Dorothy: it is believed that Dorothy represents American values or people. She proves to be loyal, resourceful and determined. Another speculation was that she represents the U.S. president Theodore Roosevelt. Some people put more faith in this theory more than the other one due to similarnames (The-o-dore and Dor-o-thy).
Toto: a small dog that seems to go unnoticed, it is Toto who reveals what a fraud the Wizard is. It is thought that Toto also represents average Americans.
Scarecrow: represents western farmers. He complained about not having a brain but wound up as the most adept problem solver among the four travelers.
Tin Woodman: is a representation of industrial workers who often experienced being dehumanized. The Tin Man was immobile and rusted, which is something many factory workers felt when many businesses began to shut down due to a national depression. They felt helpless after they lost their jobs.
Cowardly Lion: In the late 1800s William Jennings Bryan, a politician, was a supporter of the free silver movement. It is said that the Cowardly Lion represents Bryan, who was viewed as someone having a load roar, but no power or bite.
Yellow Brick Gold: is a representation of the gold standard, with the gold road leading to power.
The Wicked Witch of the East represents eastern business
Wicked Witch of the West represents the politician William McKinley who defeated Williams Jennings Bryant during the time of the free silver silver movement.
Emerald City to represent Washington D.C.
Munchkins: The little people, the munchkins, are said to represent the common people or ordinary U.S. citizens. The Lollipop Guild is seen as representing child labor.
Oz: an abbreviation that stands for gold, a hot political topic of the day where people were rallying for fixed gold and silver ratios.
Uncle Henry: Henry Cantwell Wallace was a well known farmer and editor for a leading farm magazine in the late 1800s. He was called Uncle Henry by most everyone.