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Populist Movement
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“There is something radically wrong. The railroads have never been so prosperous. The banks have never done a better business. Manufacturing enterprises have never made more money. Towns and cities flourish and ‘boom’. And yet agriculture languishes.”
What is meant by this quote?
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What is meant by this quote?
“The farmer fed all other men and lived himself upon the scraps.”
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• Populism is a movement which supports "the people" versus "the elites."
What is Populism?
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Price Index for Famers
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Need money for supplies, land, and payments
Mortgage farm to buy supplies and land
Cannot make payments
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Causes Effects
New inventions & efficient techniques introduced
Prices of farm products decline
Lack of competition among railroads
Farmers’ earnings decrease, paying monopoly prices
Machinery is needed; shipping costs higher
Farmers are unable to pay back loans
Money is in short supply
Banks lend less money to farmers. Need more in circulation (silver!)
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• Formed by farmers to help farmers
• Provided social functions– Dances, picnics, lectures
• Economic help– Pool resources– Pressure states to regulate
railroads– Cooperatives
• Cash only• Farmers lack cash to buy
goods
The National Grange (1867)
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• Network of organizations similar to National Grange– Southern Alliance– Colored Farmer’s
National Alliance– Northwestern Alliance
• More political
Farmers’ Alliances (1876)
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Populist Party (1891)
• Believed that…– Railroad should be regulated by government– Increase money supply (bimetallism)
• Also believed in…– More direct involvement in government– Eight hour workday– Graduated income tax
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Platform Platform of Lunacyof LunacyPlatform Platform of Lunacyof Lunacy
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Bimetallism
• U.S. $$$ were worth a set amount of gold or silver
• Using one metal would cause value of dollar to increase– This makes it difficult for debtors to repay a loan– Also makes it better for those without debt
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Metallic standard – dollars in the USA were backed by metal, typically gold or silver.
“Crime of 1873” Govt. stopped coining silver
This put less money into circulation, helping big business and hurting “little guys”- farmers.
Legal Gold price of silveror how many tons of silver
you need to buy one ton of gold ?16 :1
371 grains of pure silver
<= ONE DOLLAR IS DEFINED AS =>
23.5 grains of pure
gold
Silver vs Gold
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Causes
• Several major companies go bankrupt– RR companies– 16,000 companies disappear– Stock market crashes– People take money out of banks at once
• Banks have no money to lend
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So what happens?
– 500 banks close
– 1895 = 20% unemployment
– Plenty of room for a new, extreme party of the people to rise
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Here Lies ProsperityHere Lies ProsperityHere Lies ProsperityHere Lies Prosperity
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Tech-Bubble Dot-com bubble
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Housing Bubble
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Election of 1892
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Election of 1896
• Democratic/Populist Party nominates William Jennings Bryan
• Republican Party nominates William McKinley
• Republicans have 16 times the amount of money the Democratic party does– Think about it: bankers & business vs. poor farmers & workers
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