Farm Report

• The farm report is a list of prices for various items that the farmer was producing. He didn’t know how much his crops would be worth until he read the farm report.

1885

• A serious lack of early spring rain almost destroyed the wheat, barley, and oat crops in central Nebraska. The prices paid for corn, beans, field peas, and tobacco are up because of drought east of the Mississippi River. Cattle prices are depressed because large herds of range stock are being sold in Texas. The price for sheep is up and the price paid for hogs is at an all time high.

1885 Price Report• Corn 2• Beans 3• Wheat 1• Barley 1• Oats 1• Field Hay 2• Tobacco 2• Field Peas 2• Cattle 1• Sheep 2• Hogs 3

1886

• The coldest winter in history with temperatures of 60 below zero that killed off most cattle and hogs. Because of this sheep prices are high. Abundant spring and summer rains throughout the state produced excellent crops. The price of corn, wheat, barley, and oats is good and the price for tobacco and field peas remains the same. The bean crop has produced a small yield because of a late frost and field hay prices are depressed because of limited demand.

1886 Price Report

• Corn 2• Beans 1• Wheat 2• Barley 2• Oats 2• Field Hay 1• Tobacco 2• Field Peas 2• Cattle 0• Sheep 3• Hogs 0

1887

• Nature deals a crushing blow to farmers in Nebraska. After a hot, dry spring with little rain, a plague of grasshoppers infested the crops. Most crops are badly damaged. Cattle prices are very good, as the range herds have not yet recovered from the killing winter of 1886. Sheep prices are depressed, but hog prices are good.

1887 Price Report

• Corn 1• Beans 2• Wheat 2• Barley 1• Oats 1• Field Hay 2• Tobacco 1• Field Peas 1• Cattle 3• Sheep 1• Hogs 2

Birth of Populism7.4

Financial Panic • Nationwide

economic depression. As the economy worsens, people rush to banks to withdraw money. Banks then call in loans in order to remain afloat. Many of these loans are for family farms under the Homestead Act

Tariffs • To protect farmers, Congress enacts tariffs on foreign crops. Many countries enact tariffs of their own, driving down demand (and the overall price) for American crops worldwide

The Money Issue – Inflation vs. Deflation

• Inflation is an increase in the money supply, and decreases the value of money. Inflation helps debtors and sellers (Farmers).

• Deflation is a decrease in the money supply, and increases the value of money. Deflation helps lenders (Bankers).

All US currency used backed by specie. The Bimetallic Standard meant that we issued coinage in both gold and silver, keeping the money supply high (inflation)

Gold Standard - 1873

• Congress put the US on the Gold Standard, decreasing the money supply

• This pleases financially conservative (Republican) “Gold Bugs”, and angers the “Silverites” (farmers, miners, debtors)

Farmers Fight (back)!

Droughts, Floods, Blizzards, Panics, Tariffs, Deflation and the Gold Standard all hurt Farmers

The Grange – 1877

• Formed to help farmers set up cooperatives

Farmers Alliances

“Raise less corn and more

hell!”

Farmers Alliances

Help farmers fight the railroad and set up state agricultural commissions

The Populists• The farmer’s movement

culminates in the formation of the Populist Party.

• Composed of: Members of the Grange and Farmers Alliances, mining interests, debtors, Silverites, black and white farmers and some Democrats

Populist Party Platform

1. Increased Circulation of money

2. Unlimited minting of silver

3. Progressive income tax

4. Government ownership of communication and transportation systems

Oliver H. Kelley

• Nominate William Jennings Bryan for President.• Bryan barnstorms the country campaigning for

president and delivering speeches.

• “Cross of Gold”– Incredibly popular

speech– Made it for years

afterwards

“Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.”

Election of 1896 Bryan carries Southern and Western states, but loses more

heavily populated Eastern industrial centers. Bryan loses the election and the Populist movement declines

in the coming years, but their effect continues as Populists join the Progressive Movement.