PopulismPopulism

People’s party founded in 1892People’s party founded in 1892

Late 1800s= Trouble for farmersLate 1800s= Trouble for farmers High debtHigh debt

Purchase of expensive equipmentPurchase of expensive equipment Crop prices downCrop prices down Competition overseasCompetition overseas Little government helpLittle government help

TariffsTariffs Helped by eliminating foreign competitionHelped by eliminating foreign competition Hurt by:Hurt by:

Higher prices for manufactured goodsHigher prices for manufactured goods Foreigners couldn’t purchase American cropsForeigners couldn’t purchase American crops

SilverSilver Nation went to gold standard- upsets western Nation went to gold standard- upsets western

silver miners and farmerssilver miners and farmers Sherman Silver Act of 1890-Sherman Silver Act of 1890- increases increases

amount of silver used by governmentamount of silver used by government

Value of money- Government controls money Value of money- Government controls money supply (Federal Reserve)supply (Federal Reserve)

Inflation=more money available (higher prices Inflation=more money available (higher prices charged/low interest rates)charged/low interest rates)

Deflation=less money available (lower Deflation=less money available (lower prices/higher interest rates)prices/higher interest rates)

Monetary policy-Monetary policy-government plan for government plan for makeup of money supplymakeup of money supply

End of Part IEnd of Part I

Farmers begin to organizeFarmers begin to organize GrangeGrange- farmer organization; form - farmer organization; form

cooperatives (allowed farmers to purchase cooperatives (allowed farmers to purchase large quantites of goods)large quantites of goods) Pressure government to help farmersPressure government to help farmers Control railroads (unfair rates)Control railroads (unfair rates)

Interstate Commerce Act of 1887Interstate Commerce Act of 1887 Required railroad rates be in proportion to Required railroad rates be in proportion to

distance travelleddistance travelled Outlawed discount ratesOutlawed discount rates

Interstate Commerce CommissionInterstate Commerce Commission- enforce - enforce transportation lawtransportation law

Populist goalsPopulist goals Increased circulation of moneyIncreased circulation of money Mint silverMint silver Progressive Income Tax-Progressive Income Tax-

Higher tax on wealthierHigher tax on wealthier Government ownership of communication and Government ownership of communication and

transportation systemstransportation systems 8 hour day (why??)8 hour day (why??) Oppose PinkertonsOppose Pinkertons

Nebraska, 1890Nebraska, 1890

(p 192)(p 192)

ElectionsElections 1892-Weaver Populist candidate1892-Weaver Populist candidate 1896- Democrat William Jennings Bryan 1896- Democrat William Jennings Bryan

“Cross of Gold” speech“Cross of Gold” speech Grover Cleveland victory hurts populistsGrover Cleveland victory hurts populists

Populists never achieve major political Populists never achieve major political victories, but their impact on reform is far victories, but their impact on reform is far reaching!!!reaching!!!