|
Troutman's home expectations world history American history top of page |
Mortgage
Deflation
Gold Standard
The Great Common people of this country are slaves, the
master, monopoly. Raise less corn and raise more hell.
Mary Elizabeth
Lease helped found the populist
party.
Problem facing
the farmer:
Several factors caused falling incomes.
1.) Bad Weather harsh winter of 1886-87 devastated ranchers and crops
2.) Crop prices drop due to large scale farming in other countries such as Argentina and
Canada. Cotton cheaper to burn than sell.
3.) Tariffs on imported farm machinery caused cost to rise.
4.) Transporting crops costs were higher in Rural areas
Because of declining income farmers forced to Borrow
money.
Mortgage: Borrow money
by allowing Banks to seize land if money not repaid.
A farmers Union/organization founded in 18 67 by a former clerk in the
Department of Agriculture. After the Panic of 1873 the Grange had 800,000 in
1875. Mostly great plains farmers.
3 Functions
1.) Social: Picnics, Suppers, and dances.
2.) Economic: Formed cooperatives trying to control costs.
3.) Political: Backed candidates. Passed laws to aid farmers.
Supreme Court case Name (2)
U.S. vs. American Railway Union Eugene Debs violated a court order requiring workers to return to work.
Populist believed that the ballot
box was a better path to success than the court system.
1876 Greenback Party formed.
U.S. on Gold Standard every
dollar should be worth a specific amount of gold.
The gold standard produced
deflation (Reduction of Prices)
1878 Brand–Allison Act.
Government to buy set amount of silver each year
1890 Sherman Silver purchase act increased the silver brought and permitted government money printed back by silver
A Populist Platform called for congress to authorize free and unlimited minting of silver.
|
Troutman's home expectations world history American history top of page |
Election of 1892
Populist Candidate
James B Weaver
4 m votes 4 states
Strongest showing of 3rd party since civil war.
Supporters such as
Mary Elizabeth Lease
Sockless Jay Simpson gave farmers hope.
| Farmers Alliance (1880’s) | Colored Farmers Alliance | Northern | Southern | ||
| Strong in South | 3 m white | 1 m black | Republicans | Democrats | |
| Great Plains/Midwest | 1m | integrations of Blacks | Segregation | ||
| Formed Northern Alliance |
Meet on July 4, 1892
Representatives of N/S Alliances in Omaha Nebraska formed People’s
Party Known as Populist Party
Platform 1.)
Electoral Reform wanted to Political limit
Pres and VP to one
term
2.) Secret Ballot
3.)
Senators elected directly by populace.
Other: Easier for citizens to write laws
“ to reject bills passed by legislature
“ to remove public officials from office
|
Troutman's home expectations world history American history top of page |
Business Demands:
1.) Government ownership of Banks, Railroad and Telegraphs.
2.) Reclaim land given to railroads but not used for tracks. Land to Farmers.
3.)
Supported Labor’s demand for 8 hour workday.
Economy:
Government keeps supply of money tight or low. Money is worth more.
Deflation: Falling prices.
The opposite is called inflation.
After Civil war farmers wanted government to expand the money supply (print more Green Backs)
Populism:
Coxey’s
Army unemployed workers march on Washington, D.C. disbursed by police
Why the March. Depression of 1893
500 banks failed
15,000 businesses bankrupt in 1897
3m lost jobs 750,000 on strike
including Homestead and Pullman
Glover Cleveland only President to serve 2 separate term.
1893 Depression Cause
Bad times in Europe
Declining Farm Prices
Industries/Railroads expanded \
Too quickly deep in debt
Business closing ruin banks
Governments silver policy
1. People traded silver for gold
a. Drained gold supply
b. Weakened public confidence in the dollar
|
Troutman's home expectations world history American history top of page |
Cleveland called special session of Congress to Repeal Sherman Silver Purchase Act.
Gold Reserves dwindled.
1895 J.P. Morgan (Banking Tycoon)
A group of Bankers brought bonds at
bargain prices then sold to public at higher Prices. Huge Profit.
Populists outraged at wealthy because of Profit from
Nation’s Troubles.
1895 US vs. E.C. Knight Sugar refinery
owned 90%
Manufacturing companies can take over as much of market as possible.
1895 US vs. Farmers’ Loan and
Trust Company declared a 1894 income tax unconstitutional. A lawyer called the
tax “Communistic, socialistic and populistic.”
Populist
Democrats
Republicans
Platforms silver standard silver standard gold standard
Lower tariffs
Tighter regulations on Business
Silver/gold
Supported Income tax
| Candidates | ||
| Populists Party | Republican Party | Democrat Party |
| P William Jennings Bryan | P. William McKinley | P William Jennings Bryan |
| VP Thomas Watson | VP Garret Hobart | VP Arthur Sewall |
| Bryan | McKinley | |||
| Travel | 18,000 miles/train | stayed at home | front porch Campaign | |
| 600 speeches | used 1500 speakers | |||
| 5m Americans | 250m piece of campaign literature | |||
| election |
Bryan |
McKinley |
||
|
6.5 m |
7.1 m |
|||
| Won | S/W | NE | ||
| Split Midwest | Split Midwest | |||
| failed to include urban workers | Included urban wanted stability | |||
| Workers w/ farmers | Urban feared higher Prices if money Supply increased |
Populist Party lost power and many joined with Democrats
1896 Republican controlled the White House, Senate and House
After the collapse of the Populist Party
1. The money supply was increased due to discovery of gold in Alaska.
Farmers used the newly available
money to increase crops which resulted in a better harvest and greater crop
exports.
Populist demands would be met by reforms after 1900.
Troutman's home expectations world history American history top of page