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Populism. Populism Primarily an agrarian movement Farmers experienced hardships –Overproduction Technology increased production As Great Plains opened.

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Presentation on theme: "Populism. Populism Primarily an agrarian movement Farmers experienced hardships –Overproduction Technology increased production As Great Plains opened."— Presentation transcript:

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 Monetary Policy- Federal governments plan for the makeup and quantity of the nations money supply

5 Money SupplyValuePrices Inflation updownup Deflation downupdown

6 Farmers Inflation (100%) Deflation (100%) Income $2000 $4000$1000 Mortgage payment - $ $1000 New equipment cost - $500 - $ $250 Groceries - $200 - $400 - $100 Feed - $100 - $200 - $50 Money Remaining $200 $ $400 Bankers Inflation (100%) Deflation (100%) Deposits $2500 $5000$1250 Loans - $ $10,000 - $2500 Money in bank $ 5000 $5000 $5000 Utilities - $500 - $ $250 salaries - $ $ $500 Money Remaining $0 -$3000 $3000 $3000

7 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

8 Silverites Free Silver- the unlimited coining of silver dollars to increase the money supply Bland-Allison Act of 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

9 Granger movement –Began in 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

10 Farmers alliance – 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

11 Populist Party The Peoples 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

12 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

13 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

14 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

15 –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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