For Glenn Beck, his own Cross of Gold

posted at 10:12 pm on September 4, 2010 by
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Standing before the Democratic National Convention in 1896, William Jennings Bryan delivered what would be the most important speech of his life. For years he’d argued that American farmers were being crushed by debt due to the country’s inflation-busting, de facto gold standard. A bimetallic standard that included silver, he bellowed, would provide the necessary monetary growth needed to make rural debt repayments easier. Like most of Bryan’s speeches, the religious overtones were inescapable, but unlike most of his speeches, this one would endure.

“Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.”

When he concluded,

…Bryan stretched out his arms in a Christ-like manner for five seconds, while the crowd remained quiet. According to the New York World, at that point everyone seemed to go mad at once and shrieked and rushed the stage. The New York Times commented that “a wild, raging irresistible mob” had been unleashed.

Bryan would go on to take the Democratic nomination for President.

Whatever you might think of William Jennings Bryan’s progressive politics — and I’m sure Glenn Beck would be hesitant to invite a comparison — there’s no doubt that a common element between the perennial Presidential candidate and Beck, his latter-day conservative counterpart, exists: the populist joining of religion and politics in a period of economic anxiety. For Bryan, the seemingly inescapable clutches of rural debt pushed a national conversation about the basis of our monetary policy; for Beck, the seemingly inescapable clutches of public debt is pushing a national conversation about the basis of our fiscal policy.

And in both cases, religion plays an important role in explaining their central figures’ rhetorical appeals. Bryan was a fervent Presbyterian congregant whose opponents described as a religious fanatic surrounded by left-wing anarchists. Beck is a fervent Mormon convert whose opponents describe as a religious fanatic surrounded by… right-wing radicals.

While sharing the same rhetorical means, Bryan and Beck starkly diverge on their policy objectives. Long gone is the Cross of Gold, whose investment as a valuable metal Beck advertises daily.  Beck sees America as facing what amounts to a Cross of Debt, a national albatross weighing on the futures of his children and all of our children. Inflation is the problem, not the solution, and year after year of profligate Congresses only makes the devaluation of the American dollar all the more an acute problem.

Beck’s Restoring Honor rally was stunningly (and unexpectedly) apolitical in its tone, but its religious principles no doubt advance the ball for restoring fiscal order to our federal government, among other responsibility-related causes. And his message is entirely consistent with another closely related movement. Many causes are subsumed into the Tea Party coalition, but fundamentally they boil down to this: the retrieval of national greatness through the resurrection of personal responsibility as an ennobling and socially important value. To Tea Partiers, the power of faith — whether in ourselves, in an infinite power from which men and women draw strength, or both — is what will bring our country, and ourselves, Home.

In fact, that Christian revivalism is re-entering the public square through the person of Beck should fascinate everyone. Bryan’s Presbyterianism had long been considered within the mainstream of American religion, yet, Beck’s Mormonism has not always been so accepted, as at least one Presidential candidate appreciated. Who would have predicted two years ago that one of the most powerful Christian leaders in the country — a role that is secondary, I might add, to Beck’s role as a pundit — would be a member of the Church of Jesus Christ of Latter Day Saints? To recall one of the more favorite call-backs around Hot Air, you know who that benefits? I think you do.

How Beck’s Restoring Honor rally will be interpreted by history, only time will tell, but Beck’s political and religious imprint on the American landscape, at least for the near term, seems undeniable. Beck doesn’t seem to have any illusions about his own role in the larger movement in which he’s a part; indeed, Bryan’s failure as a candidate did not negate the very real power that he commanded during the latter part of the 19th century and early part of the 20th, and Beck seems to understand that he can be more useful outside of elected office than by trying to get into it.

I have no desire to be president of the United States. Zero desire. I don’t think that I would be electable. And there are far too many people that are far smarter than me to be president. I’d like to find one with some honor and integrity. I haven’t seen them yet, but they’ll show up.

Of course, only we can answer those prayers.

—–

Oh, and another thing: I’m on Twitter.

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Comments

Don’t get too excited, Mittens.

OhioCoastie on September 5, 2010 at 12:02 AM

Geez, at least get the name of the religion right.

The Church Of Jesus Christ Of Latter-day Saints.

Ragspierre on September 5, 2010 at 12:30 AM

I’m getting a distinctly negative vibe from the commenters…

Patrick Ishmael on September 5, 2010 at 12:36 AM

While I have my own issues with most ecumenical gatherings (big fan of studying religious doctrine, understanding differences), the historic parallels are fascinating. I appreciated Gillespie’s mention of the two Great Awakenings and revivalist fervor, as well. Whatever one thinks of Mormonism, it’s worth noting that the religion itself arose (along with other Christian offshoots) during the second Great Awakening. Criticism of the movement (2nd G.A.) included hyper-individualism, anti-intellectualism and emotionalism applied to conversion (thank you, Charles Finney for the altar call). Lots of swooning, fainting and “burning in the bosom” going on during that time. :)

Funny, when met with criticism of the event or historical comparison, some devotees have said, “Stop over-intellectualizing it.” I say critical thinking, study is sorely lacking in both religion and politics.
How much of this can be traced to a particular time in our nation’s past is up for debate. Conjecture is fun, though.

