In The Wonderful Wizard of Oz author Lyman Frank Baum shares with us his beliefs about how a monetary system based upon the gold standard is the wrong way to go.
According to Baum, the gold standard would subject Americans to the greed of East Coast and West Coast banks.
The Wicked Witch of the East is the East Coast banker.
The Wicked Witch of the West represented hardships incurred by Midwest farmers.
Droughts and poor planting seasons –the Wicked Witch of the West – coupled to financiers – the Wicked Witch of the East – who were not accommodative to challenges incurred by the common man on the plains.
In the book Dorothy would only be safe on the Yellow Brick Road if Dorothy wears her Silver Slippers.
The Yellow Brick Road is representative of the gold standard. Gold, not safe.
Dorothy’s Silver Slippers are representative of the Free Silver Movement. Silver, safe.
Silver was good. Gold was bad. According to Baum.
Baum’s book was inspired by the Free Silver Movement.
The Free Silver Movement was a political movement which gained populist traction in the latter part of the 19th Century. The Wonderful Wizard of Oz was written in 1900.
Behind the Free Silver Movement was a hope that by increasing the amount of silver in circulation – I.e.: by increasing the money supply – indebted farmers could get off of the restrictive gold standard.
Furthermore, with the circulation of silver expanded, subsequent inflation brought on by increasing the money supply would ease farmers’ debt burden.
In Baum’s story, The Emerald City is Washington D.C.
Dorothy, the Scarecrow, the Tin Man and the Lion are off to The Emerald City. Off to Washington D.C. Off to find The Wizard.
The Scarecrow? The Scarecrow is the Midwest farmer. The Midwest farmer who is struggling under his heavy debt burden.
The Tin Man? In Baum’s book The Tin Man is the Midwest factory worker. Toiling in difficult conditions.
The Wizard? The Wizard is the Washington D.C. politician. Hiding behind a grand illusion; a facade.
The Lion? The Lion is populist Presidential candidate William Jennings Bryan.
William Jennings Bryan supported the Free Silver Movement. William Jennings Bryan was the Democrats’ nominee for President three times – 1896, 1900 and 1808. Bryan was critical of the country limiting the backing of currency to gold solely.
Why is Dorothy from Kansas?
Kansas is representative of what can be deemed to be the opposite of The Emerald City; the opposite of Washington D.C.
Baum contrasts a magical and mystifying wonderland – The Emerald City (Washington D.C.) – with a lack of glamour out on the prairie – Kansas.
Dorothy, The Tin Man, The Scarecrow and The Lion are off to Washington D.C. Hoping those they find in Washington D.C. can solve their problems.
When they arrive in Washington, The Wizard turns out to be short. Not grand at all. Not nearly as powerful as he leads others on to believe he is.
A monetary policy in the United Stares that would be based upon silver – not upon gold – was the author’s preference.
Monetary policy, as taught to us by Dorothy, according to author Lyman Frank Baum.
Thinking About Becoming a Real Estate Developer? 