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The Populist Revolt

Overview. The Populist Revolt.

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The Populist Revolt

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  1. Overview The Populist Revolt

  2. The economic transformations of the Gilded Age left farmers in a precarious position. The mechanization of farms coupled with the expansion of railroads made the farmer’s tasks more efficient and connected them to larger markets. However, deflation, debt and currency policies of U.S. financial institutions plagued the farmer by the 1890s and set the stage for revolt. The People’s Party formed to redress the grievances of the American farmer. Organizing Principle

  3. The Gilded Age connects economies • The farmer’s transition • Buy goods instead of produce • Montgomery Ward—catalogue (1872) • Cash crops>foodstuffs • Specialists and businesspeople • Tied to banking, manufacturing and industry • Mechanization displaces farmers • Steam power, plow, seeder, harrow, twine binder, combine (etc.) • Bonanza Farms • Prelude to agribusiness The Farm Becomes a Factory

  4. World markets dictated prices • Farmers competed globally • Deflation-devaluing the currency • 1860-1890: money lost value • It cost more to pay debts (mortgage) • Money supply • Circulation during Gilded Age • 1870—$19.42/person • 1890—$22.67/person • Interest • 8% to 40% from eastern banks • Mortgage crisis • Debt/Production cycle dooms farmers • Land repossession—auctioned • Tenancy skyrockets Deflation Dooms the Debtor

  5. Bad news • Grasshoppers and weevils • Floods—erosion • Droughts • Fertilizer—expensive • Government • Tariffs, land assessments, and taxes • Trusts • Middlemen • Operators • Railroads! • Individual nature of farmers left them unorganized Unhappy Farmers

  6. The Grange (1867) • Oliver H. Kelley—founder • Enhance lives of farmers • Social, educational, and fraternal activities • Collective plight of farmers • Cooperatives • Politics • Granger Laws • Greenback Labor Party • Inflationary monetary policy • 1878—14 laborites sent to congress The Farmers Take their Stand

  7. The Farmers’ Alliance • Started in Texas—mid 1870s • Spread to the Midwest and South • Set up retail and marketing cooperatives • Attempt to reduce RR and manufacturer control of goods • Mobilized struggling farmers to a political cause • National Farmer’s Alliance (1880) • 1,000,000 strong • Limitations • Ignored the demands of tenant farmers • Alienated black farmers in the South Prelude to Populism

  8. The People’s party • Est. 1892—Omaha, Nebraska • Attacked “money” trust • Omaha Platform • List of demands (to name a few) • Government control of RRs • “sub-treasury” • Unlimited coinage of silver • Election of 1892 • James Weaver • polled more than 1,000,000 votes • won CO, KS, ID, NV Political Populism in the 1890s

  9. The Panic of 1893 • Strengthens populist argument of reform • The working class • Coxey’s Army • Jacob S. Coxey & “living petition” army • Demanded government relieve unemployed • Public works jobs—paid with currency expansion • Arrested at the White House • Pullman Strike • Broken by court injunction Potential Allies?

  10. Election of 1896 • Currency=main issue • Republicans • William McKinley • Endorsed by Marcus Alonzo Hanna—iron magnate • Pledge support of gold standard • Democrats • Rebuke Cleveland • Nominate William Jennings Bryan • “Cross of Gold Speech” • Adopts “16 to 1” plank of the People’s Party • Demo-Pop coalition • McKinley victorious • Hanna launches propaganda campaign Golden McKinley v. Silver Bryan

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