Quotulatiousness

July 31, 2017

QotD: Naming Mount McKinley as an amusing “up yours” gesture

Filed under: Economics, History, Humour, Quotations, USA — Tags: , — Nicholas @ 01:00

Just one thing makes me regret the change. “Mount McKinley” was originally named as a amusing “up yours” gesture with which I have enormous sympathy.

The story told by the prospector who pinned the moniker on the mountain is that he had crossed paths in the wilds of Alaska with two advocates of “free silver.” This was a political craze that, like the Dreyfus Affair or the Sacco-Vanzetti trial, took over an entire civilization for a while, but now defies easy explanation. The “silverites” were Western populists and farmers who wanted silver to be accepted as currency and minted into coin “freely” by the government, as gold then was — but at a face price far above silver’s market value. This would have expanded the money supply explosively, letting the chronically indebted off the hook.

Most economists now regard the silverites as having had a ridiculous answer to real problems with a gold standard. But the important point is that the prospector, Frank Dickey, ran into classic monetary cranks of a type that still exists. And he had done so in a unique situation which permitted no immediate escape. One shudders upon envisioning such a hell.

Dickey got so tired of his companions’ laborious tirades — one imagines them arguing with him long, long after he had stopped arguing back — that when they ran across an impressive mountain, he immediately decided to name it after the new presidential nominee McKinley, Great Satan of the silverites. As the Secretary of the Interior’s Order No. 3337 points out, William McKinley never visited or had any other connection with the mountain, or with Alaska. He was, for Dickey’s purposes, a punchline.

Colby Cosh, “Mount McKinley was a most amusing ‘up yours’ aimed at monetary cranks”, National Post, 2015-09-01.

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