POPULISTSPOPULISTS1890s1890s

Farmers Alliances & the Grange

• Agricultural Wheel (Arkansas), Farmers Union (Louisiana), Farmers Alliance

• Greenback Party

• Alliance Movement

– National Colored Farmers Alliance

– National Women’s Alliance (1891)

National Grange

• Munn v. Illinois (1877): regulated grain storage rates

• Wabash v. Illinois (1886): states can not regulate interstate railroad rates

• Interstate Commerce Act (1887): formed the Interstate Commerce Commission. Railroads lobbied state governments and repealed Grange laws.

Populist Party• Various movements combined to form the

Populist Party in 1892. • Omaha Platform

Tariff reductionGraduated income taxPublic ownership of railroadsDirect election of SenatorsFederally funded irrigation researchBan on land ownership for aliensFree coinage of silverLaws allowing farmers to store goods in federal warehousesLow interest loans with crops as collateral

Election of 1892

• James B. Weaver 8.5% of popular vote• Won some seats in House and

Senate…no real power …(like William Peffer!)

• Grover Cleveland won and repainted the White House.

Panic of 1893• Reading Railroad files for bankruptcy

– Dependent banks/companies also collapse

– Stock market crash– European investors pull out stocks– Worsened agricultural depression

• Increased Political involvement of agricultural community

• Severe unemployment and protest

Election of 1896

• Candidates:– William Jennings Bryan (Democrats)

• “Cross of the Gold Speech” against gold standard, favored monetization of silver “We have restored the money of the Constitution, all other necessary reforms will be possible; but…until this is done there is no other reform that can be accomplished”

• William McKinley (Republican) favored gold standard, more conservative

• McKinley wins!!!

Silver

• “Crime of 1873” Silver Demonetized

– Checked inflation, angering heavily indebted farmers

– Resumption Act 1875 brought paper money to parity with gold

Gold Bug

• Democrats who split with party over the silver issue

• Supported the gold standard• 1896: Gold Bugs nominated their own

candidate- John M. Palmer

Why the Populists lost the election of 1896…

• Bi-metallism was not popular with industrial workers because it would cause inflation

• William Jennings Bryan’s defeat threw off the Populist’s agenda and they lost hope

Republican Party (1896)

• McKinley’s Platform:

– Oppose tariff that would hurt American products

– Increase navy

– Oppose free coinage of silver

– Reassert Monroe Doctrine

– Help Cuba gain independence!

Democratic Party

• Platform:

– Opposed gold standard

– Free Silver

– Graduated Income Tax

– Sympathy for Cubans

THE END