However, he lost the general election to William McKinley, and the United States formally adopted the gold standard in 1900. == Background == === Monetary standards and the United States === In January 1791, at the request of Congress, Secretary of the Treasury Alexander Hamilton issued a report on the currency.
On April 2, 1792, Congress passed the Mint Act of 1792.
In 1830, Treasury Secretary Samuel D.
It was not until 1834 that Congress acted, changing the gold/silver ratio to 16.002:1.
Despite vocal opposition led by Tennessee Representative (and future president) Andrew Johnson, the precious metal content of smaller silver coins was reduced in 1853.
The gold standard, which the United States had effectively been on since 1873, limited the money supply but eased trade with other nations, such as the United Kingdom, whose currency was also based on gold.
Silver was now undervalued at the Mint; accordingly little was presented for striking into money. The Coinage Act of 1873 eliminated the standard silver dollar.
During the economic chaos of the Panic of 1873, the price of silver dropped significantly, but the Mint would accept none for striking into legal tender.
Critics contended that the inflation which would follow the introduction of such a policy would harm workers, whose wages would not rise as fast as prices would, and the operation of Gresham's law would drive gold from circulation, effectively placing the United States on a silver standard. === Early attempts toward free silver === To advocates of what became known as free silver, the 1873 act became known as the "Crime of '73".
Allison, did not reverse the 1873 provisions, but required the Treasury to purchase a minimum of $2 million of silver bullion per month; the profit, or seignorage from monetizing the silver was to be used to purchase more silver bullion.
Such bills, sponsored by Bland, passed the House of Representatives in 1876 and 1877, but both times failed in the Senate.
Such bills, sponsored by Bland, passed the House of Representatives in 1876 and 1877, but both times failed in the Senate.
A third attempt in early 1878 again passed the House, and eventually both houses after being amended in the Senate.
Hayes, but was enacted by Congress over his veto on February 28, 1878. Implementation of the Bland–Allison Act did not end calls for free silver.
The 1880s saw a steep decline in the prices of grain and other agricultural commodities.
The late 19th century saw divergent views in economics as the laissez-faire orthodoxy was questioned by younger economists, and both sides found ample support for their views from theorists. In 1890, the Sherman Silver Purchase Act greatly increased government purchases of silver.
Known as an orator even then, Bryan had not always favored free silver out of conviction, stating in 1892 that he was for it because the people of Nebraska were for it.
Cleveland issued a statement urging Democratic voters to support gold—the next convention to be held, in Illinois, unanimously supported silver; the keynote speaker prayed for divine forgiveness for Cleveland's 1892 nomination.
The financial Panic of 1893 intensified the debates, and when Democratic President Grover Cleveland continued to support the gold standard against the will of much of his party, activists became determined to take over the Democratic Party organization and nominate a silver-supporting candidate in 1896. Bryan had been a dark horse candidate with little support in the convention.
Although the economic Panic of 1893 had a number of causes, President Grover Cleveland believed the inflation caused by Sherman's act to be a major factor, and called a special session of Congress to repeal it.
The bankers did not want loans repaid in an inflated currency—the gold standard was deflationary, and as creditors, they preferred to be paid in such a currency, whereas debtors preferred to repay in inflated currency. The effects of the depression which began in 1893, and which continued through 1896, ruined many Americans.
By 1893, his views on silver had evolved, and on the floor of the House of Representatives, he delivered a riveting three-hour address against repeal of the Silver Purchase Act.
The year 1894 saw considerable labor unrest.
Although Altgeld and his adherents urged voters to distinguish between Cleveland and his party, the Democrats lost 113 seats in the House in the 1894 midterm elections, the greatest loss by a majority party in congressional history.
Bryan's speeches evolved over time; in December 1894, in a speech in Congress, he first used a phrase from which would come the conclusion to his most famous address: as originally stated, it was "I will not help to crucify mankind upon a cross of gold." A myth has arisen that Bryan was an unknown prior to 1896.
His subsequent canvass [campaign] for the United States senatorship in Nebraska was noteworthy and conspicuous on many accounts." In the aftermath of the 1894 election, the silver forces, led by Altgeld and others, began an attempt to take over the machinery of the Democratic Party.
Historian Stanley Jones, in his study of the 1896 election, suggests that western Democrats would have opposed Cleveland even if the party had held its congressional majority in 1894; with the disastrous defeat, they believed the party would be wiped out in the West if it did not support silver.
Coletta wrote, "during this year [July 1894–June 1895] of calamities, disintegration and revolution, each crisis aided Bryan because it caused division within his party and permitted him to contest for its mastery as it slipped from Cleveland's fingers." In early 1896, with the economy still poor, there was widespread discontent with the two existing major political parties.
Coletta wrote, "during this year [July 1894–June 1895] of calamities, disintegration and revolution, each crisis aided Bryan because it caused division within his party and permitted him to contest for its mastery as it slipped from Cleveland's fingers." In early 1896, with the economy still poor, there was widespread discontent with the two existing major political parties.
