The Battle of the Standards
摘要
The 1896 presidential election turned on the choice between the gold standard and the free coinage of silver. By early 1896, public opinion was focused on the choice between monetary standards. Silverites took control of the Democratic Party, renouncing Grover Cleveland and nominating William Jennings Bryan, a prominent supporter of silver coinage, on a platform of “free silver.” The Populists and other supporters of silver coinage fell in line behind him. The Republicans nominated William McKinley, an experienced politician most famous for his support of high tariffs on imports. During the campaign, Bryan made an extraordinary tour in which he spoke to a total of more than one million people, touting free coinage. McKinley waged a “front porch” campaign, speaking to over 700,000 visitors at his home in Canton, Ohio. He warned that free coinage would devalue the dollar and create a disastrous financial panic, and that high tariffs offered the best solution to the country’s economic problems. McKinley had the backing of a well-financed, well-organized campaign that mailed an average of a dozen pieces of campaign literature to every voter. In the end, McKinley won by a substantial margin.