1. Period 2, 5, & 6  We will examine the debate in the United States over the use of gold and silver. We will also examine what an allegory is.  Go Over Homework  Chapter 5 Notes  Allegory  Letter

2. Farmers and the Populist Movement  US prints greenbacks during the Civil War  Greenbacks couldn’t be exchanged for gold or silver  Worth less than hard money  Pulling the Greenbacks out of circulation caused prices to drop  Wheat went from $2 a bushel to 68 cents

3.  Farmers paid high prices to the railroad to grain  Railroads had a Monopoly- no competition and could charge what they wanted  Farmers organized into the Grange to fight the railroads

4. Populist Party Platform  Economic Reforms  Increase the money supply  Graduated income tax  Society Reforms  8 hour workday  Restriction on immigration  Government Reforms  Election of US Senators  1 term for President

5. Bimetallism v. Gold Standard Bimetallism  Use both gold and silver to back papery money  Allows for money to be printed Gold Standard  Use only gold to back paper money  Less money to be printed  Currency more stable

7. Election of 1896 William Jennings Bryan William McKinley

8.  Populist Movement fails to win the election of 1896  Two powerful legacies  Lower class could organize to try and improve situation  Many reforms are passed in the 20 th century

9.  What is an allegory?