Unit 5D: The Working Class

What major problems did western farmers face during The Gilded Age?

They faced falling crop prices due to overproduction, high interest rates on mortgages, high shipping rates from railroads, and potential financial ruin.

Bimetallism

Using currency based on both gold and silver to inflate the money supply.

What did groups like the Grangers and the Farmers Alliance demand?

They demanded government regulation of railroads and banks, and the formation of co-op stores, banks, and silos.

What new political party was formed by westerners in 1890?

The Populist Party.

What did the Populist Party demand regarding railroad policies?

They demanded an end to laissez-faire policies and regulation of railroads to force lower rates for farmers.

What tax reform did the Populists advocate for?

They wanted a national income tax to relieve the tax burden on farmers.

What amendment did the Populists call for in regards to senators?

An amendment to allow citizens to directly elect senators.

What was the most important issue in the 1896 election?

Bimetallism.

Who supported the gold standard in the 1896 election?

Republican William McKinley.

Who was the Populist candidate in the 1896 election?

William Jennings Bryan.

What was the title of William Jennings Bryan's famous speech?

The "Cross of Gold" speech.

What were the consequences of Bryan's campaign despite his popularity among farmers?

McKinley won the election, and the gold standard was restored, effectively killing the bimetallism movement.

What happened to the Populist Party after the 1896 election?

The Populist Party died after the election.

Which progressive reforms were influenced by Populist ideas?

The national income tax, direct election of senators, and regulation of railroads.

When was the Populist Party formed?

In 1890.

Which era followed the decline of the Populist Party?

The Progressive Era (1890-1920).

What led to the financial ruin of many farmers during The Gilded Age?

Lowered crop prices and inability to repay debts.

What type of financial institutions did farmers call for?

Cooperative stores, banks, and silos.

What was the impact of high railroad shipping rates on farmers?

It increased their financial burden and contributed to their struggles.

What legislation did the Populist Party seek to change during their existence?

They aimed to change policies such as the regulation of railroads and the implementation of a national income tax.