Transcript Gilded Age - Fern Creek U.S. History

Populism
Changes on the Farm
1. Why had farming become unprofitable
during this period?
2. Why did farmers support bimetalism?
3. What economic reforms did the People’s
Party want?
4. What political reforms did the part want?
5. What factions did Bryan & the Populists
see as opposing forces in the Presidential
Election of 1896?
6. In what ways did the results of the 1896
election confirm this view?
Farmers
• Farmers have real problems
– Debt- they barrowed money for new machines
but they don’t make enough to pay loans back
– Drought and weather conditions ruin crops
– Crop prices fall because there are so many
farmers = more crops = low prices
Farm Friendly Legislation
1. Texas seed bill- helps farmers in tough
economic times
2. Interstate commerce Act- Regulates trade
between states. (forces railways to act in a
more uniform way) Farmers feel they are
ripping off the public
New groups
• Farmers begin to form new groups to fight
for new laws and find solutions to their
problems.
The Grange
• Grange a.k.a. Patrons of
Husbandry
• Oliver H. Kelley
• Became a political organization to
fight the unfair treatment of
farmers by railroads.
Farmers’ Alliance
• Members were farmers and those that
sympathized with the farmers cause.
– Sent lecturers to educate people about the
issues
– Mary Elizabeth Lease
– “Raise Less Corn and More Hell”
Different Groups Representing
Farmers’ Interests
• 1867: The Patrons of Husbandry (The
Grange)
• 1880s: Farmers’ Alliance and Colored
Farmers’ National Alliance
• 1892: Birth of the Populist, or People’s
Party
The Populist Movement
• Populism – the movement of the people
• Populist Party (a.k.a. People’s Party) was
founded in 1892
– Members
• Farmers
• Workers
• Those who sympathize with worker’s and farmer’s
causes
• Was not segregated!!!!!!!!!!!!!!
Populist Platform
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Economic Reform
1. Increase in money supply
2. Graduated Income Tax
3. Federal Loan Program
Governmental Reform
4. Direct Election of U.S. Senators
5. Single Terms for President and V.P.
6. Secret Ballot
Labor Reform
7. Eight hour work day
8. Limits on Immigration
1892 Presidential Election: Populist Candidate
won over a million votes!
Panic of 1893
• Country falls into a depression
– 500 banks close
– 18% of workforce unemployed
– There is about $23 in circulation per American
• This leads to a big question- paper, gold or silver?
Economic Crisis
• Greenbacks – Paper money issued during the
Civil War that could not be exchanged for hard
currency (silver or gold).
• Government began to retire greenbacks which
caused the value of the money in circulation to
increase.
– Significance: Farmers were paying back their loans
with money that was worth more than the dollars they
had borrowed.
Competing Monetary Philosophies
Gold standard- money
is backed by gold in
the federal reserve.
Causes deflation so
each dollar is worth
more but there are
fewer dollars.
• Favored by
businesses and the
rich
Free silver- favored
coining as much silver
money as possible
causes inflation so
each dollar is worth
less but there are
more dollars.
• Favored by farmers
and poorer Americans
(populists)
Silver or Gold
• Central issue of the Election of 1896 was
which metal would be the basis of the
nation’s monetary system.
Gold Bugs
Silverites
Who
Bankers and Business Owners
Farmers & Laborers
Party
Republican
Democrat & Populist
What
Gold standard
Less money in circulation
Bimetallism
More money in circulation
Why
Loans would be repaid with
stable money
Products would be sold at
higher prices
Election of 1896
• William McKinley – Republican
• William Jennings Bryan – Democrat
– Cross of Gold Speech
– Bryan selected as the Populist Party Candidate
as well.
• McKinley’s election caused the collapse of
the Populism Party.
1896 Presidential Election: Bryan loses but
carries most of the South and West
Cross of Gold
• http://www.youtube.com/watch?v=3IjDQz
Cg5Rs
Farming Becomes a Business
http://www.hippocampus.org/US%20History%20II
The Wizard of OZ
http://www.youtube.com/watch?v=D6BCf_b8GfE