Dorothy represents the common man and Toto represents his small possessions. The Wicked Witch of the East symbolizes eastern banking interests while Dorothy's silver slippers, changed to ruby slippers in the film, represent the idea of free silver coinage. The Good Witch of the North represents the Union and the Munchkins represent average Americans. The Yellow Brick Road symbolizes the gold standard and characters like the Scarecrow, Tin Man, and Cowardly Lion represent different groups affected by politics and economics at the time. Emerald City represents Washington, D.C. and the Wizard represents U.S. presidents. Oz refers to how gold was measured by the ounce.
