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16.3- Farmers, Populism, and Depression

16.3- Farmers, Populism, and Depression. A. The Farmers Plight. 1. Farmers raising more crops and animals in the U.S. but also in Canada, GB, Russia, Argentina, etc. Problem= Supply is bigger than demand. 2. Result= lower profits.

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16.3- Farmers, Populism, and Depression

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  1. 16.3- Farmers, Populism, and Depression

  2. A. The Farmers Plight • 1. Farmers raising more crops and animals in the U.S. but also in Canada, GB, Russia, Argentina, etc. • Problem= Supply is bigger than demand • 2. Result= lower profits • 3. Shipping costs increase (inflation)- reduces profit even more • 4. Many farmers are buying more equipment and more land to make up for losses yet more supply causes prices to drop even more • 5. Many lost farms and became laborers or tenant farmers • 6. Farm equipment companies, bank, RR, shipping companies and big farms get rich - FARMING IS GOING NOWHERE

  3. B. National Grange • 1. 1st major farm organization which helped to get economic and political issues solved for farmer How? • Cooperatives (co-op) • Regulate RR freight rates- called “Granger Laws”- rate within states • Interstate Commerce Act- 1887 -Rates between states regulated -Led to the formation of Interstate Commerce Commission • 2. Yet- courts often sided with the RR companies

  4. C. Alliance Movement- • 1. Farmers Alliance- more powerful farming • Began in Texas and spread • By 1890- 400,000 members • Spread with same movement as National Grange; farming coops= laws on RR • 2. Graduated Income Tax= tax that was paid higher by those who made more (made more…paid more) • Alliances fought to have this

  5. D. The Money Question • 1. The farmers wanted more money printed, so that they could charge more and pay back loans quicker • 2. Banks wanted money supply tied to the gold standard; paper $= set amount of gold • 3. Government sides with banks • Bland Allison Act 1878 • Sherman Silver Purchase Act- 1890 • Both required the government to buy a set amount of silver/month and to make more money BUT- government only uses little bit of silver

  6. E. Populist Party- new political party that fought to return government from ruins into the hands of everyday people “People’s Party” • 1892 election; James Weaver loses • 2. For working man, esp. Farmers, shorter workday, graduated income tax, government owns RR’s

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