4 03 Describe the causes and effects of

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4. 03: Describe the causes and effects of the financial difficulties that plagued the American farmer and trace the rise and decline of Populism

13. 3 Ø Farmers unite to address common problems.

Problems for farmers: Ø Overproduction Ø Crop prices fall Ø Good farm land becoming scarce. Ø RR took advantage of farmers, increased prices for shipping/storage. Ø Banks foreclosing on farms.

Why did farmers think that an increased money supply would help solve their economic problems? Ø Would increase prices for their products.

Ø Granges- local farmers formed cooperatives- pulling their own resources to buy equipment/supplies. Ø Different types form: l l l -National Farmers Alliances -Southern Alliance -Colored Farmers Alliance

Populist Party Platform: Ø Increase money supply (Greenbacks) Ø Bimetallism- allowing free silver and gold to back money. Would pump more money into the economy and ease burden on farmers. Ø More government regulation Ø Give more people greater voice in gov’t.

Mann v. Illinois Ø States had the right to regulate certain businesses within its own borders Ø 1877

Wabash v. Illinois Ø Supreme Court ruled that any railroad traffic across state lines could only be regulated by the federal government. Ø 1886

Interstate Commerce Act Ø 1887 Ø Law provided for the creation of Interstate Commerce Commission (ICC) Ø Regulated RR rates in the name of public interest

Populist also. . Ø Advocated rebates- (subsidies) payments to farmers whose goods did not sell due to overproduction.

Omaha Platform Ø 1892 - Populists adopted Ø Unlimited coinage of silver Ø Government regulation of RR and industry Ø Graduated income tax Ø Election reforms (popular vote for senators, secret ballot, single term for president)

1896 Presidential Election Ø Republican: William Mc. Kinley Ø Democrat: William Jennings Bryan (supported by Populists) Ø Debate over Bimetallism and Gold Standard

Why was the metal that backed paper currency such an important issue in the 1896 Presidential campaign? Ø People thought paper currency had value if it only could be turned in for precious metals (gold/silver)

“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!”

What is the problem with Bryan’s speech? Ø He supported free silver, consumers fear inflation –put more money into circulationprices increase.

Ø Populism collapsed with Mc. Kinley’s win and it would bury the hopes of farmers.

2 Powerful legacies left over from Populism: Ø 1. Message that the downtrodden could organize and have political impact. Ø 2. An agenda of reforms which would be enacted in the 20 th century.

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