Populism

1. Populism

2. Unrest in Rural America • Populism • Farm prices fell in years following the civil war • High tariffs made it hard for farmers to sell their goods overseas • They were exploited by… • Banks • Shipping companies

3. The Money Supply • A rapid increase in greenbackscaused inflation • As money lost value, prices went up • Greatly hurt the economy

4. The Money Supply • Resolution: • Stopped printing greenbacks • Stopped making silver into their coins • began paying off their bonds • The economy recovered, and the value of money increased (deflation) • Prices fall

5. Deflation Hurts Farmers • Falling Prices meant farmers must sell their crops for less • They still had to pay the same mortgage to banks

6. The Grange Takes Action • The Grange • Nation’s first national farm organization • They pooled their resources together, creating a cooperatives

7. Cooperatives • Hold their products off the market in order to force up prices • Since co-ops controlled a large quantity of product, they could better negotiate shipping rates

8. The Grange Falls • Most cooperatives were too small to make an impact • European railroads and businesses refused to negotiate with them • Saying they resemble unions

9. The Farmer’s Alliance • Another group who sought to achieve the same thing as the Grange • Had more of an impact because it had more members • Formed large cooperatives (Exchanges) • Still not very successful

10. The People’s Party • Was first formed in Kansas by the Farmer’s Alliance • seeking to gain power and push for political reform • Better known as the Populists

11. The Rise of Populism • They pushed for: • coinage of silver, • end of protective tariffs, • tighter regulation of RRs • Direct election of senators by voters

12. The Rise of Populism • The main goal was to protect the public from greedy private investors • Gained a big following • In 1890, 8 populists were elected to the House and 2 to the Senate

13. South Turns to Populism • This is because many Democrats who promised to support the Alliance, failed to keep those promises

14. The Panic of 1893 • After the election of 1892, the US went into a depression

15. The Panic of 1893 • American and European Investors began cashing in the their bonds for gold • Quickly drained gold reserves

16. The Panic of 1893 • The panic brought about 2 factions in the US • Goldbugs • Silverites

17. The Election of 1896 • The populists had hoped to steal pro-silver, Democratic, votes if the Democrats nominated Grover Cleveland • They instead nominated William Jennings Bryan (a pro-silver Democrat) • The populists were forced to support him, otherwise split the pro-silver votes

18. Bryan’s Campaign • Won Southern and Western support through relentless campaigning. • Republicans knew that they needed someone who could sweep the Midwest and Northeast • William McKinley was their choice

19. The Front Porch Campaign • McKinley conducted his campaign from home by meeting with various delegates that came to visit him • His Republican party launched a campaign that focused on highly populated areas.

20. The Front Porch Campaign • Gained support of common laborers by promising a “full dinner pail” • Had large donations from big business leaders • They supported his plan to not use silver coins • McKinley won decisively

21. Populism Declines • In 1896 and 1898, prospectors found gold in Canada and Alaska • This, combined with gold strikes in South Africa, increased the money supply without ever turning to silver.

22. Populism Declines • In 1900, the US adopted the Gold Standard Act • put the US currency on gold standard • As the silver crusade died out , Populists lost their momentum