What is populism? A movement to increase farmers’ (common people’s) political power and to work for legislation in their interest

Falling prices New technology High tariffs Nearly impossible to ship overseas Banks and railroads Loans and shipping rate Victimized by these far away entities

Money supply Greenbacks increase Civil War Inflation Value of money decreases After the war Stop printing greenbacks, and silver coins

In 1865 There was roughly $30 in circulation for each American By 1895 Only $23 per American Deflation Money value rise, but price increases Farmers were forced to take out loans Because of no supply, interest rates were high

Farmers’ Solution to Money Issue “The Crime of ’73” The decision to stop minting silver coins Expand the money supply Print more greenbacks to expand supply Silver mines in the west= coin silver again!

The Grange Oliver Kelley reports on farmers U.S. Department of Agriculture Farmers are isolated Founds nation’s first farm organization Patrons of Husbandry Also known as the Grange Primarily for social and educational benefits

Grangers 1873 Recession Farm incomes drop Interest in the organization grows dramatically Respond to recession Regulate railroads Cooperatives Marketing organizations

The Grange Fails Railroads States passed “grange laws” to regulate Railroads retaliate Wabash v. Illinois States can not regulate commerce that crosses state lines Greenback Party Average American feared that greenbacks couldn’t hold value Cooperatives Considered “unions” Many refused to do business with them

Farmers’ Alliance Begins in Texas Plan large scale cooperatives called exchanges Temporary Success Texas Exchange raised cotton prices slightly Illinois Exchange negotiated fair railroad rates for wheat farmers

The People’s Party Alliance members from Kansas Push for political reforms Nominated candidates for Congress and state legislature

Opposition Sherman Silver Purchase Act of 1890 Republicans wanted to prevent Populist votes U.S. Treasury to purchase 4.5 million ounces of silver per month

A Populist for President? James B. Weaver Omaha Platform Increase $ supply Graduated income tax Appealed to organized labor 8 hour workdays Restrict immigration Despite some Populist success, Grover Cleveland is elected in 1888.

Panic of 1893 Worst economic crisis Reading and Philadelphia Railroads declared bankruptcy Could not repay loans Stock market crashed; banks closed 18% of the workforce became unemployed

Democratic Party Splits Gold Bugs Silverites Believed that American currency should be based only on gold Cleveland Believed coining silver in unlimited quantities would solve the nations economic crisis

Election of 1896 Republicans supported gold Democrats Nominate William Jennings Bryan Strong supporter of silver Populists Intended to run primarily on platform of silver Support Bryan? Or risk splitting the votes?

William Jennings Bryan Powerful speaker “Cross of Gold” Speech “in defense of a cause as holy as the cause of liberty…” Turned silver campaign into a crusade Alienated some voters

Cross of Gold Speech “You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold.”

Republican Response to Bryan Bryan would be hard to beat in North & West Need to sweep Northeast and Midwest Nominated William McKinley Front Porch Campaign Contrast of Bryan’s preaching style of speech Met with delegations Appealed to city dwellers, immigrants, workers

Election of 1896 Bryan won South and most of West Few of these states carried many electoral votes McKinley was elected

Populism Declines McKinley’s presidency Depression ends Credit was easier to obtain Farmers less distressed Gold is found in Canada and Alaska; Africa Increase meant no need to rely on silver Gold Standard Act U.S. Congress adopts a gold-based economy