Monday, November 06, 2006

Why William Jennings Bryan?


You will not crucify humanity on a cross of gold!


And the crowd in the Kansas City convention hall went absolutely beserk.

It's hard to believe that monetary policy was the monstrous issue of the 1896 presidential race.

Maybe it was a different time. Maybe people studied politics more, knew economics better. Maybe, for all the cries of "country bumpkin" the East Coast elite dished out, maybe those bumpkins knew more than all but a few economists do today.

And they probably did.

Because it affected them so profoundly.

The vast middle of the US, the breadbasket, was small farmers at the turn of the century. Farmers are surprisingly like any other small business man... they desperately need capital. They invented, after all, the term "seed money".

The banking elite wanted only gold as the backer of currency. Gold provided more stability, it was thought. Big business very much loved that currency was limited to gold reserves on hand.

But for small farmers, the limited supply of gold meant a limited supply of money, and most of that in the hands of the bankers and big business.

Limited money supply meant limited money available for loans every spring to put seed in the ground. Expensive money.

As the US pushed a single-metal currency, farmers' access to capital was starved off.

It was this issue that drove young Congressman William Jennings Bryan. He was from a farm state, born in another farm state.

Very quickly he made his name as an orator. It had always been his goal, as he had seen what God had given him in talent, to use the spoken word to effect change for the good of the common man.

He arrived in Chicago a relatively inexperienced Congressman. His Democratic party wasn't that different from the Republican. They were backed by old money and didn't listen to the cries of the little man.

It was the time of the Populist party. When Communism seemed better than Capitalism.

And Bryan was the immense underdog arriving at the 1896 Democratic convention. The Populist party and several others were threatening to tear the Western/Southern 2/3s of the Democratic party and render the Democrats even more marginalized than they currently were.

Bryan had the ability to fill a 15,000 seat auditorium with his voice alone... and he had words that mattered and words that held together. He was an ORATOR.

His passion for the people brought the house down. The "Cross of Gold" speech is still the standard for American political oratory.

Politics and religion met in Bryan... And he left Kansas City the upstart surpise, the nominee of his party.

D--

No comments: