Illustration showing two gladiators, one labeled “Gold Standard” and the other labeled “Silver Standard,” in a coliseum, the “Gold Standard” gladiator stands victorious over the “Silver Standard” gladiator, his sword, labeled “16 to 1” lies broken at his side.
comments and context
Comments and Context
“Survival of the fittest” is a term coined by Herbert Spencer in 1864 as his summary of Darwinian theory applied to his own economic ideas. It thereafter was adopted by Darwin himself. Since the Panic of 1873, the United States government, operating on a bimetallic basis — gold and silver convertible to specie and coin on fixed values — had a relatively unstable economy. Economic growth was influenced by an inelastic currency as well as the results of gold rushes and silver mining. The Populist revolt, 1892-1896, exacerbated by a severe depression, led to William Jennings Bryan to advocate for inflation and a value-ratio of 16 to 1, silver ounces to gold ounces. Such near-anarchy in the economy ended in 1900 with the passage of the Gold Standard Law, forever taking the United States from any reliance on silver, hence the broken “16-to-1” sword in the cartoon. In 1933 the country likewise abandoned the Gold Standard.