february 11, 2013 the silver issue “crime of ’73” demonetization of silver (govt. stopped...

February 11, 2013February 11, 2013

The Silver IssueThe Silver IssueThe Silver IssueThe Silver Issue “Crime of ’73” demonetization of

silver (govt. stopped coining silver).

Bland-Allison Act (1878) limitedsilver coinage to $2-$4 mil. per mo.(based on the 16:1 ratio of silver togold).

Sherman Silver Purchase Act (1890)

The US Treasury must purchase$4.5 mil. oz. of silver a month.

Govt. deposited most silver in theUS Treasury rather than circulation.

Price Indexes for Price Indexes for Consumer & Farm Consumer & Farm Products: 1865-Products: 1865-

19131913

Price Indexes for Price Indexes for Consumer & Farm Consumer & Farm Products: 1865-Products: 1865-

19131913

Founder of the Founder of the National Grange of National Grange of

the Patrons of the Patrons of Husbandry Husbandry (1867)(1867)

Founder of the Founder of the National Grange of National Grange of

the Patrons of the Patrons of Husbandry Husbandry (1867)(1867)

The Grange The Grange MovementMovementThe Grange The Grange MovementMovement

First organized in the 1870s in First organized in the 1870s in the Midwest, the south, and the Midwest, the south, and Texas.Texas.

Set up cooperative associations.Set up cooperative associations.

Social and educational Social and educational components.components.

Succeeded in lobbying for Succeeded in lobbying for “Granger Laws“Granger Laws.”.”

Rapidly declined by the late Rapidly declined by the late 1870s1870s..

Supreme Court Supreme Court DecisionsDecisions

Supreme Court Supreme Court DecisionsDecisions

Munn vs. IllinoisMunn vs. Illinois (1877) (1877)

Wabash, St. Louis, & Wabash, St. Louis, & Pacific Railroad Pacific Railroad Company vs. IllinoisCompany vs. Illinois (1886)(1886)

GiftGiftfor thefor theGrangeGrange

rs:rs:

The The FarmerFarmerPays Pays

for All!for All!

GiftGiftfor thefor theGrangeGrange

rs:rs:

The The FarmerFarmerPays Pays

for All!for All!

The Farmers The Farmers AlliancesAlliances

The Farmers The Farmers AlliancesAlliances

Begun in the late 1880s (Texas first Begun in the late 1880s (Texas first the the Southern AllianceSouthern Alliance; then in the ; then in the Midwest Midwest the the Northern AllianceNorthern Alliance).).

Built upon the ashes of the Grange.Built upon the ashes of the Grange.

More political and less social than More political and less social than the Grange.the Grange.

Ran candidates for office.Ran candidates for office.

Controlled 8 state legislatures & had Controlled 8 state legislatures & had 4747representatives in Congress during representatives in Congress during the 1890s.the 1890s.

United United We We

Stand, Stand, DivideDivided We d We FallFall

United United We We

Stand, Stand, DivideDivided We d We FallFall

In 1889 both In 1889 both the Northern andthe Northern andSouthern AlliancesSouthern Alliancesmerged into one—merged into one—the the Farmers’ Farmers’ AllianceAlliance..

The Populist The Populist (Peoples’) Party(Peoples’) Party

The Populist The Populist (Peoples’) Party(Peoples’) Party

1890 Bi-Election:1890 Bi-Election:

So. Alliance So. Alliance wanted to wanted to gain control of the Democratic gain control of the Democratic Party.Party.

No. Alliance No. Alliance ran 3 ran 3rdrd Party Party candidates.candidates.

1892 1892 800 met in St. Louis, MO 800 met in St. Louis, MO

majority were Alliance members.majority were Alliance members.

over 100 were African Americans.over 100 were African Americans.

reps. of labor organizations & other reps. of labor organizations & other reformers (Grange, Greenback reformers (Grange, Greenback Party).Party).

