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Populism and Free Silver in the 1890s

Populism and Free Silver in the 1890s. aka: The Wizard of Oz meets Monetary Policy NEW INFO: Socialism? Get your clicker! Ch 48!. Goals: SWBAT…. Identify and explain basic micro and macro economic ideas

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Populism and Free Silver in the 1890s

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  1. Populism and Free Silver in the 1890s aka: The Wizard of Oz meets Monetary Policy NEW INFO: Socialism? Get your clicker! Ch 48!

  2. Goals: SWBAT… • Identify and explain basic micro and macro economic ideas • Apply these ideas to explain and analyze the Populist and Free Silver movements of the 1890s • Examine The Wizard of Oz as a Monetary Allegory http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  3. I understand the economics behind Populism and Free Silver. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  4. Intro to Econ: Key Terms • Demand, Supply, and Price • Fiscal Policy • Monetary Policy • Money Supply • Business Cycle • Tariff • Recession • Inflation and Deflation http://www.thebluecollarinvestor.com/blog/wp-content/uploads/2008/11/business-cycle-graph-better.jpg

  5. http://priyankaseconomicblog.files.wordpress.com/2009/10/calvin-on-supply-and-demand3.jpghttp://priyankaseconomicblog.files.wordpress.com/2009/10/calvin-on-supply-and-demand3.jpg

  6. Intro to Econ • What causes prices to go up? • Demand Change vs. Supply Change • Inflation vs. Deflation

  7. Economics of the 1890s • If Demand goes down…. • If Supply goes up…. • DEFLATION! Prices go down! • What was happening to crop prices in the late 1800s? Why? • What was happening to farm costs (i.e., mortgages, manuf. goods) in the late 1800s? Why?

  8. I have a better understanding of how supply and demand impact prices. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  9. Economics of the 1890s • Very high tariffs (taxes on imports) • Agric. prices down (1860s to 1890s) • Depression of 1893 • Why did farmers want inflation? http://www.flickr.com/photos/farlane/3791930988/in/set-72157601329141029/

  10. Economics of 1890s • Is inflation bad? • Yes for creditors (i.e., bankers) • No for debtors (i.e., farmers) • Some inflation is healthy, necessary • Why did farmers want inflation? http://www.cthistoryonline.org/cdm-cho/cho/journeys/j_life_rural_farm.html

  11. The government should have helped farmers more. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  12. Government and Economy • How can the government influence the economy? • Fiscal Policy: taxes and/or spending • Monetary Policy: money supply and/or interest rates • Today the Federal Reserve Bank (The FED) is in charge of Monetary Policy http://www.fotosearch.com/illustration/inflation.html

  13. Government and Economy • Traditional Economics? • Mercantilism  Free Market Capitalism • Wealth of Nationsby Adam Smith (1776) • The Government should stay out of the economy • Recessions are good! • Reality?

  14. Government and Economy • Monetary Policy to stimulate the economy… • Increase the money supply and/or lower interest rates • Risks? • Could lead to inflation, but unlikely if in arecession • WARNING: The economy is a moving target!

  15. Government and Economy Recessions During the 1800s: • Panic of 1819 • Panic of 1837 • Panic of 1857 • Panic of 1873 • Depression of 1893 (FYI – Great Depression begins in 1929)

  16. Government and Economy High Tariffs During the 1800s: • Tariff of 1816 – 15 to 20 percent • Tariff of 1824 – Whig Party and Henry Clay • Tariff of 1828 – 50 percent • Tariff of 1832 – down slightly • Tariff of 1857 – Democrats lower tariff • Morrill Tariff of 1861 – 47 percent • “mongrel” Tariff Act of 1883 • McKinley Tariff Act of 1890 • Dingley Tariff of 1897 – over 50 percent! (FYI – Hawley-Smoot Tariff of 1930)

  17. Government and Economy Monetary Policy During the 1800s: • It was a mess! • First Bank of the US (1791-1811) • Second Bank of the US (1816-1836) • Banks, States, and Federal govt printed money • Federal govt wanted no debt

  18. Government and Economy Monetary Policy During the 1800s: • Mint Act of 1792 unlimited Silver & Gold at 15:1 • “Crime of 1873” – govt. stopped minting silver • USA essentially on gold standard in 1879 • Sherman Silver Purchase Act (1890) not enough, and soon repealed

  19. Government and Economy Monetary Policy During the 1800s: • Market value vs. Official value • By 1894 Market value was over 30:1 (i.e., 30 silver = 1 gold) • Populists wanted govt to resume minting silver at 16:1 FREE SILVER!!

