Supply Exceeded Demand

Everyone was making money except for the farmers

-Merchants

-Bankers

-Railroads

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

Populist Organization

Grange

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

Husbandry (1867)Husbandry (1867)

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

Husbandry (1867)Husbandry (1867)

GiftGiftfor thefor the

Grangers:Grangers:

The The FarmerFarmerPays Pays

for All!for All!

GiftGiftfor thefor the

Grangers:Grangers:

The The FarmerFarmerPays Pays

for All!for All!

Populist Organization

Cooperatives

Populist Party

Populist Organization

Evolved from the Farmers Evolved from the Farmers AlliancesAlliances

Evolved from the Farmers Evolved from the Farmers AlliancesAlliances

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 of 1892Omaha Platform of 1892Omaha Platform of 1892Omaha Platform of 1892

1.1. 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-monetization of silver.Re-monetization of silver.

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

1892 Election1892 Election1892 Election1892 Election

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!!

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”

William Jennings William Jennings BryanBryan

William Jennings William Jennings BryanBryanPrairie avenger, Prairie avenger,

mountain lion, mountain lion,Bryan, Bryan, Bryan, Bryan, Bryan, Bryan,

Bryan, Bryan,Gigantic troubadour, Gigantic troubadour,

speaking like a speaking like a siege siege gun, gun,Smashing Plymouth Smashing Plymouth Rock Rock with his boulders with his boulders from the West. from the West.

Revivalist style of oratory.

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!!

•Argued the “real” business real” business menmen” were farmers,

agricultural workers, miners and small town merchants. •Demonstrated the true

""pioneer spiritpioneer spirit"" of America•These workers were all but ignored by a governmentignored by a government that served the interests of big cities and large corporate

enterprise.

Bryan: The Farmers FriendBryan: The Farmers Friend(The Mint Ratio)(The Mint Ratio)

Bryan: The Farmers FriendBryan: The Farmers Friend(The Mint Ratio)(The Mint Ratio)

18,000 miles of campaign “whistle 18,000 miles of campaign “whistle stops.”stops.”

Democratic Democratic Party Taken Party Taken Over by the Over by the

Agrarian LeftAgrarian Left

Democratic Democratic Party Taken Party Taken Over by the Over by the

Agrarian LeftAgrarian Left

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

Mark Hanna: Mark Hanna: The “Front-Porch” The “Front-Porch”

CampaignCampaign

Mark Hanna: Mark Hanna: The “Front-Porch” The “Front-Porch”

CampaignCampaign

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

Mark Hanna to Candidate Mark Hanna to Candidate

McKinleyMcKinley

Mark Hanna to Candidate Mark Hanna to Candidate

McKinleyMcKinley

““A Giant Straddle”: A Giant Straddle”: Suggestion for a Suggestion for a

McKinley Political PosterMcKinley Political Poster

““A Giant Straddle”: A Giant Straddle”: Suggestion for a Suggestion for a

McKinley Political PosterMcKinley Political Poster

The The Seasoned Seasoned PoliticianPolitician

vs.vs.

The The “Young” “Young” NewcomeNewcome

rr

The The Seasoned Seasoned PoliticianPolitician

vs.vs.

The The “Young” “Young” NewcomeNewcome

rr

1896 Election 1896 Election ResultsResults

1896 Election 1896 Election ResultsResults

End of Populism

• Election Defeat

• Silver too weak of a political issue

• Fear from too many business leaders

• Improvement in Farmer’s Economic Conditions

Impact of the Populists

United We Stand, United We Stand, Divided We FallDivided We Fall

United We Stand, United We Stand, Divided We FallDivided We Fall

Government Regulation

Granger State Laws

State representatives voted into office by members of the Grange who in turn

represented the interests of farmers and passed state laws regulating railroad prices in

18 states.

Munn v. Illinois(1876)

Supreme Court decision stating that states had Supreme Court decision stating that states had the ability to regulate private property if it the ability to regulate private property if it

affected public interest.affected public interest.

Wabash Case(1886)

Declared that it was unconstitutional for states to regulate interstate commerce. Showed need for Federal regulation of interstate commerce.

Interstate Commerce

Commission(1887)

In 1887, Congress passed the Interstate In 1887, Congress passed the Interstate Commerce Act that setup the ICC.  The federal Commerce Act that setup the ICC.  The federal

government has the ability to regulate all government has the ability to regulate all aspects of interstate commerce. Rebates and aspects of interstate commerce. Rebates and

drawbacks were illegal.drawbacks were illegal.

ShermanAntitrust Act

(1890)

In 1890, Congress passed this act which prohibited monopolies or any business that

prevented fair competition.

The Bland-Allison Act of 1878 Gold standard enraged the “silveritessilverites,” mostly silver-mining

interest and western farmers. SilveritesSilverites called for free silver (precious white metal), the

unlimited coining of silver dollars to increase the money supply.

Federal government was to purchase and coin more silver, thereby increasing the money supply and causing inflation

Vetoed by President Hayes because he opposed the inflation. Congress overrode the veto.

Treasury Department refused to buy more than the minimum amount of silver required by the act.

The act had limited effect.

Sherman Silver Purchase Act of 1890Increased the amount of silver that the government

was required to purchase every month

The law required the Treasury to buy the silver with notes that could be redeemed for either silver or

gold.

Many people turned in their silver Treasury notes for gold dollars, thus depleting the gold reserves.

In 1893, President Cleveland repealed the Silver Purchase Act.

New gold mines allowed for the US to go back on the gold standard.

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

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

a. The Cowardly Lion = William Jennings Bryan  

b. The Tin Woodsman = eastern industrial worker  

c. The Scarecrow = farmer

Wicked Witch of the East = Bankers

Wicked Witch of the West =  

d. Dorothy and her "silver slippers" = the proposed silver standard  

e. The Yellow-Brick Road = the gold standard supported by financiers  

f. The Wizard of Oz = President William McKinley  

g. Toto = a small, black dog