Seth Lipsky’s latest book is :
The Floating Kilogram: … and Other Editorials on Money from the New York Sun by Seth Lipsky and James Grant
WILLIAM JENNINGS KRUGMAN
http://www.nysun.com/editorials/william-jennings-krugman/88833/ (Sep. 2014)
Paul Krugman’s latest column in his campaign for inflation turns out to be an endorsement of none other than William Jennings Bryan. He was the Nebraska Democrat who ran for president in 1896 on a campaign for the free coinage of silver, meaning for inflation. The Republicans put up William McKinley, who ran from his front porch a campaign for the gold standard and honest money. Mr. Krugman explains McKinley’s landslide by saying that “the elite mobilized en masse” in the election with the highest campaign spending, as a percent of GDP, in history, and worries whether the wealthy are “similarly mobilized against easy-money policies today.”
KRUGMAN’S KANDIDATE: William Jennings Bryan, lampooned by Grant Hamilton in a cartoon in the Judge magazine, campaigned for inflation in the presidential election of 1896 by running against, among other things, Jewish bankers — a fact the New York Times columnist Paul Krugman omits from his references to Bryan in his latest plea for a more inflationary policy.
Mr. Krugman neglects to mention one feature of 1896. It was not only the campaign that demonstrated that the people were not so easy to convince of the virtues of inflation. It also showed that Americans weren’t going to succumb to a campaign that blamed their troubles on the Jews. Early in his campaign for inflation, William Jennings Bryan had gone onto the floor of Congress and read into the record Shylock’s bond. America, he asserted, could not afford “to put ourselves in the hands of the Rothschilds.” He went on to demand that the Treasury “shall be administered on behalf of the American people and not on behalf of the Rothschilds and other foreign bankers.”
Bryan’s campaign was a repudiation of the faction of the Democrats, led by Grover Cleveland, that stood for honest money. The “Cassandra of the Plains,” Mary Lease, had condemned Cleveland as the “agent of Jewish bankers and British gold.” Bryan won the nomination with his vow, “you shall not crucify mankind on a cross of gold.” The delegates were so transported that they didn’t react until he’d left the stage. Then suddenly the hall erupted with a ovation of whoops and cheers. Some of the Democratic delegates, The New York Sun reported, screamed “Down with gold! Down with the hook-nosed Shylocks of Wall Street! Down with the Christ-killing gold bugs.”