  20. Government and Economy Monetary Policy During the 1800s: • What if Govt minted silver at 16:1 in 1890s? • Money Supply? Increase! But gold deposits would go down • Inflation? Not likely since recession

  21. I have a better understanding of U.S. government monetary policy of the 1800s. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  22. The Rise of Populism • 1894 Unemployment over 18 percent • Tariff very high • Farmers caught in a debt cycle 1869-1896 crop prices down 55 percent! • Farmers Revolted and Organized! Granger movement (1860s to 1880s) Farmers Alliance (1880s) People’s Party formed in 1890s

  23. The Election of 1896 Republicans • endorsed William McKinley • High tariffs and gold standard • Conservative “sound money” position Democrats and Populists • endorsed William Jennings Bryan • Bimetallic standard (silver & gold) at 16:1 • WJB gave “Cross of Gold” speech

  24. The Election of 1896 Republicans/McKinley won! Democrats became party of “progressive” reform Populist party fades away; many positions adopted by Democrats

  25. The Election of 1896 Free Silver issue disappears: WHY? • Gold Discoveries in 1880s and 1890s • By 1897 Economy was improving • 1900 Gold Standard Act • New focus in Imperialism

  26. The Wizard of Oz • Book written by Frank Baum in 1900 • Movie in 1939 • What’s the story? http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  27. The Wizard of Oz • Story begins in the West (Kansas) as did Populists Dorothy? • Heroine from poor farm • Represents honest, plucky America • Mary Elizabeth Lease? http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  28. The Wizard of Oz • Cyclone/Tornado = Free Silver Movement The Land of Oz? • The Gold Standard • Oz = Gold (ounce) http://babycreativeblog.files.wordpress.com/2009/10/tornado-4.jpg http://www.open2.net/blogs/media/blogs/39197167_gold.jpg http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  29. The Wizard of Oz Wicked Witch of the East (WWE) • House lands on and kills • = Eastern business interests, Grover Cleveland • Silver shoes put on Dorothy http://www.babygadget.net/pics/silver-shoes.jpg http://www.physicsdaily.com/physics/Grover_Cleveland

  30. The Wizard of Oz Yellow Brick Road? • = Gold Emerald City? • Washington DC http://www.lonelyplanet.com/maps/north-america/usa/washington-dc/map_of_washington-dc.jpg http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  31. The Wizard of Oz Scarecrow needs? • Appear brainless, but smart • = western farmers http://www.flickr.com/photos/farlane/3791930988/in/set-72157601329141029/ http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  32. The Wizard of Oz Tin Woodman needs? • Once flesh and blood; needs bigger, kinder heart • = industrial workers http://www.uni.edu/schneidj/webquests/adayinthelife/lotsofworkers.jpg http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  33. The Wizard of Oz Cowardly Lion needs? • = WJB • Stopped fighting for silver • Fell asleep in….? • Poppy Fields = Imperialism http://www.old-picture.com/american-history-1900-1930s/pictures/Jennings-William-Jennings.jpg http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  34. The Wizard of Oz Travel to Emerald City? • = Coxey’s march to DC for job in 1894 Emerald Palace? • = White House • Seven passages & three flights of stairs? • = Crime of ‘73 http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html http://blogs.ancestry.com/circle/wp-content/uploads/2008/08/Coxeys%20Army.bmp http://www.destination360.com/north-america/us/washington-dc/white-house

  35. The Wizard of Oz Dorothy and Friends must? • Kill Wicked Witch of the West • WWW = McKinley Fate of WWW? • Melts with water • Farmers in West need rain to counter drought • Rain = inflation http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html http://4.bp.blogspot.com/_RMIeFF2Drjg/Snn9B2F1yNI/AAAAAAAABR8/62cVVZGoBUM/s400/Mckinley.jpg

  36. The Wizard of Oz The Wizard? • = Marcus Alonzo Hanna, an advisor to McKinley & head of RNC www.nndb.com/people/013/000101707/ http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  37. The Wizard of Oz Wizard turns out to be ordinary Gang seeks help from Good Witch of the South • = supporters in South • problems are fixed • Dorothy uses silver shoes to return to Kansas http://www.starpulse.com/Movies/Wizard_Of_Oz,_The/gallery/WIZARDOZ007/ http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

  38. How did we do? SWBAT… • Identify and explain basic micro and macro economic ideas • Apply these ideas to explain and analyze the Populist and Free Silver movements of the 1890s • Examine The Wizard of Oz as a Monetary Allegory http://bigpicture.typepad.com/comments/images/2008/07/14/inflation_recession_alligator.jpg

  39. I think the Wizard of Oz accurately reflects the people and issues of the 1890s. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  40. I understand the economics behind Populism and Free Silver. • 1- Strongly disagree • 2- Disagree • 3- Agree • 4- Strongly agree

  41. Thanks and have a great day! http://thefedorachronicles.com/hollywood/Movies/WizardofOz.html

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