APUSH Period 6: 3a Populism

“Dilemma of the Farmer”

List of grievances by the farmers of the time including high interest rates, insufficient and expensive credit, high industrial prices for farm equipment, and low crop prices.

High Risk

Farmers were seen as high risk to banks when loaning out money due to the instability of the market. Due to this “high risk” profile which they had obtained banks usually charged higher interest rates putting the farmers under higher economic stress.

Middlemen

Facilitators who purchased crops from farmers and refined and shipped them to be sold. These middlemen were often monopolistic and over priced sometimes taking ½ of the profit of crops.

Crop Lien System

Credit system in which farmers would pledge a portion of their yearly crop to purchase the equipment and seed for the season.

Farmers Alliances

Organizations of farmers which hoped to remove the middlemen in the agricultural market and provide a safer environment for farmers.

Cooperative Stores

Shops owned and stocked by farmers that aimed to sell goods for a cheaper price then middlemen retailers. 

Granger Laws

Laws put in place by politically elected farmers to regulate railroad rates and grain elevator fees, aiming to protect farmers from exploitative practices.

Interstate Commerce Commission (ICC)

Due to the court decision that Granger laws were unconstitutional a organization had to be formed to protect farmers. First regulative body produced by the federal government.

Bimetallism 

Economic policy which used both gold and silver to back the U.S dollar.

Monetize

Using metals and raw resources to back a countries currency. 

Gold Standard

Monetary system which uses gold at a metallic backing for a countries currency such as the USD.

16 to 1 Ratio between Gold and Silver

Proposed exchange rate between gold and silver placed 1 oz of gold as equivalent to 16 oz of silver. 

Free and Unlimited Coinage of Silver

Allowed in U.S citizen to go to the federal reserve and get silver minted thus increasing the money supply and helping to stabilize the economy.

Inflation

General increase in pricing of goods and services.

Bland Allison Act (1878)

U.S legislation which required the federal government to buy a certain amount of silver per year to help increase the money supply in the U.S. 

McKinley Tariff (1890)

Congress imposed a 50% tariff on all foreign goods in attempts to protect American industry from foreign markets.

Sherman Silver Purchase Act (1890)

Doubled the amount of silver which the government was forced to buy each year. 

“Hoarding Gold”

Due to the lack of stability in the silver market people began to hoard gold as a precious asset and a indication of wealth.

Panic of 1893

Economic depression in the United States as a result of the McKinley Tariff and the Sherman Silver Purchase Act. 

National People’s Party (Populist Party)

Third political party which unlike previous parties stood for a variety of American issues such as workers rights, farmers concerns, as well as anti-elite sentiments and monetary reform.

James Weaver

First presidential nomination by the National People’s Party (Populist Party) ran in 1892 advocating for agrarian change in legislature.

Mary E. Lease

Political speaker who pushed farmers to focus less on corn and more on raising awareness and pushing for change in the government.

Cleveland

First president post civil war elected from the Democratic party being the first person to serve two nonconsecutive terms.

3rd parties single issues

Most political parties failed to bring in votes due to the mostly singular focus of their campaigns. 

Uncontrolled industrial capitalism

Economic system which involved very little government intervention. The Populist Party campaigned on many of the ideas which opposed this political party. 

Public ownership of railroads

Advocacy for complete government ownership and control of railroads to insure farmers of fair freight rates. 

A graduated income tax

Economic policy which increases tax rates as a persons income became higher which is for the betterment of the people. 

The Direct Election of Senators

The Populist party pushed for the election of Senators by the people rather than state legislatures. This change would be in attempts to end the so called “millionaire’s club” which people believed the Senate had become. Truly democratic

The Initiative

Would allow the people to be more involved in state legislatures through a petitioning process. Truly democratic

Referendum

Any law passed by state legislature would by the request of the people be placed on a ballot for the people to vote for or against.

Australian Secret Ballot

Voters could vote in private without fear of persuasion or persecution also reducing bribery and coercion in elections.

Populist platform “planks”

Positions taken by the Populist party which were “standing points” of their campaign and ideology.

Gold from J.P. Morgan

During President Clevelands presidency he was forced to borrow 65 million dollars worth of gold from J.P. Morgan. This purchase stabilized the economy from silver inflation.

William McKinley of Ohio

Elected representative of the Republican party winning the 1896 election against the Democratic parties William Jennings Bryan.

William Jennings Bryan

Democratic parties elected representative running against William McKinley in 1896 after his speech on the free coinage of silver.

Cross of Gold

Famous speech by William Jennings Bryan advocating for the coinage of silver and its positive impact on farmers and the economy as a hole.

Front porch campaign

William McKinley’s political strategy in which he gave speeches at home to a select few who went out and spread the word of his candidacy to the public.

Democratic Bryan ‘stumped’

Traveled a massive 18,000 miles during his campaign giving 600 speeches to promote his vision for America and rally voter support.

Alaskan gold rush

Eased the issue of mass inflation as it allowed for the governments mass purchase of gold to slow mass inflation at the time.

Progressives

Political party coming after the Populist party which vowed to fix the issues of American inflation, economic inequality, women’s suffrage, etc.