Farmers and the Populist Movement

Main Idea: Hi

Farmers united to address their economic problems, giving rise to

the Populist movement

Causes of Populist Movement

• Economic hardships faced by farmers– Debt, farm foreclosure; falling prices of crops

• Retirement of Greenbacks– Paper– Increased– Meant

• Farmers taken advantage of by Railroads– High prices to – Lack of

Populism

• Cause:

• Definition: movement of the people (1892)– Started as social club and educational forum for farm

families

• Platform:

Populist Party Platform

• Increase money supply– Would – Graduated income tax

• Federal loan program• Government reforms

– Popular election of Senators– Single terms for president– Secret ballot to end vote fraud

• Eight-hour work day• Restrictions in immigration

Popularity of Populist Platform

• Very!– In 1892 election, populist candidate won 10%

of total vote– Won 5 senate seats, 3 governor positions, and

1,500 state legislator positions

• Became platform of the modern Democratic Party– Concept that government is responsible for

reforming social injustices

Argument over Monetary System• Cause:

– Farmer debt; RR bankruptcies; government’s gold reserves thin; stock market crash; business and bank failures; value of silver plunged

• Cause:– Business owners and bankers of Northeast were

Republicans– Farmers and laborers were Democrats

• Cause:

Silverites• Who they Were: Farmers and laborers

– Democrat and Populist party– William Jennings Bryan (1896 candidate)

• What they Wanted:

• Why: Products would be sold at higher prices

• Effects: Inflation– Prices rise– Value of money decreases

– More people have money

Gold Bugs• Who they Were: bankers and business men

– Republican party– Grover Cleveland, William McKinley (1896 candidate)

• What they Wanted:

• Why: Loans would be repaid in stable money

• Effects: Deflation– Prices fall– Value of money increases– Fewer people have money

“Cross of Gold” Speech

“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.”

http://historymatters.gmu.edu/d/5354/

End of Populism

• McKinley won election of 1896– By half a million popular votes

• Legacy of Populism:– Message – Agenda of reforms (many of which were

enacted in 20th century)