LAD #20: William Jennings Bryan's Cross of Gold Speech
The most famous speech in American political history was delivered by William Jennings Bryan on July 9, 1896, at the Democratic National Convention in Chicago. The issue was whether to endorse the free coinage of silver at a ratio of silver to gold of 16 to 1. (This inflationary measure would have increased the amount of money in circulation and aided cash-poor and debt-burdened farmers.) Backers of the gold standard felt that the protection against inflation was paramount, and the gold standard would prevent runaway inflation. Such an uncontrollable inflation would put a burden on creditors such as banks whose loans' interest rates would then fall under the inflation rate and garner a loss for the creditor. His powerful ending is why this speech received its powerful name:
"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."