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Farmers and the Populist

Farmers and the Populist. Problems: U.S. issues “greenbacks” during Civil War Worth less than coins or “yellow” money farmers paying back loans with money that has a higher value than the money they borrowed Railroads have no competition

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Farmers and the Populist

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  1. Farmers and the Populist • Problems: • U.S. issues “greenbacks” during Civil War • Worth less than coins or “yellow” money • farmers paying back loans with money that has a higher value than the money they borrowed • Railroads have no competition charged farmers inflated prices to ship and store goods Reform: GRANGE: est. by Oliver Hudson Kelley in 1867 • fight railroads, organized co-ops, sponsored state legislation • gave rise to other farm alliances in West and South • 4 million members strong

  2. Populism-1892 Populist Party1st reform movement • Movement of the people-give people a greater voice • Gives country a third party • Supported bi-metallism and free coinage of silver • Supported Democratic candidate • William Jennings Bryan • Republican candidate wins election causing decline of populist movement

  3. Populism’s two lasting legacies Downtrodden could organize and have a strong political impact Create and utilize an agenda of reforms

  4. Chapter 6 EXPANSION OF INDUSTRY

  5. Fuel industrialization • OIL—1859 Edwin drake successfully drills for oil in Pennsylvania • Starts Oil Boom • Popularity of automobile contributes to production of gasoline STEEL—1850 Bessemer Process-injection of air into molten iron to remove carbon Railroad tracks, barbed-wire, farm machines, construction

  6. Inventions, worldwide communication networkExpanding urban population, vast potential market Electric streetcar Thomas Edison, 1876 Incandescent Light Bulb Electricity 1876, Alexander Graham Bell Telephone 1867, Thomas Sholes Typewriter

  7. Age of the Railroad: created nationwide network of supplies and markets: linked isolated cities & towns: towns pop up on railroad lines May 10, 1869 Transcontinental Railroad, central Pacific and Union Pacific meet at Promontory Point Creation of Time Zones November 18, 1883, synchronized across U.S. Officially adopted as U.S. standard in 1918

  8. Railroad abuses lead toeconomic and social unrest George Pullman: provided town for workers, wanted stable workforce Cut worker pay, but didn’t lower rent or prices Leads to strike in 1894 Credit Mobilier: extreme corruption involving vice-president and future president $23 million in stocks, bonds, cash to Union Pacific officers Hurts Republican Party

  9. Railroad Abuses • Created nationwide network of supplies and markets • Linked isolated cities and towns • Towns developed on railroad lines • George Pullman—provided self-made “town” for workers believed it would provide a stable workforce • Controlling, cut worker pay, didn’t lower rent or prices led to strike in 1894 • Credit Mobilier—highest corruption involving current Republican V.P. and future President $23 million in stocks, bonds, cash to Union Pacific officers

  10. Railroad abuses in land grants, fixed prices, different rates Grange pushes for political action Granger laws = regulatory laws Munn v. Illinois of 1877-Supreme court upheld Granger laws said federal govt. has right to regulate private industry to serve public interest Interstate Commerce Act of 1887-established right of federal govt. to supervise railroad Established ICC-5 man commission assigned to regulate railroad—ineffective until Theodore Roosevelt becomes president

  11. Big Business/Andrew Carnegierags to riches story • Worked for Pennsylvania RR-allowed to buy stock and makes millions • 1873-enters steel business • Wanted to make better products cheaper • Attracted talented people by allowing them to purchase stock • Encouraged competition • Vertical Integration- buys out suppliers to control materials and transportation Horizontal Integration-buy out competitors merging companies making similar products

  12. Can’t beat ‘em, join’em! Idea of Social Darwinism applied to big business Natural selection in business, survival of the fittest “laissez-faire” – “allowed to do” whatever is needed to be a successful Meaning the marketplace should not be regulated Success or failure in business is a part of natural law

  13. Can’t beat ‘em, join ‘em, continued • Holding company-acorporation that did nothing but buy out the stock of other companies • J.P. Morgan, wealthiest holding company • 1894-runs ¼ of railroad • 1901-U.S. Steel buys Carnegie Steel creating world’s largest business Trust-collection of different companies who turn stock over to one large corporation, trustees John D Rockefeller, Standard Oil Company- used trust to gain 90% of refining business Ruthless-Robber Barons

  14. Rockefeller-gave over $500 millionto charity • J.P. Morgan-Metropolitan Museum of Modern Art Philanthropy Carnegie donated 90% of wealth accumulated during life

  15. Labor Unions-workers joining together to achieve better working conditions, wages, hours … • 1886, American Federation of Labor combined craft ( skilled workers from various trades) unions, very successful, 2+million members by 1945 • Eugene V. Debs, reformer, socialist • Strikes turn violent with “scabs” • Employers feared powerful unions • Wouldn’t hire union members • Made workers sign contracts not to join • Tragedy would lead to reform • http://www.cbsnews.com/video/watch/?id=7360200n

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