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| One of the costs of inflation or deflation is that it redistributes wealth between creditors and debtors. In class we discuss an episode in the history of American elections: the Democratic Convention of 1896 in Chicago, in which William Jennings Bryan gave his remarkable "Cross of Gold" speech. This page provides you with links to some more material on the debate. |
| An excellent site is Francois Micheloud's monetary history pages. There are two relavaent parts. Read first his pages on Bimetallism, and then his section on the Crime of 1873. |
| Second, you might like to read the full text of William Jennings Bryan's speech. |
| Third, if you have time, Hugh Rockoff's paper on the Wizard of Oz, present a careful analysis of the monetary roots of Frank Baum's classic story. |