July 09

In a remarkable act of financial responsibility, James Swan settled the full US national debt accrued during the American Revolution. He negotiated favorable terms and leveraged personal funds and credit to retire the $2,024,899 obligation. This payment demonstrated confidence in the young nation’s creditworthiness and fiscal stability. Swan’s actions bolstered US relations with European creditors and supported Alexander Hamilton’s financial system. The debt retirement also alleviated a significant burden for the federal government. Swan’s legacy endures as an example of private contribution to public finance.

On July 9, 1896, William Jennings Bryan delivered his impassioned 'Cross of Gold' speech at the Democratic National Convention in Chicago. Advocating for bimetallism, Bryan argued that free silver coinage would alleviate debt burdens carried by farmers and laborers, opposing the gold standard favored by eastern financial interests. His dramatic oration, climaxing with the declaration 'You shall not crucify mankind upon a cross of gold,' electrified the convention and secured him the Democratic presidential nomination. At only 36 years old, Bryan became the youngest major party nominee in U.S. history. The speech galvanized populist support and redefined political debate around monetary policy. Although Bryan lost the general election to William McKinley, his arguments influenced the Progressive Era’s reform movements. The 'Cross of Gold' address remains one of the most memorable in American political oratory.