In order to understand the Populist interpretation of The Wizard of Oz, it is necessary to be aware of the history behind Populism and the free coinage issue. The Populist Party was a third party that stemmed from its appeal to the “common man” and also from strikes of farmers, which combined with the enemies of monopolies and blue-collar workers . Their main plan was to introduce the bimetallic standard- the combination of both gold and silver in the Treasury, and the addition of greenbacks. The amount of money in circulation was backed by the amount of gold and silver in the Treasury. The price of silver was rapidly declining because the supply of silver increased more rapidly than the demand. Thus the government abandoned the minting of silver currency and put the United States on a gold standard according to the Coinage Act of 1873. The Specie Resumption Act allowed for the resumption of greenbacks issued during the Civil War for specie... [continues]
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