The Populist Movement

1. The Populist Movement

2. What was it? • coalitions of agrarian reformers • mostly in the Mid-West and South • wanted political and economic reforms • late 19th to early 20th centuries

3. Prelude to Populism • Grange Movement: (The Patrons of Husbandry, or the Grange) • founded in 1867 to advance methods of agriculture, to promote the social and economic needs of farmers • political advocacy for farmers – still today! • secret meetings, symbols: kinda like the Freemasons for farmers

4. Prelude to Populism • Greenbacks: paper dollars NOT backed by gold, financed Civil War – controversial after the war • Greenback movement - Greenback Party, 1868-88 • (mostly) farmers who wanted to increase amount of Greenbacks in circulation • Why? • would maintain high prices

5. Prelude to Populism • Farmers’ Alliance founded in TX, late 1870s - grew out of the Grange Movement • separate from Colored Farmers’ Alliance • 1890: more than a million members • Problems: • targeted to land-owners, thus ignoring tenant farmers • excluded blacks, half all southern farmers • Goals: • nationalize RR • abolish national banks • institute a graduated income tax • government-owned warehouses where they could store their crops until market prices rose while taking out loans against the assumed future value of their crops

6. The People’s Party • 1890s: alliance of farmers called upon the federal gov’t to buffer economic depressions, regulate banks and corporations, and help farmers during hard times • 1892: Populist presidential candidate, James B. Weaver, got 1,000,000 votes • Tom Watson (GA): racial hatred weakened the power of farmers (candidate, 1904)

7. Prelude to Populism • SC Gov., Senator “Pitchfork” Ben Tillman • saw himself as a populist supporting farmers but openly racist • 1896 Dem convention speech supported the silver movement to support farmers • political cartoon: “Suggested by Senator Tillman's Speech in the Senate of the United States.” People's Advocate, Columbiana, Alabama, March 19, 1896.

8. “Pitchfork Ben” Tillman • “When this convention disperses, I hope my fellow citizens will have a different opinion of the man with the pitchfork from South Carolina. I am from South Carolina, which was the home of secession. [Great hissing.] Oh, hiss if you like. There are only three things on earth which can hiss—a goose, a serpent, and a man, and the man who hisses the name of South Carolina has no knowledge whatever of its grand history. But I tell you I do not come from the South Carolina of 1860, which you charge brought about the disruption of the Democratic Party. The war there declared was for the emancipation of the black slaves. I come now from a South Carolina which demands the emancipation of the white slaves.” – 1896 Democratic Party Convention speech

9. President McKinley • WilliamMcKinley (R), Ohio • president Mar 4, 1897 – Sep 14, 1901 (assassinated) • Sp.-Amer War, imperialism: annexed Hawaii, Philippines, Guam, Puerto Rico • election ally: Senator Mark Hanna (R) • Hanna’s money and political influence got McKinley nominated • McKinley’s political philosophy: tariffs are good; follow will of the people

10. William Jennings Bryan • 1896 convention: Democrats in turmoil • Pres. G. Cleveland very unpopular (in 2nd but non-consecutive term) • “Silverite” faction in firm control. • William Jennings Bryan (D), NE • “Cross-of-Gold Speech” • supported bimetallism • won the nomination • (ran two more times for pres.)

11. “Cross of Gold” Speech “You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold!”

12. Democratic Platform • Platform called for unlimited minting of silver at the ratio of 16 ounces for each ounce of gold • Many conservative democrats left the party and support McKinley. • Populists endorsed Bryan and sacrificed their identity.

13. Silver v. Gold • Republicans assumed tariff would be the primary issue, but Bryan made it silver. • Bryan traveled tirelessly giving 600 speeches. • like a religious crusade • silver became the rallying cry • debtors and farmers v. eastern big-money interests • gold standard a scapegoat • Return of Jacksonian Democrats?

14. Hanna Leads Gold Bugs • Conservatives, business interests saw the free-coinage of silver as road to economic ruin • Hanna raised tons of money from big businesses • Republicans had a 16-1 money advantage • Hanna waged campaign of fear against Bryan • slogan “McKinley and a full dinner pail.” • McKinley campaigned from his porch

15. McKinley won decisively by 500,000 votes and 271-176 in Electoral College. Turnout was very high.

16. Election of 1896 • Why Bryan lost? • major victory for middle-class values, big business and conservative monetary policies • Most significant election since Lincoln and until FDR in 1932. • Renewed Republican dominance of Presidency until 1912

17. Inflation Without Silver • McKinley was a cautions, temperate, conservative • worked well with Congress • no major reforms • tariff rates back to 46.5% • prosperity returned (natural business cycle? Republicans took credit) • inflation happened naturally: • new gold discoveries and new processes for extracting gold from ore increase money supply

18. Was Bryan right? • shortage of currency occurred • hurt debtors and farmers • banking system did favor big business • But, silver would have taken US off gold standard • …silver the wrong cure • 1900 Gold Standard Act passed established gold as the only standard for redeeming paper money, - stopping bimetallism.