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The Gold Standard

Major Concept 3: Gold Standard vs. Bimetallism Terms/People: William Jennings Bryan & “Cross of Gold Speech”. The Gold Standard.

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The Gold Standard

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  1. Major Concept 3:Gold Standard vs. BimetallismTerms/People:William Jennings Bryan &“Cross of Gold Speech”

  2. The Gold Standard • “The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency.”

  3. The U.S. stopped using the Gold Standard in 1971.

  4. Bimetallism • Is the use of both gold and silver as money • Farmers (wheat and cotton) thought Bimetallism to be very beneficial to them • Silver miners in the west approved of Bimetallism to ensure the value of silver.

  5. Bimetallism caused much controversy • Was the topic of political debates • 1896 and 1900: • Gold Forces/Republicans/William McKinley • “Silverites”/Democrats/William Jennings Bryan • McKinley defeats Bryan

  6. William Jennings Bryan • Gave “Cross of Gold Speech” • National Democratic Convention • July 9, 1896 • Ran for president 3 times • “The gold standard has slain tens of thousands.”

  7. The Wonderful Wizard of Oz • Symbolizes Bimetallism • In the original book: • yellow brick road: gold • Traveled the road with silver slippers • In 1939, the movie changed the silver slippersinto ruby slippers. • Dorothy leads: • Scarecrow: Farmers • Tin Woodman: Workers • Cowardly Lion: Politicians • Goal is to see the Wizard (President) in Oz (Oz. = Ounce) • Munchkins: the “little” people • Wicked Witch of the West: Giant Corporations (the enemy) • Dorothy defeats the Witch: Progressives tried to defeat the Corporations

  8. Quiz • Who gave the “Cross of Gold” speech? • What is the Gold Standard? • What is Bimetallism? • Who approved of Bimetallism? • “The gold standard has slain tens of thousands” was said by _____________. • The Wonderful Wizard of Oz represents ___________. • The original slippers worn by Dorothy were ________.

  9. Sources: • http://conservapedia.com/Bimetallism • http://www.investopedia.com/ask/answers/09/gold-standard.asp#ixzz1pUECsdSj

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