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Inflation/Deflation

Inflation/Deflation. What is inflation? What could the government do to fight this? What is deflation? What could the government do to fight this? Which is worse? Why?. Farmers and the Populist Movement. Ch. 13.3. I. Farmers ’ Problems. Debts

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Inflation/Deflation

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  1. Inflation/Deflation • What is inflation? What could the government do to fight this? • What is deflation? What could the government do to fight this? • Which is worse? Why?

  2. Farmers and the Populist Movement Ch. 13.3

  3. I. Farmers’ Problems • Debts • Railroads charged high prices for shipping and storage • Few companies- little competition • Farmers bought seeds on credit w/high interest rates • Prices fell, farmers mortgaged their farms • Banks foreclosed on farms

  4. Monetary Issues • Greenbacks, money not backed by a metal, were printed during the Civil War- not worth much • Greenbacks phased out, value of money went up (deflation) • With prices falling, farmers wanted more money in circulation

  5. II. Rise of Populism • Farmer’s Alliances • The Grange, founded by Oliver Hudson Kelley, helped organize farmers and fight against railroads and banks • other Farmers’ Alliances were formed and organized lecturers

  6. Populist Party • “People’s Party” formed 1892 • Platform: • Lift tax burden from farmers • Increase money supply- higher prices • Graduated income tax • Federal loans • Popular election of senators, secret ballots, 1 term for President • 8-hr work day, immigration reform • Party had early success, adopted by Democratic Party

  7. Panic of 1893 • Causes: Farmer debt, fast growth of railroads, limited gold supply • Effects: Stocks fell, silver dropped, businesses and banks collapsed, unemployment, wages and prices fell

  8. Silver and Gold • Gold Bugs- wanted $ backed by gold standard • Bankers and businesses • Stable currency, deflation • Silverites- wanted bimetallism, $ backed by silver and gold • Farmers and laborers • Inflation, stimulate the economy

  9. III. Fall of Populism • Election of 1896 • William McKinley (Rep., Gold) vsWilliam Jennings Bryan (Dem., Silver) • Bryan campaigned hard but McKinley outspent Bryan • McKinley won, killing the Populist movement

  10. Legacy of Populism • Popular movements of the poor could have political impact • Many reforms ideals would later succeed

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