Farmers, Railroads, and the Populist Movement

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Presentation transcript:

Farmers, Railroads, and the Populist Movement Bimetallism The Cross of Gold

Cycle of Debt Farmers borrowed money to buy machines More crop available Lowers cost Buy bigger farms to produce more Go into deeper debt

Railroad Abuses Took advantage of farmers: Charged enormous amounts for short hauls where farmers had no alternatives

Greenbacks Money used during Civil War taken out of circulation making money worth more! Couldn’t be exchanged for silver or gold

Political Action The Grange: Social outlet and educational forum for isolated farm families Farmers Alliances: Lecturers educated farmers on topics of loans and interest rates

Populism-The Movement of the People Farmers wanted political action! Increased money supply 8 hr workday Single term election Secret Ballot

Silver or Gold? Biggest issue = gold or silver for monetary system Silverites Favored bimetallism – gold or silver in exchange for $ Silver more available than gold= more money to stimulate US economy Goldbugs Favored gold standard – backing dollars with gold only

William Jennings Bryan “Cross of Gold” speech Populists happy to join with Democrats but frustrated at giving up their identity Lost to William McKinley