Cross of Gold
The "Cross of Gold" speech was delivered by William Jennings Bryan at the 1896 Democratic National Convention on July 8, 1896 at the Chicago Coliseum in Chicago, Illinois. The Democratic Party stood for standardizing the value of the United States dollar to silver and in opposition to the proposed pegging of the value of the dollar to gold. The inflation that would result from the silver standard would make it easier for poor farmers to pay off their farm debts by increasing their revenue dollars. The deflation that would result from the gold standard backed by the Republicans would benefit banks by making it harder for their debtors to pay back their loans. The speech became famous and gets its name from its climactic ending:
- 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.
See also, U.S. presidential election, 1896