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“The People’s Party” Populism. Background Farmer’s Complaints: unstable economy failure of banks Unemployment falling crop prices loans called in 2 major.

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Presentation on theme: "“The People’s Party” Populism. Background Farmer’s Complaints: unstable economy failure of banks Unemployment falling crop prices loans called in 2 major."— Presentation transcript:

1 “The People’s Party” Populism

2 Background Farmer’s Complaints: unstable economy failure of banks Unemployment falling crop prices loans called in 2 major financial collapses in 1873 and 1893 because of the railroad system. Uneven prosperity between agriculture and big business

3 Tariffs tax on imported goods protected goods made/grown at home also hurt farmers: (1) raised the prices of manufactured goods (2) kept foreigners from earning the U.S. currency they needed to buy American farm products

4 Money Talks Money supply: amount of money in the national economy Deflation: drop in the price of goods Monetary Policy: federal government’s plan for the makeup and quantity of the nation’s money supply

5 How to Increase the Money Supply Gold Standard: money could be traded for gold (for every $1, there is $1 of gold) Bimetallic Standard: gold or silver coins/notes that could be traded for gold or silver Why could this be a problem:

6 Federal Legislation: Monetary Policy Sherman Silver Purchase Act (1890) increased the amount of silver the government was required to purchase every month plan backfired as people traded silver notes for gold dollars repealed in 1893

7 Organizations for the Farmers The Grange: Started in 1867 by Oliver Kelley formed cooperatives to buy large quantities of goods for lower prices pressured legislators to regulate business on which farmers depended. Farmer’s Alliance: alliance of farmers in the mid- 1870s called for federal regulation of railroads more money in circulation creation of state departments of agriculture antitrust laws farm credit allowed women to join natural disasters gave purpose and support to the alliance.

8 Interstate Commerce Act Created in 1887 regulated the prices railroads charged to move freight between states proportional to distance traveled made it illegal to give special rates to some customers set up the Interstate Commerce Commission to enforce the laws

9 Populists Followers of the People’s Party founded in 1891 political party made up mostly from the Farmers’ Alliance Platform: Increase money in circulation Unlimited minting of silver Progressive income tax Government ownership of communications & transportation systems Challenged traditional political and economic systems Successes: Presidential nominee William Jennings Bryan (1896 election) result of election: he lost

10 William Jennings Bryan

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