Democratic (constitutionalist) former Representative William Jennings Bryan, of Nebraska, delivers his “Cross of Gold” speech to the Democratic Presidential Convention, in which he calls for a federal income tax and bimetallism: an economically unsound principle by which a fixed exchange rate is established between gold and silver Dollars:

       They tell us that the income tax ought [sic] not be brought in here. … They say we passed an unconstitutional law; we deny it.  The income tax law was not unconstitutional when it was passed; it was not unconstitutional when it went before the Supreme Court the first time; it did not become unconstitutional until one of the judges changed his mind, and we cannot be expected to know when a judge will change his mind.

       You [bankers, financiers, Republicans, “goldbugs,” etc.] come to tell us that the great cities are in favor of the gold standard’ we reply that the great cities rest upon our broad and fertile plains.  Burn down your cities and leave our farms, and your cities will spring up again as if by magic; but destroy our farms and the grass will grow in the city.

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       You shall not press down upon the brow of labor this crown of thorns.  You shall not crucify mankind upon a cross of gold.

       NOTE: In the years preceding the convention the constitutionalist gold faction of the Democratic party was losing influence to the nationalist bimetallist faction.  The wildly enthusiastic reception of Bryan’s speech showed that the Democratic party’s transition to a nationalist party was nearly complete.

       [restored 5/1/2021]