Populism and the Silver and Gold StandardUnit 4

Words to Know…•Populist Party: a group in the 1890s who wanted a policy that would raise crop prices

•free silver: a policy in which there is unlimited mining of silver

•gold standard: a policy in which the government backs every dollar with a certain amount of gold

The Gold Standard•before the Fed, the government used the gold standard to control money▫you could go to the bank and exchange $1 for a certain amount of gold

Formation of the Populist Party•farmers were creating a large supply of food but demand was down▫prices dropped due to overproduction

▫also spending more on trains and farm equipment

Formation of the Populist Party•different farm groups created the Populist Party▫believed in free silver which would lead to inflation and raise prices again

Election of 1896•William Jennings Bryan▫free silver▫Democrat

•William McKinley▫gold standard▫Republican

•McKinley wins