Final answer:
The primary issue of the 1896 presidential election was the debate over whether to maintain the gold standard or to adopt a bimetallic standard, which became a central theme of William Jennings Bryan's "Cross of Gold" speech. Bryan, supported by the Populist Party, faced off against Republican candidate William McKinley, who advocated for the gold standard. McKinley's victory affirmed the gold standard's role in the American economy.
Step-by-step explanation:
The primary issue of the 1896 presidential election was the debate over the nation's monetary standard. The Populist Party, experiencing prior success in the 1892 elections, threw its support behind the Democratic candidate, William Jennings Bryan, who passionately advocated for a bimetal or silver standard against the prevailing gold standard.
Bryan's dramatic "Cross of Gold" speech symbolized the struggle between ordinary Americans, particularly farmers who were suffering due to the deflationary effects of the gold standard, and the wealthy industrialists and bankers who favored gold for its stability and international credit advantage.
Bryan's rival, William McKinley, and the Republican Party insisted on maintaining the gold standard, emphasizing its importance for business prosperity and economic stability. Ultimately, the debate was not only a conflict of economic theories but also a broader clash of visions for America's future, with McKinley's victory affirming the commitment to the gold standard.
Bryan's active campaigning and powerful oratory were not enough to overcome McKinley's well-funded and strategic campaign. Despite the strong rhetoric likening Populism to Communism and dire warnings of economic disaster should Bryan win, the nation's increasingly urban population and the business community's fears led to McKinley securing the presidency. This election marked a decisive point in the battle over the nation's monetary policy, and it spelled the decline of the Populist movement, as they were unable to garner enough urban support.