1. Populist Movement

2. “There is something radically wrong. The railroads have never been so prosperous. The banks have never done a better business. Manufacturing enterprises have never made more money. Towns and cities flourish and ‘boom’. And yet agriculture languishes.” What is meant by this quote?

3. “The farmer fed all other men and lived himself upon the scraps.”

4. Populism is a movement which supports "the people" versus "the elites." What is Populism?

5. Price Index for Famers

6. Need money for supplies, land, and payments Mortgage farm to buy supplies and land Cannot make payments

7. CausesEffects New inventions & efficient techniques introduced Prices of farm products decline Lack of competition among railroads Farmers’ earnings decrease, paying monopoly prices Machinery is needed; shipping costs higher Farmers are unable to pay back loans Money is in short supply Banks lend less money to farmers. Need more in circulation (silver!)

8. Farmers are angry Government is decreasing money supply – This causes money to have more real value Prices for food are falling – Monetary policy – Increasing supply Shipping costs are increasing

10. Formed by farmers to help farmers Provided social functions – Dances, picnics, lectures Economic help – Pool resources – Pressure states to regulate railroads – Cooperatives Cash only Farmers lack cash to buy goods The National Grange (1867)

11. Network of organizations similar to National Grange – Southern Alliance – Colored Farmer’s National Alliance – Northwestern Alliance More political Farmers’ Alliances (1876)

12. Populist Party (1891) Believed that… – Railroad should be regulated by government – Increase money supply (bimetallism) Also believed in… – More direct involvement in government – Eight hour workday – Graduated income tax

13. Platform of Lunacy

14. Bimetallism U.S. $$$ were worth a set amount of gold or silver Using one metal would cause value of dollar to increase – This makes it difficult for debtors to repay a loan – Also makes it better for those without debt

15. Metallic standard – dollars in the USA were backed by metal, typically gold or silver.standard “Crime of 1873”  Govt. stopped coining silver This put less money into circulation, helping big business and hurting “little guys”- farmers. Legal Gold price of silver or how many tons of silver you need to buy one ton of gold ? 16 :1 371 grains of pure silver 23.5 grains of pure gold Silver vs Gold

18. Causes Several major companies go bankrupt – RR companies – 16,000 companies disappear – Stock market crashes – People take money out of banks at once Banks have no money to lend

19. So what happens? – 500 banks close – 1895 = 20% unemployment – Plenty of room for a new, extreme party of the people to rise

20. Here Lies Prosperity

21. Tech-Bubble Dot-com bubble

22. Housing Bubble

23. Election of 1892

24. Election of 1896 Democratic/Populist Party nominates William Jennings Bryan Republican Party nominates William McKinley Republicans have 16 times the amount of money the Democratic party does – Think about it: bankers & business vs. poor farmers & workers