Bee on September 5, 2010 at 9:14 AM

I’d like to find one with some honor and integrity. I haven’t seen them yet, but they’ll show up.

Yes, the place to start. Let’s then add some wisdom and courage and…. wouldn’t that be loverly!

jeanie on September 5, 2010 at 10:51 AM

Always heard of the Cross of Gold speech, never understood what it meant. Thanks for that. Interesting Cross of Debt analogy.

txmomof6 on September 5, 2010 at 10:57 AM

Yeah, there’s a little more context for that “cross of gold” speech. The reason Bryan spoke so dramatically of the burden a gold standard imposes on labor is that, in the short run — if you just let a gold standard operate as it’s intended to — it restricts the money supply. And the effect of that is to make currency worth more at any given point, and make borrowing so expensive that small businesses are discouraged from even forming, and buying property (the source of capital for most small-business start-ups) becomes prohibitive for big chunks of the population. These things are hard on wage earners.

The truth about gold is that it’s as arbitrary as a central bank and fiat money. FDR proved that in his first term, when he personally pegged the dollar to gold based on whatever was in his brain at that specific second. (Markets were terrified.) The proof is absolute, that a gold standard is only as good as our politics. The world had been on a politics-sensitive “dirty-float” regime against gold for decades when Nixon finally cut the cord for the US dollar officially in 1971.

That said, you’ll find many people — and Beck has been one of them — arguing that our spiraling national debt is a result of our having gone off the gold standard. In the sense that I don’t advocate returning to a gold standard as a means of artificially discouraging borrowing, I disagree. But I do think there was, through a narrow slice of factors, a common impulse that led to both our free-spending ways and our relinquishing of a gold standard.

The common impulse was deceptively simple: a powerful urge to be freed from constraints. That’s it. There’s nothing more complicated or nuanced about it. The urge was abetted by theories, based on Marxism, about how economies work. “Keynesianism” is one of the chief ones.

And the central truth is in that simplicity. Giving in to the urge to throw off constraints isn’t something you can control mechanically with a gold standard. Quite obviously it’s not: politics easily triumphed over the gold standard, and did so long before 1971. 1971 was just the burial date.

The urge to throw off constraints has to be resisted by us as individuals, in our personal lives and our politics. “Fiat monetarism” — management of a fiat money supply by a central bank (e.g., our Federal Reserve) — is much more economically positive than operating on a gold standard. It lets more people act as small capitalists, which has always been the engine of our prosperity. Bryan was right: a gold standard keeps labor, on the margins, in economic chains.

But fiat monetarism is only suited to a moral and religious people. So it all comes back to Beck’s Restoring Honor effort in the end. William Jennings Bryan, when he argued so passionately against a gold standard, was speaking to a people much more moral and religious than we are today. The people were the gold standard. Their character was the brake on excess and irresponsibility. It can be so again.

J.E. Dyer on September 5, 2010 at 11:43 AM

It wasn’t just that the gold standard made borrowing difficult. It also made re-paying extremely difficult. Say you managed to borrow some money and start a farm back then. Well, you probably had no savings either and you had a hard time making the loan payments. But you did.

Now when a deflationary environment developed because the country was tied to a gold standard and there wasn’t enough gold coming in to support a growing economy, you quickly noticed that no matter what you paid back, you never made any progress.

Say you paid back 10 percent of the loan, with high enough deflationary rates the remaining 90 percent of the loan turned out to be worth (in buying power) just as much as the old 100 percent amount that you borrowed. You were working hard and making payments but the value of what you still owed remained the same or even got worse. Do that for a few years and you’ve got a REALLY mad electorate.

Fred 2 on September 5, 2010 at 12:13 PM

Fred 2 — a good explication of a big part of what makes borrowing difficult under a gold standard. Borrowing is difficult precisely when repayment is difficult. Both deflation — which makes the future valuation of your debt ever-higher — and current high interest rates, which reflect the scarcity of money, are factors in that.

J.E. Dyer on September 5, 2010 at 1:10 PM

Nice analogy, Patrick, in both senses: exact and pleasing.

I just have to know: do you ever get to use the line “Call me Ishmael”? Or do you get it from other people all the time (e.g., “Shall I … call you Ishmael?”) ;-D

As a Jewish co-worker of my dad’s used to say, “We all have our cross to bear, you should pardon the expression.”

Rosmerta on September 5, 2010 at 5:07 PM

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Comments have been closed on this post but the discussion continues here.

Allahpundit on September 5, 2010 at 11:05 PM