Platform of Platform of LunacyLunacy

Platform of Platform of LunacyLunacy

The Populist The Populist (Peoples’) Party(Peoples’) Party

The Populist The Populist (Peoples’) Party(Peoples’) Party

Founded by James B. Founded by James B. WeaverWeaverand Tom Watson.and Tom Watson.

Omaha, NE Convention in Omaha, NE Convention in July,July,1892.1892.

Got almost 1 million Got almost 1 million popularpopularvotes.votes.

Several Congressional Several Congressional seatsseatswon.won.

James B. Weaver, James B. Weaver, Presidential Presidential CandidateCandidate

&&James G. Field, VPJames G. Field, VP

Omaha Platform Omaha Platform of 1892of 1892

Omaha Platform Omaha Platform of 1892of 18921.1. System of System of “sub-treasuries.”“sub-treasuries.”

2.2. Abolition of the National Bank.Abolition of the National Bank.

3.3. Direct election of Senators.Direct election of Senators.

4.4. Govt. ownership of RRs, telephone & Govt. ownership of RRs, telephone & telegraph companies.telegraph companies.

5.5. Government-operated postal savings Government-operated postal savings banks.banks.

6.6. Restriction of undesirable immigration.Restriction of undesirable immigration.

7.7. 8-hour work day for government 8-hour work day for government employees.employees.

8.8. Abolition of the Pinkerton detective Abolition of the Pinkerton detective agency.agency.

9.9. Australian secret ballot.Australian secret ballot.

10.10. Re-monitization of silver.Re-monitization of silver.

11.11. A single term for President & Vice A single term for President & Vice President.President.

Govt.-Owned Govt.-Owned CompaniesCompanies

Govt.-Owned Govt.-Owned CompaniesCompanies

1892 Election1892 Election1892 Election1892 Election

Bi-Metallism Bi-Metallism IssueIssue

Bi-Metallism Bi-Metallism IssueIssue

Causes of the Causes of the 1893 Panic1893 Panic

Causes of the Causes of the 1893 Panic1893 Panic Begun 10 days after Cleveland took Begun 10 days after Cleveland took

office.office.

1.1. Several major corps. went bankrupt.Several major corps. went bankrupt.

Over 16,000 businesses Over 16,000 businesses disappeared.disappeared.

Triggered a stock market crash.Triggered a stock market crash.

Over-extended investments.Over-extended investments.

2.2. Bank failures followed causing a Bank failures followed causing a contractioncontractionof credit [nearly 500 banks closed].of credit [nearly 500 banks closed].

3.3. By 1895, unemployment reached 3 By 1895, unemployment reached 3 million.million.

Americans cried out for relief, but the Americans cried out for relief, but the Govt.Govt.continued its laissez faire policies!!continued its laissez faire policies!!

Result of Election Result of Election ReturnsReturns

Result of Election Result of Election ReturnsReturns

Populist voteincreased by40% in the bi-election year,1894.

Democratic party losses in

the West werecatastrophic!

But, Republicanswon control of

the House.

William Jennings William Jennings Bryan Bryan

(1860-1925)(1860-1925)

William Jennings William Jennings Bryan Bryan

(1860-1925)(1860-1925)

The “Great The “Great Commoner”Commoner”

Bryant’sBryant’s“Cross of Gold” “Cross of Gold”

SpeechSpeech

Bryant’sBryant’s“Cross of Gold” “Cross of Gold”

SpeechSpeechYou shall not You shall not press down press down upon the brow upon the brow of labor this of labor this crown of crown of thorns; you thorns; you shall not shall not crucify crucify mankind upon mankind upon aa cross of goldcross of gold!!

DemocDemocratic ratic Party Party Taken Taken Over Over

by the by the AgrariAgrari

an an LeftLeft

DemocDemocratic ratic Party Party Taken Taken Over Over

by the by the AgrariAgrari

an an LeftLeft

Platform tariff reductions; income tax; strictercontrol of the trusts (esp. RRs); free silver.

