Farmers and the Populist Movement

Farmers and the Populist Movement • Oliver Hudson Kelly • Grange • Farmers’ Alliance • Populism • Bimetallism • Gold Standard • William McKinley • William Jennings Bryan

Farmers’ Problems • Falling price of crops • Mortgaged farms to continue farming • Banks foreclosed on the farms • RR companies were taking advantage of farmers • Raising cost of shipping • Reforms were needed

Grange • Oliver Hudson Kelly founded the “Grange”(1867) • Originated as a social outlet and educational forum • Grange members began fighting rr companies (1870s) • Grange led to Farmers’ Alliances

Farmers’ Alliances • Groups that sympathized with farmers • Began to educate farmers on lower interest rates and gov’t control over banks and railroad companies

Populism • 1892 • “The Movement of the People” • Demanded reforms to lift the burden for farmers • Gave people a greater voice in government

Populist Reform • Economic Reforms • Graduated income tax • Federal loan programs • Government Reforms • Popular vote for senators • Single terms for pres. and v.p. • 8 hour work day • End of immigration restrictions

Populist Reform cont. • Populists gained political office • 5 populist senators • 3 governors • 1,500ish state legislators

Bimetallism • Panic of 1893 • Farmers were overextended with debts • RR companies were building rr faster than the market could support • Some rr companies went bankrupt • Stock market crashed in May 1893 • People began trading in paper money for gold

Bimetallism cont. • End of 1893 15,000 businesses and 500 banks closed • Brought the issue of the basis of the U.S. monetary system into the pres. Campaign • “Silverites” • Supported bimetallism • Government would back paper money with both gold and silver • Would make more money, but would be worth less • Farmers would be able to pay back loans at a lower cost to them • Believed it would stimulate the economy

Bimetallism cont. • “Gold Bugs” • Favored backing paper money with gold only • President Cleveland supported • Prices would fall • Value of money would increase • Less people would have money

Election of 1896 • William Jennings Bryan • Democrat • Favored bimetallism • This split the Democratic party • William McKinley • Republican • Favored Gold Standard • Populists favored Bryan • Didn’t like his V.P. candidate

Election of 1896 • Populists put all of their chips on bimetallism • Endorsed Bryan • Nominated their own candidate • McKinley had more business support • Bryan went to 27 states making 20 speeches a day

Election cont. • Bryan lost by 500 000 votes • Carried the South • Midwest Farm vote • Some of the West • McKinley took the East • Rest of the Midwest vote • Feared bimetallism would raise inflation

End of Populism • Spent too much time fighting for Bimetallism • Did create a valuable legacy • Proved that the downtrodden could organize and prove to be a political power and create an agenda for change • Many Populist changes enacted in the 20th Century

Farmers and the Populist Movement