Problems

• Farmers borrowed money to pay for new equipment, crop prices dropped, couldn’t pay their loans

• Farmers wanted the government to put more money (silver) into circulation

• It caused inflation: high prices, value of money drops

The Silver IssueThe Silver IssueThe Silver IssueThe Silver Issue “The Crime of ’1873” govt.

stopped coining silver

Wanted to cause deflation (lower prices, value of money increases)

Farmer’s are angry because they don’t want lower prices, it will hurt their profits. They want to get the governments attention.

The Grange The Grange MovementMovementThe Grange The Grange MovementMovement

An organization of farmers to An organization of farmers to assist each other and push for assist each other and push for political changes.political changes.

Set up cooperative Set up cooperative associations, buy things in associations, buy things in bulk and share them (ex. bulk and share them (ex. seed).seed).

Wanted railroad rates to be Wanted railroad rates to be monitoredmonitored

Wanted more money printedWanted more money printed

The Farmers The Farmers AlliancesAlliances

The Farmers The Farmers AlliancesAlliances

Formed after the Grange.Formed after the Grange.

More political than the Grange. More political than the Grange. Ran candidates for office.Ran candidates for office.

Controlled 8 state legislatures & Controlled 8 state legislatures & had 47had 47representatives in Congress during representatives in Congress during the 1890s.the 1890s.

The Populist PartyThe Populist PartyThe Populist PartyThe Populist Party

Also called the People’s Also called the People’s PartyParty

Wanted unlimited coinage Wanted unlimited coinage of silverof silver

Wanted the federal gov to Wanted the federal gov to own and monitor railroadsown and monitor railroads

Wanted a graduated income Wanted a graduated income tax (based on amount tax (based on amount made)made) James B. Weaver, James B. Weaver,

Presidential Presidential CandidateCandidate

&&James G. Field, VPJames G. Field, VP

1892 Election1892 Election1892 Election1892 Election

Bi-Metallism Bi-Metallism IssueIssue

Bi-Metallism Bi-Metallism IssueIssue

Some wanted the currency based only on gold:Goldbugs

Others wanted the gov to coin unlimited amounts of silver:Silverites

Causes of the Causes of the 1893 Panic1893 Panic

Causes of the Causes of the 1893 Panic1893 Panic

Begun 10 days after Cleveland took Begun 10 days after Cleveland took office.office.

1.1. Several major corps. went bankrupt.Several major corps. went bankrupt.

Triggered a stock market crash.Triggered a stock market crash.

2.2. Bank failures caused nearly 500 Bank failures caused nearly 500 banks to closebanks to close

3.3. By 1895, unemployment reached 3 By 1895, unemployment reached 3 million.million.

Americans cried out for relief, but the Americans cried out for relief, but the Govt.Govt.continued its laissez faire policies!continued its laissez faire policies!

Here Lies Here Lies ProsperityProsperityHere Lies Here Lies ProsperityProsperity

William Jennings William Jennings Bryan Bryan

(1860-1925)(1860-1925)

William Jennings William Jennings Bryan Bryan

(1860-1925)(1860-1925)

Democrat: Democrat: supported supported

silver, backed silver, backed by Populistsby Populists

Bryant’sBryant’s“Cross of Gold” “Cross of Gold”

SpeechSpeech

Bryant’sBryant’s“Cross of Gold” “Cross of Gold”

SpeechSpeechYou shall not You shall not press down press down upon the brow upon the brow of labor this of labor this crown of crown of thorns; you thorns; you shall not shall not crucify crucify mankind upon amankind upon a cross of goldcross of gold!!

William McKinley William McKinley William McKinley William McKinley

Runs a Front Porch campaign:

Approachable, easily accessible,Lots of hand shaking & baby Kissing

Republican: Wins the election.

ResultsResultsResultsResults

Gold is discovered all over Gold is discovered all over the world, increases the the world, increases the money supply.money supply.

The depression ends.The depression ends.

Gold Triumphs Gold Triumphs Over SilverOver Silver

Gold Triumphs Gold Triumphs Over SilverOver Silver

1900 1900 GoldGoldStandard ActStandard Act

Officially Officially adoptadoptthe gold the gold standard as the standard as the backing for backing for U.S. money.U.S. money.

Why Did Why Did Populism Populism Decline?Decline?

Why Did Why Did Populism Populism Decline?Decline?1.1. The economy experienced rapid The economy experienced rapid

change.change.

2.2. The era of small producers and The era of small producers and farmers was fading away.farmers was fading away.

3.3. Race divided the Populist Party, Race divided the Populist Party, especially in the South.especially in the South.

4.4. The Populists were not able to The Populists were not able to breakbreakexisting party loyalties.existing party loyalties.

5.5. Most of their agenda was co-opted Most of their agenda was co-opted bybythe Democratic Party.the Democratic Party.