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The Gilded Age

The Gilded Age. Agrarian Revolt. Causes of Farm Decline. Natural Factors: Drought Fire Blizzards Insects Erosion Market Factors: Falling commodity prices High debt levels High transportation costs High storage fees. The Impending Farm Crisis. Falling commodity prices

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The Gilded Age

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  1. The Gilded Age Agrarian Revolt

  2. Causes of Farm Decline • Natural Factors: • Drought • Fire • Blizzards • Insects • Erosion • Market Factors: • Falling commodity prices • High debt levels • High transportation costs • High storage fees

  3. The Impending Farm Crisis • Falling commodity prices • Long term drop in commodity prices from 1870-1898 • Two main causes • Domestic overproduction • New technologies, improved crops • As prices fell, farmers had to grow more to earn same amount of money • Excess production drove prices even lower • Foreign competition • Growing transportation network tied farmers into national and international markets

  4. The Impending Farm Crisis • High debt levels • Farm land rose in value thru the mid-1870s • Investors launched mortgage companies to finance expansion • In KS, NB, MN, DK, at least one mortgage per family • Mortgage debt in KS tripled between 1880-1887

  5. The Impending Farm Crisis • High transportation and storage fees • Railroads primary target • Discriminatory rates • Grain elevators were second target • Had a monopoly on buying grain • Farmers had to sell or pay fees for use

  6. National Politics • Both the Democratic and Republican parties were equally beholden to special interests.  • Neither party could gain control of the government. • Republicans dominated the presidency • Democrats, on the other hand, controlled Congress and most state legislatures • Each party struggled to find political issues to distinguish it from the other and to try to seize government power

  7. National Politics • Republicans • From 1868 to 1880, the most common Republican campaign tactic was to wave the "Bloody Shirt" • Reminded voters of the South's dishonor of seceding and causing the Civil War. • This tactic painted all Democrats as traitors to the Union.

  8. National Politics • Democrats • Reducing influence of federal government • Cutting expenses • States’ rights

  9. Organizational Challenges for Farmers • Rugged individualism • Physical isolation • Conflicting interests

  10. The Grange • Midwest • National Grange formed as a social/educational club in 1867 • Became a forum for political debate in 1870s • Became a potent political force by mid-1870s • Goal was to regulate freight rates, elevator fees • Hoped to free farmers from traditional market • 1875-1884 ran candidates under “Greenback” Party • 1,000,000 votes in 1878 elections • Went into decline in 1880s • Unable to achieve goals

  11. Farmers’ Alliance • South and Midwest • Offered social and recreational activities • Sense of community a strong attraction • Stressed political action • Wanted to set up exchanges (Coops) • Failed due to business, banker opposition • Sub-treasury plan • Formed Colored Alliance in 1886 • Stressed economic, not social equality • Unable to achieve its goals alone, the Farmer’s Alliance sought allies to increase its power

  12. The Sub-Treasury Plan • Farmer’s would be able to: • Store crops in government warehouses • Obtain government loans • Up to 80% of crop’s value • 1% interest on loan • Hoped it would spark inflation and raise crop prices.

  13. The Populist Party • The People’s Party • Founded in 1892 • Composed of • Farmer’s Alliance • Colored Alliance • The Grange (remnants) • The Knights of Labor • The Greenback Party (remnants) • Very successful at state level in the Midwest

  14. Presidential Campaign - 1892 • The Populist Platform • Financial Goals: • Free coinage of silver (@16/1) • Graduated income tax • Increased money supply • Sub-Treasury plan

  15. Presidential Campaign - 1892 • The Populist Platform • Transportation Goals • Government ownership of: • Railroads • Telegraph • Telephones

  16. Presidential Campaign - 1892 • The Populist Platform • Labor and Social Goals: • Land reform • Immigration restriction • 8 hour workday • End of injunctions against labor • Restrictions on strike breakers

  17. Election of 1896 • Dominant Issue: Sound Money • Republicans • William McKinley • Gold Standard, High Tariffs (Hard Money) • Democrats • William Jennings Bryan • Free Silver, Low Tariffs (Soft Money) • Populists • William Jennings Bryan • Free Silver (Soft Money)

  18. William Jennings Bryan:“I don’t know anything about free silver. Nebraska is for free silver, therefore I am for free silver. I will look up the details later.”

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