FARMERS AND THE POPULIST MOVEMENT

Thursday, February 9, 12

AGRICULTURAL HARDSHIPS

1880’s: Crop prices falling rapidly

Banks foreclosing on farms/farmers

Railroads overcharging

Greenbacks (paper money) losing value

Thursday, February 9, 12

FARMERS ORGANIZE

Found the Patrons of Husbandry (Grange)

Social and educational forum for farmers

Fought railroad corruption through lawsuits

Set up farming cooperatives

Sponsored legislation to help

Thursday, February 9, 12

FARMER’S ALLIANCE

Gave lectures on finance

Interest rates, investment

Beginnings of labor organization in agriculture

Thursday, February 9, 12

THE POPULIST MOVEMENT

Populism: A movement for the common people

Created by farmers and working class

1892: Populist Party Created

Thursday, February 9, 12

Thursday, February 9, 12

POPULIST PLATFORM

1. Increased money supply (print more money)

2. Graduated income tax

Rich pay a larger percent of their income

3. Federal loan program (help farmers)

4. Direct election of senators

More power to the people

Thursday, February 9, 12

POPULIST CANDIDATE 1892

Thursday, February 9, 12

BIMETALLISM

America uses Gold Standard

Value of printed money has to match amount of gold in the federal treasury

Populists want to use both gold AND silver

Bimetallism: Two metals

Thursday, February 9, 12

Election of 1892

Thursday, February 9, 12

Thursday, February 9, 12

PANIC OF 1893

Dozens of railroads go bankrupt

Government has limited gold supply

15,000 business and 500 banks go out of business

20% unemployment

Thursday, February 9, 12

ELECTION OF 1896

Republican Party chooses William McKinley

Pro-business, pro-Gold Standard

Populists and Democrats join together

Select William Jennings Bryan (Nebraska)

Thursday, February 9, 12

William Jennings BryanDemocrat

William McKinleyRepublican

Thursday, February 9, 12

THE “CROSS OF GOLD”

Bryan speaks at Democratic convention

Argues for Bimetallism

Against the Gold Standard

Thursday, February 9, 12

If they dare to come out in the open field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands 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.

--William Jennings Bryan, 1896

Thursday, February 9, 12

Thursday, February 9, 12

MCKINLEY WINS

Major realignment in US politics

GOP wins businessmen, skilled workers, and educated

Democrats win vote of poor, farmers, and activists

Thursday, February 9, 12

Election of 1896

Thursday, February 9, 12