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Farmers and the Populist Movement

Farmers and the Populist Movement. 5.3 Notes. Farmers in Debt. New technology – machinery expensive High railroad shipping fees Loans taken out to pay for supplies Crop prices fall – must harvest more Bonanza farms Enormous single-crop farms of 15,000-50,000 acres

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Farmers and the Populist Movement

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  1. Farmers and the Populist Movement 5.3 Notes

  2. Farmers in Debt • New technology – machinery expensive • High railroad shipping fees • Loans taken out to pay for supplies • Crop prices fall – must harvest more • Bonanza farms • Enormous single-crop farms of 15,000-50,000 acres • Invested in by RR companies • Buy more land – go further into debt

  3. Economic Distress • Civil War era money taken out of circulation • $500 million issued in paper money – greenbacks • Could not be exchanged for gold/silver money • Worth less than “hard money” • Value of regular dollar increased • Farmers paying back loans with money worth more than amount borrowed • Two strikes b/c price of crops falling too

  4. Railroad Problems • No RR competition • Prices not driven by competing companies • Secret agreements with “middlemen” • Storage prices, etc. • Affects overall market prices for crops • Farmers start to buy on credit • High interest rates • Prices higher when bought on credit

  5. Farmers’ Alliances • Oliver Hudson Kelley – Patrons of Husbandry • The “Grange” • Social outlet and educational forum for isolated farm families • Began to fight RR • Taught how to organize, sponsor state legislation • Farmers’ Alliances • 4 million members • Educate farmers

  6. Populism • Farmers needed political power to create change • Populism or “People’s Party” • Movement of the people • Attractive to farmers and laborers • Platform of reform • Increase in $ supply – create rise in prices • Graduated income tax • Federal loan program • Election of US senators by popular vote • Single terms for Pres and VP • 8 hour workday • Restrictions on immigration

  7. Panic of 1893 • Numerous RR companies went bankrupt • Gov’t gold supply worn thin • People trading paper $ for gold • Stock prices fell • Silver price fell • 15,000 businesses , 500 banks collapsed • Decreased investments • Consumer purchases, prices, wages fell • 1/5 of work force unemployed

  8. Silver or Gold? • Biggest issue = gold or silver for monetary system • Silverites • Favored bimetallism – gold or silver in exchange for currency • Silver more available than gold • Would mean more money in circulation to stimulate US economy • Goldbugs • Favored gold standard – backing dollars with gold only

  9. William Jennings Bryan • 1896 Democratic Presidential nominee • Editor of Omaha World-Herald, NE congressman • Favored combined gold and silver standard • “Cross of Gold” speech • Populists happy but frustrated at giving up their identity • Lost to William McKinley

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