The Crime of ‘73. Coinage Act of 1873 Omitted the standard silver dollar from list of coins to be minted. Specie Resumption Act of 1875.

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Presentation transcript:

The Crime of ‘73

Coinage Act of 1873 Omitted the standard silver dollar from list of coins to be minted. Specie Resumption Act of 1875

Consequences Drop in price of silver relative to gold –Bland-Allison Act –Sherman Silver Purchase Act Deflation- 1.7% per year from

Deflation Agricultural commodity prices fell an average of 3% per year. Most farmers were debtors, deflation makes debts harder to pay. Many believed that deflation was the result of a conspiracy.

Wizard of Oz Parable for Populism?

Wizard of Oz Dorothy? America? Mary Elizabeth Lease?

Wizard of Oz Oz Tin Woodman Cyclone Cowardly Lion Silver Shoes Poppy Field Wicked Witch of the East The Wizard Yellow Brick Road Scarecrow Emerald City Wicked Witch of the West