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What is the link between L. Frank Baum’s The Wizard of Oz (1900) and the Panic of 1893?

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What is the link between L. Frank Baum’s The Wizard of Oz (1900) and the Panic of 1893?

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  1. The Comstock Lode (1859) attracted individual prospectors then heavy investment by large corporations from the East or the U.K. Between 1859 and 1878, the Lode registered about $400 million in silver and gold and there were similar strikes throughout these mineral rich territories (which quickly became states). Western mine owners teamed with agrarian populists in the call for free coinage of silver at a ratio of 16:1. Most bankers (and Republicans) preferred a purely gold standard.

  2. The Sherman Silver Purchase Act of 1890 (part of the compromise bill for the McKinley Tariff) required the Treasury to buy 4.5 million oz. of silver each month at market price and paid for it with legal tender notes redeemable in either gold or silver. The Tariff, however, raised rates on most foreign goods and was seen as a tax on the poor to benefit the rich industries. • Meanwhile, the Panic of 1893 resulted from too many creditors being paid in silver while foreign (and certain domestic) bankers insisted American loans be paid in gold. By the end of 1893 the U.S. gold reserve had plunged to $80 million, causing President Cleveland to ask for and receive the repeal of the Sherman Silver Purchase Act.

  3. What is the link between L. Frank Baum’s The Wizard of Oz (1900) and the Panic of 1893? Coxey’s “Army” follows the yellow brick road during the fateful spring of 1894. Jacob Coxey’s plan had a lot in common with the one adopted by FDR during the Great Depression.

  4. Election of 1896: The Battle of Standards introduced the modern split between the two major parties and illustrates the concept of the Solid South. Why did William Jennings Bryan fail to win the presidency in 1896? Electoral: 271-176 Popular: 7,112,138- 6,508,172

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