While Dorothy represents the average American trying to decide between a gold standard or a silver standard, the other characters she encounters represent minorities throughout America trying to push their agendas through Congress in Washington D.C. (Emerald City).
First, the Scarecrow represents the importance the monetary standard of America means to the farmer. The rise of industrial America had dwarfed American agriculture. One could say that the farming industry of the late 1800’s to the early 1900’s forgot what their purpose was, similar to how the Scarecrow lacked any memories or brain.
Secondly, the Tin Man represents the importance of the monetary standard to industrial companies, such as Rockefeller’s Standard Oil or Carnegie Steel. He represents the growing industrial sector and its increasingly prominent sway in American politics. The reference to the effects of Rockefeller’s oil monopoly on the American economy are seen through the Tin Man needing to be oiled regularly. The stereotypical callousness of wealthy businessmen is clearly portrayed through the Tin Man needing a heart.
The Cowardly Lion does not represent a minority but a specific person, a two time presidential candidate William Jennings Bryan. He was a man who believed in switching America to the silver standard, thus his presence makes since accompanying Dorothy to the Emerald City. Bryan was called cowardly because of his notion that a war with Spain over the Philippines at the turn of the century was a mistake.
Finally, Dorothy’s trusted dog Toto is a reference to a “Teetotaler” otherwise known as prohibitionist. These “teetotalers” or prohibitionists stood firm with the Progressive Party that wanted to switch to a silver currency backing, so naturally he would want to direct Dorothy toward the right choice or path.
This band of allegorical misfits travel down the yellow brick road (or the gold standard) in hopes to gain what they each desire. However, in order to accomplish what they desire, the wizard sends this group off the yellow brick road, or gold standard.
American Cultural Icons 