Farmers & Populist movement

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Presentation transcript:

Farmers & Populist movement

Farmer Problems 1) Mortgage Crisis 2) Railroads Prices of crops falling, farmers mortgaged their farms so they could buy more land in attempt to break even. Banks foreclose on farms who could not make loan payment. 2) Railroads Railroad companies were charging High rates for transportation and storage. Sometimes it cost as much to ship a bushel of grain as farmers received for it

Farmer Problems 3) Deflation EXAMPLE Deflation occurs when the amount of money in circulation decreases and the value of every dollar therefore increases. EXAMPLE Bad news for farmers because they received less money for their crops.

Response of Farmers 1) Grange formed in 1867 (formally known as the Patrons of Husbandry) This organization and others like it provided farmers with way to unite/voice their opinion and respond to social and political problems.

Populist Party The Populist Party Reforms wanted by Populists The Populist Party was born in 1892 (Movement of the people) AKA = People’s Party Demand reforms to lift the burden of debt from farmers and to give people a greater voice in their government. Reforms wanted by Populists 1. Increase in money supply = rise in prices (INFLATION) 2. Graduated Income tax (Tax higher incomes at higher rates) 3. Election of U.S. Senators by popular vote

Populist Party 4. Single term for President and Vice-President 5. 8 hour work day 6. Restrictions on immigration

Panic of 1893 Panic of 1893 By the end of the year: Farmers and businessmen had overextended themselves with loans and debts. Numerous RR companies start to fail. This caused a ripple effect throughout the whole industry. By the end of the year: 15,000 businesses folded 600 banks folded 3 million people lost their jobs

Backing Money Bimetallism: A policy in which the government would give either gold or silver in exchange for paper money. * Gold Bugs: Favored backing money solely with gold. Who were they? Bankers and businessmen Farmers and laborers What they wanted? Gold standard “Less $ in circulation” Bimetallism “More money in circulation” Why? Loans would be repaid in stable money Products would be sold at higher prices Effects Deflation: Prices fall Value of money increases Fewer people have money Inflation: Prices rise Value of money decreases More people have money

Populism Ends William Jennings Bryan lost his bid for the Democratic nominee for President and the Populist agenda ended there. Bryan lost the voters in the East, industrial Mid-West and the growing middle class to McKinley. What were the 2 legacies of Populism? 1) A message that the downtrodden could organize and have a political impact. 2) An agenda of reforms