The purpose of this famous speech is to announce that the time has come for black Americans to be given the freedom granted by the Declaration of Independence and the Constitution. He compares this to cashing a check which in the past was deemed "insufficient funds," saying that the Bank of Justice has no shortage of funds. He also expresses the hope that people of all races, colors, creeds, and religions can live in peace and "join hands" and that America will live up to its ideals of freedom. In the speech, he makes clear that the Civil Rights Movement is not going to die without achieving its goals; those who think it will are in for a rude awakening.
This fits in well with the time period as it is basically a symbol of the Civil Rights Movement, at least of King's movement. It expresses the hope of King and his followers of racial equality rather than black power as preached by Malcolm X, and draws upon the Constitution and Declaration of Independence in saying that these rights are owed to African Americans.
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