U.S. stopped using the Gold Standard in 1971.
Is the use of both gold and silver as moneyFarmers (wheat and cotton) thought Bimetallism to be very beneficial to themSilver miners in the west approved of Bimetallism to ensure the value of silver.
Bimetallism caused much controversyWas the topic of political debates1896 and 1900:Gold Forces/Republicans/William McKinley“Silverites”/Democrats/William Jennings BryanMcKinley defeats Bryan
William Jennings Bryan
Gave “Cross of Gold Speech”National Democratic ConventionJuly 9, 1896Ran for president 3 times“The gold standard has slain tens of thousands.”
The Wonderful Wizard of Oz
Symbolizes BimetallismIn the original book:yellow brick road: goldTraveled the road with silver slippersIn 1939, the movie changed the silver slippersinto ruby slippers.Dorothy leads:Scarecrow: FarmersTin Woodman: WorkersCowardly Lion: PoliticiansGoal is to see the Wizard (President) in Oz (Oz. = Ounce)Munchkins: the “little” peopleWicked Witch of the West: Giant Corporations (the enemy)Dorothy defeats the Witch: Progressives tried to defeat the Corporations
Who gave the “Cross of Gold” speech?What is the Gold Standard?What is Bimetallism?Who approved of Bimetallism?“The gold standard has slain tens of thousands” was said by _____________.The Wonderful Wizard of Oz represents ___________.The original slippers worn by Dorothy were ________.