1. The Populists
AIM: How successful were the Populists in dealing with the problems of the farmers?

3. I. Problems of the Farmer
Prosperity tied to the weather.
Falling crop prices
Mortgage Foreclosures
High Tariffs
High RR rates
Middlemen high rates

5. How does Nast explain the difficulty in getting RR laws passed?

6. II. Granger Cases A. Munn v. Illinois, 1877
Facts: IL passed a law to fix rates RR could charge
Issue: Can a state regulate RR rates?
Decision: Movement of grain is in the public interest and can be regulated

7. B. Wabash v. Illinois 1886
1. Facts: RR charged more for a short haul vs. a long haul
Issue: Can a state regulate RR rates that cross state lines?
Decision: Only Congress can regulate interstate trade

8. Interstate Commerce Act 1887
Sought to regulate railroad abuses such as pools, rebates
Ineffective for many years

9. III. Money Problem Farmers silver backed money.
Increase money in supply.
Cause Inflation = Crop Prices will go UP = pay off their debts
Problem:

10. : Greenback issued
Farmers and Debtors v. Wealthy
B. Crime of gov’t stopped coining silver
Bland Allison Act – 1878
1. Limited coinage 16:1 ratio

11. 1890 Sherman Silver Purchase Act
1. Increased purchase and coinage silver
2. People began hoarding gold, depletes Treasury

12. IV. Populist and Politics A. Goals of the Populist Party

13. 1. Omaha Platform 1892 Direct election of senators
Initiatives and Referendums
Unlimited coinage of silver to increase money supply

14. Graduated income tax
Public ownership of RR, telegraphs, telephones
Federal loans and warehouse for farmers
8 hour work day

15. 2. Election of 1892 a. James Weaver (Populist candidate)
b. Lose southern vote Why?
c. Grover Cleveland

16. 3. Panic of 1893 Stock market crash due to RR overbuilding
Unemployment and loss of farms
Soup Kitchens/Hobos
President Cleveland takes laissez faire approach

17. Residents of a shantytown on Chicago’s lakefront after the Panic of 1893.

18. J.P. Morgan offers to buy US gold bonds to protect it from leaving the country.
Wilson-Gorman Tariff 1894
1) Reduces tariff
2) Income tax on income higher than
$2000 a year

19. 4. Coxey’s Army
a. Jacob A Coxey of Ohio leads 1000’s of unemployed on march on Washington
b. Demand $500 Million pubic works project

20. c. Army arrests protesters
d. William H. Harvey “Coin’s Financial School” blames bankers

22. V. Election of 1896 A. Candidates
William Jennings Bryan (D) “Silverites”
William McKinley (R)
“Gold Bugs”

23. B. William Jennings Bryan “Gold Cross Speech”
“You shall not press down upon the brow of labor this crown of thorns!
You shall not crucify mankind upon this cross of gold!!”

24. C. Outcome of Election

25. D. Significance of Election
1. Populist Demise
Urban Dominance
Beginnings of modern politics

26. E. Impact of the Populists
How did the Omaha Platform inspire a generation later with government reform goals?