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Populism

Populism. Populism. Primarily an agrarian movement Farmers experienced hardships Overproduction Technology increased production As Great Plains opened for settlement more areas were cultivated Prices went down Unpredictability of weather

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Populism

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  1. Populism

  2. Populism • Primarily an agrarian movement • Farmers experienced hardships • Overproduction • Technology increased production • As Great Plains opened for settlement more areas were cultivated • Prices went down • Unpredictability of weather • Tariffs made farmers pay more for American made equipment

  3. Farmers and Tariffs • Tariffs on imported goods discourage people from buying imports by making them more expensive • Tariffs were said to create factory jobs but raised prices for the consumer • Protected farmers against farm imports • Hurt farmers • Raised prices of manufactured goods • Kept foreigners from earning money that was used to buy their crops

  4. Money Issue • Money Supply-amount of money in the nation economy • Inflation-widespread rise in prices on good of all kinds • Deflation-a drop in the prices on goods • MonetaryPolicy- Federal government’s plan for the makeup and quantity of the nation’s money supply

  5. Gold Bugs • Bimetallic Standard-currency consisted of gold or silver coins or United States treasury notes that could be traded for gold or silver • 1873 put on a Gold Standard- the money supply was limited by the amount of gold held by the government

  6. Silverites • Free Silver- the unlimited coining of silver dollars to increase the money supply • Bland-Allison Act of 1878- Required the federal government to purchase and coin more silver • Vetoed by president Rutherford B. Hayes • Did not want to create inflation • Sherman Silver Purchase Act- increased the amount of silver the government was required to purchase every month • Required the treasury to buy silver with notes that could be redeemed with silver and gold • Repealed by the Silver Purchase Act in 1893

  7. Granger movement • Began in 1867- mostly social gatherings • After problems occurred became more than social gatherings • Developed stores, cooperatives, processing plants, and factories • “Granger Laws”- attempted to regulate railroad shipping and storage fees

  8. Farmers’ alliance • 1890- 1.5 million members • Made detailed agendas for action • Strict regulations on railroads (pushed for nationalization) • Monetary policies that would cause inflation • Made it easier to pay debts • Government agency that offered low interest loans • Government run storage facilities

  9. Populist Party “ The People’s Party” • New political party consisting of farmers’ alliance, southern democrats, some labor unions, and a few small reform parties • Believed that government was run by the industrialists • The gap between the rich and the poor was growing • “Corruption dominates the ballot-box, the legislatures, the congress, and touches even the ermine of the bench [i.e., the courts]…. From the womb… of governmental injustices we breed the two great classes-tramps and millionaires”

  10. Populist Party • Demands • Free coinage of silver • End to tariffs and the national bank • Direct election of senators • Graduated income tax- Higher income = higher taxes • Regulation of big business

  11. Populist Party • Had success in the South and the West • Won seats in state legislature and U.S. house • Won over many southern democrats • Nominated James Weaver for President in 1892 • 22 elect. Votes (5 states) • Depression 1893 • Repeal of the Sherman Silver Purchase Act • Democrats split into two groups: Gold-bugs and Silverites

  12. Election of 1896 • Republicans • Support Gold Standard – money supply based only on gold • Nominated William McKinley • Supported by urban workers and business leaders • Democrats and Populists Unite • Democrats Nominate William Jennings Bryan • Populists decide to support Bryan • Supported in the south and the west • Results • McKinley wins Presidency • Gold found in Alaska in 1899

  13. Populist Party never wins national support and eventually fails • Ideas of the party live on and have become laws • Federal income tax • Eight-hour workday • Direct election of US senators • Abandonment of the gold standard

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