Question

Explain the relationship between inflation/deflation and the “Cross of Gold” speech.

Answer 1

William Jennings Bryan, in his famous "Cross of Gold" speech, accused the idea that gold was the only support for the United States currency, and after an emotional and shocking speech, made a comparison of the crown of thorns and of the cross, to the imposition that gold was the only way to secure the value of money and labor. The speech had a great effect on the people of the convention, so much so that the delegates named Bryan as presidential candidate, although he was still young. But inflation came along with his solution to economic depression, after the "Panic of 1893," he made what was called "easy money," he managed to mint silver coins, with a gold ratio of 16 to 1. Thus, with that populist policy, he managed to win the support of many voters, during a long trip through 27 states.