U.S. Political and Economic Movements 1880-1896: Populism, Silver, and Tariffs

What was the Sherman Anti-Trust Act designed to do?

Limit the sizes of businesses by prohibiting companies from conspiring in monopolies.

What did the Sherman Silver Purchase Act require?

The Treasury to purchase 4.5 million ounces of silver each month with new paper money.

What was the purpose of the McKinley Tariff Act?

To raise tariffs on manufactured goods to their highest level and appease farmers by addressing party debts to corporate donors.

Which states were admitted to the Union during this period?

Wyoming and Montana.

What financial challenges did farmers face post-Civil War?

Depressed prices and debt due to overproduction and international competition.

What was the 'Crime of '73' regarding currency?

The Republican Congress declared that currency could only be gold, not silver.

Why did farmers support the use of silver currency?

They believed it would deflate the currency and raise the prices of their goods.

What was the National Grange of the Patrons of Husbandry?

An organization founded by Oliver H. Kelley that offered social programs, educational opportunities, and cooperatives for farmers.

What were Granger laws?

Laws passed in Midwestern states to regulate the costs of railroads and warehouses.

What was the goal of the Farmers Alliances?

To organize social activities and encourage political and economic activism among small farmers.

What was the Populist Party's main platform?

Support for increased government activity in the economy, control of the money supply, and support for agriculture.

What was the Panic and Depression of 1893 characterized by?

Overextended railroads and banks collapsing, leading to 15,000 business failures and high unemployment.

What was the outcome of the 1896 election?

William McKinley won against William Jennings Bryan, leading to the disintegration of the Populist Party.

What was the significance of the repeal of the Sherman Silver Purchase Act?

It deepened the economic depression by limiting the money supply to gold.

Who was William Jennings Bryan?

A pro-silver, two-term congressman and Democratic nominee who campaigned against eastern companies manipulating the money supply.

What was the political divide within the Democratic Party regarding currency?

The divide was between Silverites, who supported silver currency, and Goldbugs, who supported gold.

What was the impact of the Populist Party on American politics?

It encouraged political activism among farmers but ultimately disintegrated after the 1896 election.

What did the Populist Party advocate for regarding taxation?

A progressive income tax.

What did the Populist Party propose for transportation?

Federal ownership of transportation to support agriculture.

What was the unemployment rate during the Panic of 1893?

Unemployment was at 20%.

What was the relationship between the Populist Party and the Democratic Party in the 1896 election?

The Populist Party supported Bryan, but after his defeat, it disintegrated and the Republicans dominated.