Silver forces were supported by the Democratic National Bimetallic Committee, the umbrella group formed in 1895 to support silver Democrats in their insurgency against Cleveland.
The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896.
The financial Panic of 1893 intensified the debates, and when Democratic President Grover Cleveland continued to support the gold standard against the will of much of his party, activists became determined to take over the Democratic Party organization and nominate a silver-supporting candidate in 1896. Bryan had been a dark horse candidate with little support in the convention.
The bankers did not want loans repaid in an inflated currency—the gold standard was deflationary, and as creditors, they preferred to be paid in such a currency, whereas debtors preferred to repay in inflated currency. The effects of the depression which began in 1893, and which continued through 1896, ruined many Americans.
Angered by Cleveland's actions in the labor dispute, and by his uncompromising stand against silver, Altgeld began to organize Democrats against Cleveland's renomination in 1896.
Although he would only be 36 years old in 1896—one year above the constitutional minimum—he believed the silver question could carry him not only to the nomination, but to the presidency.
Bryan's speeches evolved over time; in December 1894, in a speech in Congress, he first used a phrase from which would come the conclusion to his most famous address: as originally stated, it was "I will not help to crucify mankind upon a cross of gold." A myth has arisen that Bryan was an unknown prior to 1896.
Historian Stanley Jones, in his study of the 1896 election, suggests that western Democrats would have opposed Cleveland even if the party had held its congressional majority in 1894; with the disastrous defeat, they believed the party would be wiped out in the West if it did not support silver.
Coletta wrote, "during this year [July 1894–June 1895] of calamities, disintegration and revolution, each crisis aided Bryan because it caused division within his party and permitted him to contest for its mastery as it slipped from Cleveland's fingers." In early 1896, with the economy still poor, there was widespread discontent with the two existing major political parties.
When the Republicans in June 1896 nominated former Ohio Governor William McKinley for president and passed at his request a platform strongly supporting "sound money" (the gold standard unless modified by international agreement), a number of "Silver Republicans" walked out of the convention.
Jones points out that though Bryan's speaking engagements were not deemed political by the standards of 1896, by modern measurements he was far more active in campaigning for the nomination than most of the better-known candidates. Historian James A.
Barnes, in his historical journal article pointing out myths that have arisen about Bryan's candidacy and campaign, stated that Bryan's efforts bore fruit even before the convention: === Selection of delegates === The 1896 Democratic National Convention followed events unique in post-Civil War American history.
Gold and silver factions in some states, such as Bryan's Nebraska, sent rival delegations to the convention. == 1896 convention == The 1896 Democratic convention opened at the Chicago Coliseum on July 7, 1896.
Dickinson wrote to the President in June 1896 hoping that the delegates would recognize "common sense" and be frightened at the thought of nominating a radical. One of the leaders of the silver movement was Illinois Governor Altgeld; a native of Germany, he was constitutionally barred from the presidency by his foreign birth.
For one thing, he began the 1896 convention without any official status—the Democratic National Committee, which made the initial determination of which delegations would be seated, had chosen the pro-gold Nebraskans to represent their state.
Delegates called for better-known speakers, such as Altgeld or Bryan, but were granted neither then; the Illinois governor declined, and the Nebraskan, once seated, spent much of his time away from the convention floor at the platform committee meeting at the Palmer House. The debate on the platform opened at the start of the third day of the convention, July 9, 1896.
McKinley won more easily than in 1896, making inroads in the silver West. == Legacy == Bryan's speech is considered one of the most powerful political addresses in American history.
According to rhetorical historian William Harpine in his study of the rhetoric of the 1896 campaign, "Bryan's speech cast a net for the true believers, but only for the true believers." Harpine suggested that, "by appealing in such an uncompromising way to the agrarian elements and to the West, Bryan neglected the national audience who would vote in the November election".
However, he lost the general election to William McKinley, and the United States formally adopted the gold standard in 1900. == Background == === Monetary standards and the United States === In January 1791, at the request of Congress, Secretary of the Treasury Alexander Hamilton issued a report on the currency.
Even so, in 1900, Congress passed the Gold Standard Act, formally placing the United States on that standard.
Although Bryan ran again on a silver platform in the 1900 presidential election, the issue failed to produce the same resonance with the voters.
The Republicans gained control of the House, as well as the Senate, which until 1913 was elected by the state legislatures rather than by the popular vote.
Bryan's emphasis on agrarian issues, both in his speech and in his candidacy, may have helped cement voting patterns which kept the Democrats largely out of power until the 1930s. Writer Edgar Lee Masters called the speech, "the beginning of a changed America." Bryan's words gave rise to later economic and political philosophies, including Huey Long's 1930s Share Our Wealth program, with its trigger phrase, "Every Man a King" inspired by Bryan's speech.
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