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Bell Ringer: The Gold Standard vs. Bimetallism
Instructions: Examine the Picture. Read the background information and the segment from William Jennings
Bryan’s CROSS OF GOLD speech delivered at the Democratic national convention in 1896. Answer the questions.
Background: In the late 1800s, William Jennings Bryan felt
that, if money was backed by gold only, the rich would benefit.
The extremely wealthy had much gold and this gave them the
ability to have a massive control over the economy. The gold
standard also stopped their money from inflating much over
time. Bryan argued that, if silver AND gold could back money, it
would create an economic environment in which the super
wealthy would lose some power, which would give more power
to common workers, such as farmers. In this era, many
wealthy people wanted only gold to back money. This approach
is called the gold standard. They argued that the gold
standard was also needed because nations like England
practiced a gold standard and England was a chief trading
partner with the USA. Farmers and common people, along with
Bryan, wanted money to be backed by silver and gold, this
was called bimetallism. Pictured to the left, Bryan is holding a
“Cross of Gold,” an image related to his famous speech.
The conclusion of William Jennings Bryan’s famous “Cross of Gold” speech:
“My friends, we declare that this nation is able to legislate for its own people on every question, without waiting for the aid
or consent of any other nation on earth; and upon that issue we expect to carry every state in the Union…It is the issue
of 1776 over again. Our ancestors, when but three millions in number, had the courage to declare their political
independence of every other nation; shall we, their descendants, when we have grown to seventy millions, declare that
we are less independent than our forefathers?”
“No, my friends, that will never be the verdict of our people. Therefore, we care not upon what lines the battle is fought. If
they say bimetallism is good, but that we cannot have it until other nations help us, we reply, that instead of having a
gold standard because England has, we will restore bimetallism, and then let England have bimetallism because the
United States has it. If they dare to come out in the open field and defend the gold standard as a good thing, we will
fight them to the uttermost. Having behind us the producing masses of this nation and the world, supported by the
commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard
by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify
mankind upon a cross of gold.”
1. Why would wealthy people want a gold standard and common people want bimetallism?
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2. Many argued that the USA should keep a gold standard because foreign nations that were powerful
trading partners, such as England, practiced a gold standard. What does Bryan say about this argument?
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Answers:
1. Why would wealthy people want a gold standard and common people want bimetallism?
The extremely wealthy had much gold and this gave them the ability to have a massive
control over the economy. The gold standard also stopped their money from inflating much
over time. Many common people asserted that, if silver AND gold could back money, the
policy of bimetallism, it would create an economic environment in which the super wealthy
would lose some power, which would give more power to common workers, such as
farmers.
2. Many argued that the USA should keep a gold standard because foreign nations that were powerful
trading partners, such as England, practiced a gold standard. What does Bryan say about this argument?
Bryan asserted that this statement meant that the USA was then basing economic policy off of the
trend set by England. He felt that this was not in line with the spirit of the original Americans that
declared they were not dependent on England. He claimed that, the USA should support bimetallism
and let England follow the USA’s trend, not the other way around.
Copyright, USHistoryTeachers.com
All Rights Reserved.