unit 19: populism

what caused the agricultural depression?

overproduction of crops was caused by new farming technologies

how did the railroads cause the agricultural depression?

charged high rates which decreased profit

how did farmers accrue debt? 

bought more land and machinery to grow crops to pay off debts

why was deflation harmful for farmers?

they had to pay loans back with money worth more than when it was borrowed

what caused many foreclosures for farmers?

difficult to pay back mortgages with interest

tenant farming

farmers renting land from a landlord to grow crops

what caused tenant farming

economic devastation in the south after the civil war

how did the railroads become a monopoly?

lack of competition allowed them to overcharge to transport grain

what monopolies were formed during the gilded age?

steel, oil, and railroad

deflation

a period of falling prices

what did debtors do in 1870?

pushed gov to put more money into circulation

what causes the price of crops to fall?

gold standard, panic of 1873, and technological advancements

gold standard 

currency’s value was directly linked to gold

why were farmers against the gold standard?

limited money supply and deflationary

who supported the gold standard?

bankers and industrialists

goldbugs

in favor of the gold standard

silverities

free coinage of silver in addition to gold

what were the silverites considered?

bimetallists 

bimetallists

people who wanted both gold and silver to back currency

omaha platform

political manifesto adopted by the populist party of july 4, 1892

what was the purpose of the omaha platform?

outline demands and principles in response to the struggles during the gilded age 

what were the key points in the omaha platform (calls for gov reforms)

federal loan system for farmers, elimination of private banks, and regulated railroads

free silver movement

free and unlimited coinage of silver and gold

who adopted the free silver movement

democratic party

what were the goals of the free silver movement

increase money supply, inflate currency, debt relief

bland allison act 1878

gov needed to buy more silver to inflate currency and keep silver prices up

silver purchase act of 1890

government would buy 4.5 mil oz of silver per month to keep the money supply up

graduated income tax

tax system where higher incomes are taxed at higher rates

what was the influence of the graduated income tax, which was part of the omaha platform?

16th amendment

direct election of senators

system petitioned for by the populist party

how were senators chosen under the constitution?

by state legislature

why were their issues with the way senators were previously chosen?

corruption, bribery, and favoring the elite during the gilded age

another name for the populist party

the people’s party

what rhetoric did the populists spread?

anti-elite that highlighted the corrupt wealthy and elities

how did the fusion with the democrats start?

endorsing william jennings bryan for the 1896 election

why were the populists willing to fuse with the democratics?

similar views, bettering chance of presidency, spreading ideals

grassroots organizing 

community members organize to address an issue within the community

why was grassroot organizing unique?

relied on ordinary farmers/laborers instead of wealthy leaders

state/local electoral success of the populists

9 seats in congress and 6 in senate

in what regions was the party a major political force?

kansas, midwest, and west

what progressive reform did the graduated income tax inspire?

16th amendment

what did the direct election of senators influence?

17th amendment

how did the government control of currency influence progressive reforms?

federal reserve was created 

who wins the election of 1896

william mckinley

what percent of the vote did bryan have?

46%

what was the significance of the populist party, even after it collapsed?

shows the powerless can organize to influence politics

sets the stage for progressive reforms

william jennings bryan

lawyer, orator, and politician

how was bryan a dominant force in the democratic party?

ran for POTUS nominee 3 times

what was bryan’s job in politics?

served in the house from 91-95

secretary of state under wilson

what is william jennings bryan most famous for?

cross of gold speech at the dnc in favor of bimetallism

mary elizabeth lease

female political activist

what is mary leases’ saying?

raise less corn and more hell

farmers’ alliance

grassroots agrarian movements

group of farmers and sympathizers

what did the farmers’ alliance have lectures on?

interest rates, government control on railroads, banks

panic of 1893

severe economic depression caused by the collapse of railroads

what caused the railroads to collapse?

they were expanding father than the market

what was another factor to the panic of 1893

government gold supply depleted which caused a rush on banks

bank rush

widespread panic causes everyone to withdraw money

what was the direct result of the bank run?

businesses and banks collapse

significance of panic of 1893

populism grew, monetary debate, economic depression