The Wizard of Oz is a narrative concerning the risks of the gold normal

the Wizard of Oz There is a beloved, award-winning movie that delves right into a cultural phenomenon, however do you know that there is a secret which means behind Dorothy’s journey? Some historians and economists consider that this story displays how America superior the gold normal.

From the Yellow Brick Highway to the Emerald Metropolis, every character and scenario we encounter represents a unique faction of America through the late nineteenth and early 20th century, in accordance with the speculation. Seen by means of this lens, the Wizard of Oz It’s a multi-layered story that touches on the political and social tensions of the time.

setting the stage

the Wizard of Oz The movie is definitely L. Frank Baum, which was revealed in 1900 amid political tensions in America. , you may now not use it to make American cash. What adopted was an financial downturn, and lots of People cried out to deliver again bimetallism.

see many the Wizard of Oz As a skinny veil of “gold worms” versus “silver worms”. To supply some context, 19 . final quarter ofth The century noticed a growth in industrialism, largely within the Northeast. Different areas of the nation had been nonetheless largely depending on agriculture. The presidential election of 1896 sparked the rise of gold worms who supported the gold normal.

In line with historian Alan Gevinson, these males felt that the gold normal was one of the best ways to stabilize the greenback, keep a aggressive market, and promote financial independence. Silverites, then again, realized that the foreign money might be redeemed in each gold. And Silver. As silver was extra readily accessible, the concept was that “free silver” might create a extra versatile cash provide. He hoped that this might result in a greater financial system and much-needed social reforms.

A lot of the farmers had been in silverite camps. When the minting of silver cash was discontinued in 1873, it successfully tightened the cash provide – benefiting banks and different collectors. In the meantime, the peasants had been all the time indebted to the collectors.

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Issues bought to a fever pitch through the presidential election of 1896. The Democratic candidate, William Jennings Bryan, was a vocal opponent of the gold normal and the voice of the pro-silver motion. The Republican candidate, Governor William McKinley, supported many city industrial employees, suggesting that Bryan’s victory would enhance unemployment and decrease wages. Bryan ultimately misplaced to McKinley, who signed the Gold Customary Act in 1900.

Understanding the Context of the Gold Customary

The gold normal tied the worth of the nationwide foreign money to that of gold. Underneath this technique, paper cash might be transformed into a specific amount of gold.

Though not utilized by governments as we speak, the gold normal’s second was from 1871 to 1914. by early 20th century, a lot of the developed nations adopted it. This additionally included america, which formally adopted the gold normal in 1900 when Congress handed the Gold Requirements Act. This was additionally the 12 months that Baum revealed the Wizard of Oz,

The gold normal got here with a number of advantages. For one, it helped curb inflation as a result of banks and governments had little, if any, affect on a rustic’s cash provide. It runs the other of the best way issues are completed as we speak. However even the gold normal had its drawbacks. Gold proved much less resilient within the face of difficult financial situations – a actuality that took middle stage throughout World Warfare I. The Nice Warfare despatched European monetary techniques right into a tailspin. Consequently, the US greenback turned a extra dominant world foreign money as many nations deserted the gold normal to navigate large navy spending.

The gold normal step by step deteriorated over the following many years. Within the early Nineteen Thirties, People had been required to transform all gold cash, certificates, and bullion into US {dollars}. The greenback formally separated utterly from gold in 1976, signaling the top of the gold normal within the US.

Uncovering the hidden meanings behind The Wizard of Oz

When considered as a metaphor, the principle participant the Wizard of Oz corresponding to those teams:

  • Dorothy: common american
  • Scarecrow: farmers
  • Tin Man: industrial employees
  • Coward Lion: William Jennings Bryan
  • Munchkins: US residents crowd
  • Full: Prohibitionists, who largely supported the free silver motion
  • Depraved Witch of the East: former manufacturing unit proprietor

This interpretation of the novel reveals some fascinating hidden gems. The story is a few lady named Dorothy who has misplaced her method and is much away from house. What she actually desires is security and safety. On the encouragement of the Munchkins, she follows the Yellow Brick Highway (the gold normal) to the Emerald Metropolis, which many consider represents Washington DC.

As soon as there, he learns that the good and mighty Oz is nothing greater than a hoax. Curiously, “oz” is the abbreviation used for one ounce of gold. In the long run, it’s Dorothy’s silver footwear (the movie adaptation made her Ruby) who save her.

Some consider that Baum’s intention was the Wizard of Oz To be a pro-populist metaphor, and that he himself was a pro-populist silver, though this can be a principle about which historians have combined emotions. Harry Littlefield, a highschool trainer within the Sixties, was the primary to hyperlink the story to the gold normal (and the politics and tensions surrounding it). Baum seems to have been sympathetic to populism and truly supported William Jennings Bryan within the 1896 election.

Once more, the story is open to interpretation – however the principle definitely is sensible given the financial and social tensions that existed on the flip of the century. Is it a case of artwork imitating life? Some historians consider so. Others consider it to be nothing greater than a coincidence.

Nonetheless, Dorothy’s story nonetheless resonates as we speak. As inflation hits report highs, the Federal Reserve continues to lift rates of interest in an effort to chill issues down. This will increase the price of borrowing cash. It’s stunning how historical past would have been portrayed if the gold normal had remained in impact. We are going to by no means know, however a century after its publication, the Wizard of Oz It retains haunting our creativeness.

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