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Farmers and the Populist Movement

Explore the economic distress, railroad problems, Farmers' Alliances, Populism, Panic of 1893, and the Silver vs. Gold debate that shaped the Farmers' and Populist Movement in 1800s America.

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Farmers and the Populist Movement

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  1. Farmers and the Populist Movement 5.3 Notes

  2. Farmers in Debt • New technology – machinery expensive • High railroad shipping fees • Loans taken out to pay for supplies • Crop prices fall – must harvest more • Bonanza farms • Enormous single-crop farms of 15,000-50,000 acres • Invested in by RR companies • Buy more land – go further into debt

  3. Economic Distress • Civil War era money taken out of circulation • $500 million issued in paper money – greenbacks • Could not be exchanged for gold/silver money • Worth less than “hard money” • Value of regular dollar increased • Farmers paying back loans with money worth more than amount borrowed • Two strikes b/c price of crops falling too

  4. Railroad Problems • No RR competition • Prices not driven by competing companies • Secret agreements with “middlemen” • Storage prices, etc. • Affects overall market prices for crops • Farmers start to buy on credit • High interest rates • Prices higher when bought on credit

  5. Farmers’ Alliances • Oliver Hudson Kelley – Patrons of Husbandry • The “Grange” • Social outlet and educational forum for isolated farm families • Began to fight RR • Taught how to organize, sponsor state legislation • Farmers’ Alliances • 4 million members • Educate farmers

  6. Populism • Farmers needed political power to create change • Populism or “People’s Party” • Movement of the people • Attractive to farmers and laborers • Platform of reform • Increase in $ supply – create rise in prices • Graduated income tax • Federal loan program • Election of US senators by popular vote • Single terms for Pres and VP • 8 hour workday • Restrictions on immigration

  7. Panic of 1893 • Numerous RR companies went bankrupt • Gov’t gold supply worn thin • People trading paper $ for gold • Stock prices fell • Silver price fell • 15,000 businesses , 500 banks collapsed • Decreased investments • Consumer purchases, prices, wages fell • 1/5 of work force unemployed

  8. Silver or Gold? • Biggest issue = gold or silver for monetary system • Silverites • Favored bimetallism – gold or silver in exchange for currency • Silver more available than gold • Would mean more money in circulation to stimulate US economy • Goldbugs • Favored gold standard – backing dollars with gold only

  9. William Jennings Bryan • 1896 Democratic Presidential nominee • Editor of Omaha World-Herald, NE congressman • Favored combined gold and silver standard • “Cross of Gold” speech • Populists happy but frustrated at giving up their identity • Lost to William McKinley

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