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1 - The money debate and American political development

Published online by Cambridge University Press:  29 March 2011

Gretchen Ritter
Affiliation:
University of Texas, Austin
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Summary

Here is the line of battle … If they tell us that the gold standard is the standard of civilization, we reply to them that this, the most enlightened of all the nations on the earth, has never declared for a gold standard … More than that; we can tell them that they will search the pages of history in vain to find a single instance where the common people of any land have ever declared themselves in favor of the gold standard. They can find where the holders of fixed investments have declared for a gold standard, but not where the masses have.

William Jennings Bryan

Thus began the presidential contest of 1896, a defining moment in American politics. It was a contest about money, pitting Republican William McKinley against Democrat William Jennings Bryan. This election, referred to as the “Battle of the Standards,” was the culmination of a debate between the supporters of financial reform (greenbackism and bimetallism) and the defenders of the gold standard. It was also a battle over competing visions of America's political and economic future. In the three decades prior to McKinley's victory, the money debate was central to American politics. Half a dozen national third parties were formed, scores of state-level parties organized and the two national parties were reorganized around this issue. Hundreds of books and pamphlets were released in the argument over the nature of money and its role in regulating relations between classes and sections.

Type
Chapter
Information
Goldbugs and Greenbacks
The Antimonopoly Tradition and the Politics of Finance in America, 1865–1896
, pp. 1 - 27
Publisher: Cambridge University Press
Print publication year: 1997

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