Populism 5.3. Big ideas Main idea: farmers United to address their economic problems giving rise to the populist movement Why it matters now: many of.

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Presentation transcript:

Populism 5.3

Big ideas Main idea: farmers United to address their economic problems giving rise to the populist movement Why it matters now: many of the populist reform issues, such as income tax and legally protected workers, are taken for granted now.

Farmers unit to address common problems Economic problems Greenbacks and Civil War Debt: farmers are paying back loans with money that is worth less then the money they borrowed Mortgaging houses to buy more land, why? Prices of crops are declining: bushel of wheat in 1867 cost $2.00 and.68cents in 1887 Farmers push for increase in money circulation that fails

Farmers unit it address common problems Problems with the Railroads Lack of competition Railroads making agreements with merchants to control storage prices Farmers in debt and mortgaging their homes on credit to compensate

Time for Reform Oliver Hudson Kelley creates an organization known as the Grange in order to organize and educate farmers and the families in rural areas The farmers alliance and other organizations that sympathize with farmers become popular

Populism the people's party Party Platform: Increase the money supply Election of US senators by popular vote Single terms for the President and Vice President 8 hr work day Immigration restrictions

Political power in % of the popular vote 5 senators 3 governors Democratic Party adopts many of their believes

Panic of 1893 Farmers on overextended with debt Railroad industry grew faster then demand Too much valueless money was circulating Stock prices fall; banks and businesses collapse 1/5 of the American work force is unemployed

Silver or gold? Debate grew over how to return value to paper money. Two opinions emerged: The Gold Standard: baking money with solely gold; favored by businessmen or "gold bugs" Bimetallism: exchanging money or either gold or silver; favored by farmers and laborers or "silver it's"