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William Jennings Bryan's Cross of Gold Speech |
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| Uploaded on Sunday 25 May, 2014 to the money trust |
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| The Democratic National Convention in Chicago; July 9, 1896 |
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The close of the 19th century in the United States saw fierce battle between proponents of bimetallism (gold and silver), and advocates of a gold standard (gold only) as reserves for the money supply. Those who stood for bimetallism (its supporters were called "Silverites") ran on a policy issue which became known as Free Silver.
America had just recovered from the Long Depression which ensued between the years 1873 to 1879. The demonetization of silver was seen as a major cause for the economic depression. Money had been scarce; there were a lot of commercial foreclosures and unemployment had been high.
By 1896, the issue of injecting more silver money into the system had become the central issue in the presidential campaign. At the Democratic National Convention in Chicago, a former Congressman for Nebraska running on the Free Silver ticket, William Jennings Bryan, made a passionate speech which won him the party nomination to contest the 1896 presidential election. His acclaimed speech became known as Crown of Thorns, Cross of Gold and is widely regarded as the most famous oration ever made before a political convention.
In his speech, Bryan asserted the government's duties and sovereign rights to coin and issue money saying:
“We say in our platform that we believe that the right to coin and issue money is a function of government. We believe it. We believe that it is a part of sovereignty and can no more with safety be delegated to private individuals… I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of government, and that the banks ought to go out of the governing business… we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labour this crown of thorns; you shall not crucify mankind upon a cross of gold.”
The position which the money trust held was anti-bimetallism. They would use every means at their disposal to quash the Silverites' attempts at reshaping monetary policy. To exert pressure on Congress to support their cause for maintaining the de facto gold standard, they lobbied members of the Republican party.
Wary of the threat, the money changers put all their support behind the Republican candidate, William McKinley, who favoured the gold standard. To help get him elected, a mass propaganda campaign began, slandering the Free Silver policy issue. Bryan made over six hundred speeches in twenty seven states. The McKinley campaign embarked on a strategy of shock tactics, spreading the news that if Bryan were elected, the economy would stagnate and people's jobs and livelihood would be at risk.
The ruse proved successful. Bryan lost the 1896 election for the Democrats and the gold standard remained; but it was not until 1913 that the money trust got what they ultimately wanted—their cherished central bank. |
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