Economics, Race, and the Populist Party (1867-1896)

1. Economics, Race, and the Populist Party (1867-1896)

2. Historical Background: Economic Turmoil of the 1870s • The Panic of 1873 • Northern and Southern investors borrowed more and more money, betting the post-Civil War economy would continue to grow • But when the nation’s largest bank went bankrupt (could not pay debts for railroad construction), it triggered a financial panic • Smaller banks closed • 89 railroads went bankrupt • 18,000 companies closed • 5-year depression • 3 million unemployed workers • Currency Dispute • Roots in the Civil War/Fueled by the Panic of 1873 • During the Civil War the government printed “greenbacks” not backed by gold • After the War, northern bankers wanted to pull greenbacks out of circulation and return to the gold standard (less money in circulation) • Southern and Western farmers wanted more greenbacks in circulation (“easy money”) to help them pay off their debts

3. Farmers Unite to Address Common Problems

4. Farmers Unite to Address Common Problems • In order to affect change, farmers needed to organize

5. Grangers Begin to Make Progress • Munn v. Illinois (1876) • Supreme Court ruled that states can regulate railroads and certain other businesses within their own borders • Wabash v. Illinois (1886) • Supreme Court rules states could not regulate rail lines between different states (interstate) • Leads to development of the Interstate Commerce Commission (federal regulation)

6. The Omaha Platform • To take their fight to the national level, farmers needed more than just a fraternity • They needed a political party • Use the provided handout to examine the Omaha Platform, written by the Populist Party • Read the Background Information • Highlight important facts or ideas. • Read the Omaha Platform and Relevant Information • Highlight important facts or ideas. • In Part A, use the information you’ve gathered from the reading to determine which ideas the Populists would have supported or opposed. • Use specific information from the Omaha Platform to support your findings. • In Part B, use the information you’ve gathered to infer (make an educated guess about) which statements are probably true or false. • Use specific information from the Omaha Platform to support your findings. • In Part C, use the information you’ve gathered to explain the limited success of the Populist Party.

7. Is the Omaha Platform Relevant? 2. Wealth belongs to him who creates it. 7. There should be a graduate income tax. 10. The government should limit immigration into the United States. 15. The President of the United States should be able to serve one four-year term only. 8. The government should own and operate the telephone and telegraph… 5. The government alone, not the bankers, should control the money supply.

8. What in the world is Populism?

9. 1892 Presidential Election: Populist candidate won over a million votes!

10. The Panic of 1893

11. The Election of 1896

12. The Election of 1896 Populists decide to improve their chances by supporting the Democratic candidate, William Jennings Bryan, who agreed to support the silver-backed dollar.

13. Gold Bugs v. Silverites William McKinley (Republican) William Jennings Bryan (Democrat/Populist)

14. The Election of 1896 Bryan loses but carries most of the South and West Effects: 1. Period of Prosperity 2. Populists ideas were absorbed into the Progressive Party

15. Central Historical Question Why did the Populist Party attract millions of supporters?

16. Using Primary Sources • Read Document A. In the margins, respond to the following: • Sourcing: Who wrote this? When? • Contextualization: What was going on for farmers at the time? Lease is a woman who is speaking to a group of women. What does this say about women’s involvement in politics in the 1890s? • Close Reading: How is this document supposed to make you feel? • Read the first paragraph: How is this supposed to make the audience feel? Why might she use religious references? • Read the second and third paragraphs together: How was this supposed to make the audience feel? Who are the good guys? Who are the bad guys? What emotions does she appeal to? • Read the final paragraph: How was this supposed to make the audience feel? • Now read Document B. Use the handout to answer the questions about Bryan’s “Cross of Gold” Speech. • Do these themes resonate today? Which parts of these speeches could we expect to hear from today’s politicians? Which parts seem outdated?

17. Populist Party Politics Populists didn’t always align with Democrats; sometimes they aligned with Republicans, especially in the South where Republicans were poor black farmers and Democrats were rich land owners. When Populists united with Republicans, their platform was sometimes called the “Fusion” ticket.

18. Your task is to figure out: The “Fusion” ticket (Populists + Republicans) won in 1894 and 1896. So why did the Democrats beat the Fusion ticket in 1898?

19. Class Discussion • Why did the Democrats win in 1898? • What evidence did you use to support your claims? • Which evidence was stronger/weaker? • Based on Document B, the Fusionists tried to respond by denying that African Americans were equal. Why might they have chosen to respond this way? • Was Governor Russell’s warning effective? Why or why not?

20. What are some expected outcomes for various groups of continued Democratic rule in North Carolina at the turn of the 20th century?

21. The Wilmington Race Riots, 1898 • Use the provided information to respond to the questions located on Page 2 of your notes: • DO NOT write on the information handout!  • Compose your responses on a separate sheet of paper • Title the page using the header above ↑ • Use supporting evidence from the information handout to add detail to your responses. • Pay particular attention to Question 7 – you may reference any topic we have discussed in class or raise a new one that comes to mind!