The year the Democratic nominee gave his “Cross of Gold” speech, the G.O.P. nominee was this man who backed the Gold standard

Friday’s Final Jeopardy! clue in the category Presidential Nominees asked: “The year the Democratic nominee gave his ‘Cross of Gold’ speech, the G.O.P. nominee was this man who backed the Gold standard.” This clue pointed to a pivotal moment in American political and economic history, centered around one of the most famous political speeches ever delivered.

Who is William McKinley?

The correct response was: Who is William McKinley? McKinley, then the Republican nominee for president, ran in the 1896 election on a platform strongly supporting the gold standard, which had become a major dividing issue between the parties at the time. His opponent, William Jennings Bryan, gave the famous “Cross of Gold” speech at the Democratic National Convention, passionately advocating for the free coinage of silver.

A Defining Election in Economic History

The 1896 presidential election is remembered as a clash of economic ideologies. On one side stood Bryan, representing the populist and agrarian interests that were suffering under the deflationary effects of the gold standard. His dramatic “Cross of Gold” speech argued that the nation should not be “crucified on a cross of gold,” urging a bimetallic standard that included silver to increase the money supply and assist debt-ridden farmers.

McKinley, backed by Eastern business interests and major financial supporters like Mark Hanna, argued for the stability and international confidence that came with a gold-backed currency. His campaign appealed to industrial workers, urban professionals, and businessmen who feared inflation and instability from a shift to free silver. In the end, McKinley’s message of prosperity and sound money prevailed.

The Republican Candidate: William McKinley

William McKinley was a former governor of Ohio and a Civil War veteran who had served in the U.S. House of Representatives. As a candidate, he ran a front porch campaign from his home in Canton, Ohio, where thousands of supporters visited to hear him speak. His campaign emphasized unity, growth, and protectionism, which aligned with his economic policy of maintaining the gold standard.

After winning the election, McKinley oversaw the U.S. during a period of significant change. His administration witnessed the Spanish-American War and the subsequent expansion of American influence abroad. Domestically, his presidency is closely associated with economic recovery and industrial expansion. He was re-elected in 1900 but tragically assassinated in 1901, elevating Vice President Theodore Roosevelt to the presidency.

The Legacy of the 1896 Election

The election of 1896 is widely regarded as a political realignment in American history. It marked the beginning of the Fourth Party System, where Republican dominance would continue into the early 20th century. The clear divide between rural populism and urban industrialism framed the campaign and shaped political discourse for years to come.

Bryan’s speech may have been electrifying and historically significant, but McKinley’s calm and structured campaign ultimately resonated more with voters seeking economic certainty. His stance on the gold standard solidified his role as a guardian of financial conservatism, a position that helped define the Republican Party’s identity in the decades that followed.

A Turning Point in Monetary Policy Debate

While Bryan’s call for silver coinage eventually faded as a major political issue, the 1896 election underscored the intensity of debate over monetary policy in a rapidly changing economy. McKinley’s victory ensured that the United States would remain on the gold standard until the early 20th century, providing a foundation for modern economic stability at the cost of short-term hardship for many rural Americans.

The Final Jeopardy! clue for April 18 offered a powerful reminder of the importance of political messaging, economic ideology, and the enduring impact of presidential nominees like William McKinley, whose firm support of the gold standard left a lasting imprint on American history.