The Debate over Money  Farmers were concerned about tariffs  Tariffs reduce foreign competition  Foreign countries counter with their own tariffs 

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Presentation transcript:

The Debate over Money  Farmers were concerned about tariffs  Tariffs reduce foreign competition  Foreign countries counter with their own tariffs  Value of money Money Supply  Increase supply of $ by govt. results in inflation (FARMERS LIKE THIS)  Reducing supply of $ by govt. results in deflation (BANKS LIKE THIS) GREENBACKS were introduced after the Civil War.

Bi-Metallism Issue Gold & Silver coins, as well as greenbacks, could be traded for actual gold or silver by the govt. This standard regulated the $$$ supply in the U.S. “The FED” est controls the $$$ supply today.

The Silver Issue  “Crime of ’73”  demonetization of silver (govt. stopped coining silver).  Bland-Allison Act (1878)  limited silver coinage to $2-$4 mil. per mo. (based on the 16:1 ratio of silver to gold).  Sherman Silver Purchase Act (1890)  The US Treasury must purchase $4.5 mil. oz. of silver a month.  Govt. deposited most silver in the US Treasury rather than circulation.

Price Indexes for Consumer & Farm Products:

Founder of the National Grange of the Patrons of Husbandry (1867)

The Grange Movement  First organized in the 1870s in the Midwest, the south, and Texas.  Set up cooperative associations.  Social and educational components.  Succeeded in lobbying for “Granger Laws.”  Rapidly declined by the late 1870s.

The Farmers Alliances  Begun in the late 1880s (Texas first  the Southern Alliance; then in the Midwest  the Northern Alliance).  Built upon the ashes of the Grange.  More political and less social than the Grange.  Ran candidates for office.  Controlled 8 state legislatures & had 47 representatives in Congress during the 1890s.

The Populist (Peoples’) Party  Founded by James B. Weaver and Tom Watson.  Omaha, NE Convention in July,  Got almost 1 million popular votes.  Several Congressional seats won. James B. Weaver, Presidential Candidate & James G. Field, VP

Omaha Platform of Abolition of the National Bank. 2. Direct election of Senators. 3. Govt. ownership of RRs, telephone & telegraph companies. 4. Government-operated postal savings banks hour work day for government employees. 6. Abolition of the Pinkerton detective agency. 7. Re-monitization of silver; unlimited minting 8. A single term for President & Vice President. 9. Progressive income tax– more $$, higher % of taxes

A Platform of Lunacy?

Populist Platform

1892 Election

William Jennings Bryan ( ) The “Great Commoner” DEMOCRAT “SILVERITE”

Bryant’s “Cross of Gold” Speech “You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold!”

William McKinley ( ) REPUBLICAN Gold Standard

1896 Election Results

Gold Triumphs Over Silver  1900  Gold Standard Act  confirmed the nation’s commitment to the gold standard.  A victory for the forces of conservatism.

Why Did Populism Decline? 1. The economy experienced rapid change. 2. The era of small producers and farmers was fading away. 3. Race divided the Populist Party, especially in the South. 4. The Populists were not able to break existing party loyalties. 5. Most of their agenda was co-opted by the Democratic Party.