1. THE WIZARD OF OZ: PARABLE OF POPULISM

2. THE RISE AND FALL OF POPULISM

3. THE PANIC OF 1893 Nationwide economic problems took center stage in America in 1893 Many railroads went bankrupt, the stock market lost value, 15,000 businesses and 500 banks collapsed, 3 million people lost their jobs – putting unemployment at 20% President Grover Cleveland “Powerless” THE STOCK MARKET CRASHED IN 1893

4. The Plight of Industrial Workers Hard work Dangerous Long hours Low pay Expendable Many lost heart

5. ECONOMIC DISTRESS HITS FARMERS Between 1867 and 1887 the price of a bushel of wheat fell from $2.00 to 68 cents Railroads conspired to keep transport costs artificially high – Yet large corporations were given big discounts, while farmers were not Farmers got caught in a cycle of debt Lengthy droughts destroyed entire crops

6. FARMERS AND THE POPULIST MOVEMENT In the late 1800s, many farmers were struggling Crop prices were falling, debt increased Mortgages were being foreclosed by banks

7. SILVER OR GOLD? The central issue of the 1896 Presidential campaign was which metal would be the basis of the nation’s monetary system Bimetallism (those who favored using both) vs. those that favored the Gold Standard alone

8. FIAT CURRENCY AND THE U.S. BANKING SYSTEM Fiat currency- one not based on gold, where money is only worth what you think it is worth Allows for currency manipulation Wall Street banks had been issuing money beyond the gold standard since the Civil War

9. POPULIST PARTY IS BORN Leaders of the farmers organization realized they needed to build a base of political power Populism – the movement of the people – was born in 1892 with the founding of the Populist, or People’s Party - farmers working together to bring political change for the benefit of farmers. Began by farmers from Kansas THIS POLITICAL CARTOON SHOWS A POPULIST CLUBBING A RAILROAD CAR

10. WILLIAM JENNINGS BRYAN Brilliant speaker US Congressman from Nebraska Pacifist

11. BRYAN AND THE “CROSS OF GOLD” Republicans favored the Gold standard and nominated William McKinley Democrats favored Bimetallism and nominated William Jennings Bryan Despite Bryan’s stirring words, “You shall not crucify mankind upon a cross of gold,” McKinley won the 1896 election BRYAN’S CROSS OF GOLD SPEECH

12. THE WIZARD OF OZ

13. “YOU’RE NOT IN KANSAS ANYMORE” Dorothy- a virtual everyman from Kansas A cyclone takes her out of drought-stricken Kansas to a magical place

14. DING DONG, THE WITCH IS DEAD The farmhouse lands on the Wicked Witch of the East, killing her and freeing the Munchkins

15. “FOLLOW THE YELLOW BRICK ROAD” The Good Witch of the North advises Dorothy to travel to Oz along the Yellow Brick Road Dorothy is given a pair of silver slippers for safe passage

16. THE SCARECROW Ignorant and uneducated, but honest and a steady supporter of Dorothy

17. THE TIN MAN Has lost his heart Needs oil to operate

18. THE COWARDLY LION Loud and great speaker Cowardly pacifist

19. “WE’RE OFF TO SEE THE WIZARD” Smoke and mirrors Has no real power

20. THE WICKED WITCH OF THE WEST Killed by dousing with water Accompanied by an army of flying monkeys

21. GLENDA THE GOOD WITCH OF THE SOUTH “Your silver slippers are so powerful that anything you wish is possible”