William McKinley William McKinley (1843-1901)(1843-1901)

William McKinley William McKinley (1843-1901)(1843-1901)

““A Giant A Giant Straddle”: Straddle”:

Suggestion for a Suggestion for a McKinley Political McKinley Political

PosterPoster

““A Giant A Giant Straddle”: Straddle”:

Suggestion for a Suggestion for a McKinley Political McKinley Political

PosterPoster

The The SeasonSeason

ed ed PoliticiPolitici

anan

vs.vs.

The The “Young“Young

” ” NewcoNewco

mermer

The The SeasonSeason

ed ed PoliticiPolitici

anan

vs.vs.

The The “Young“Young

” ” NewcoNewco

mermer

Into Into Which Which Box Box Will Will the the

VoterVoterof ’96 of ’96 Place Place His His

BallotBallot? ?

Into Into Which Which Box Box Will Will the the

VoterVoterof ’96 of ’96 Place Place His His

BallotBallot? ?

1896 Election 1896 Election ResultsResults

1896 Election 1896 Election ResultsResults

Why Did Bryan Why Did Bryan Loose?Loose?

Why Did Bryan Why Did Bryan Loose?Loose?

His focus on silver His focus on silver underminedunderminedefforts to build bridges to efforts to build bridges to urbanurbanvoters.voters.

He did not form alliances He did not form alliances withwithother groups.other groups.

McKinley’s campaign was McKinley’s campaign was well-well-organized and highly funded.organized and highly funded.

Gold Triumphs Gold Triumphs Over SilverOver Silver

Gold Triumphs Gold Triumphs Over SilverOver Silver

1900 1900 GoldGoldStandard ActStandard Act

confirmed theconfirmed thenation’s nation’s commitment tocommitment tothe gold the gold standard.standard.

A victory for the A victory for the

forces offorces ofconservatism.conservatism.

The The Wizard Wizard of Ozof Oz by L. by L. Frank Frank BaumBaum

The The Wizard Wizard of Ozof Oz by L. by L. Frank Frank BaumBaum

1964: Henry 1964: Henry Littlefield’s Littlefield’s “Thesis”? “Thesis”?

1964: Henry 1964: Henry Littlefield’s Littlefield’s “Thesis”? “Thesis”?

““Parable of the Parable of the Populists”?Populists”?

““Parable of the Parable of the Populists”?Populists”? Tornado Tornado ??

Dorothy Dorothy ??

Toto Toto ??

Kansas Kansas ??

Wicked Witch of theWicked Witch of theEast East ??

Tin Woodsman Tin Woodsman ??

Scarecrow Scarecrow ??

Cowardly Lion Cowardly Lion ??

Yellow Brick Road Yellow Brick Road ??

Silver Slippers Silver Slippers ??

Emerald City Emerald City ??

Oz Oz ??

The Wizard The Wizard ??

Munchkins Munchkins ??

Wicked Witch of the Wicked Witch of the West West ??

Flying Monkeys Flying Monkeys ??

Yellow Winkies Yellow Winkies ??

Why Did Why Did Populism Populism Decline?Decline?

Why Did Why Did Populism Populism Decline?Decline?1.1. The economy experienced rapid The economy experienced rapid

change.change.

2.2. The era of small producers and The era of small producers and farmers was fading away.farmers was fading away.

3.3. Race divided the Populist Party, Race divided the Populist Party, especially in the South.especially in the South.

4.4. The Populists were not able to The Populists were not able to breakbreakexisting party loyalties.existing party loyalties.

5.5. Most of their agenda was co-opted Most of their agenda was co-opted bybythe Democratic Party.the Democratic Party.

But, Populism But, Populism Still Lives!Still Lives!

But, Populism But, Populism Still Lives!Still Lives!

Al Gore (Dem) in Al Gore (Dem) in 20002000