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1890: Emergence of Populism

1890: Emergence of Populism. Populist Nominating Convention for Congress, Nebr. 3rd District, 1890. Populism - Defined. Populists grew out of Farmers’ Alliance and Grange. Discontented farmers, located in the West and South, formed a national party in 1892.

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1890: Emergence of Populism

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  1. 1890: Emergence of Populism Populist Nominating Convention for Congress, Nebr. 3rd District, 1890

  2. Populism - Defined • Populists grew out of Farmers’ Alliance and Grange. • Discontented farmers, located in the West and South, formed a national party in 1892. • Believed that “a vast conspiracy” of wealth robbed workers and farmers of making a living.

  3. People’s Party = Populist Party • Sought to appeal to farmers and industrial laborers. • Leading Populists – William Jennings Bryan, James B. Weaver, Mary E. Lease. • Farmers should “raise less corn and more hell!”

  4. The Populist Alternative: • anti-monopolism • collective action-including gov. ownership of RR, Telephone, Telegraph • structural change to make gov. more accessible to voters-direct elect. Senators • wanted inflation, not deflation

  5. Populist Platform (1892) • Unlimited coinage of silver at 16:1 • Graduated Income tax • Increase in money supply (inflation) • Nationalization of railroads

  6. The Elections of 1890 and 1892 Vote for Weaver, 189

  7. Farmers Frustrated • Believe federal gov. working only to support industrialists in East • Railroads taking advantage of farmers by charging high rates • Banking system that favors rich hurts farmers • Gov. is corrupt and in hands of industrial monopolists

  8. The Farmers’ Complaints:Deflation and Debt • 1881: a farmer borrows $1,000 for five years • corn sold for 63 cents per bushel • $1,000 = 1,587 bushels of corn. • 1886: the loan comes due • corn sold for 36 cents per bushel • $1,000 = 2,777 bushels (57% more!)

  9. Deflation and Debt Continued • What cost $1000 in 1881 would cost $931.22 in 1886. • Also, if you were to buy exactly the same products in 1886 and 1881,they would cost you $1000 and $1073.86 respectively.

  10. Deflation in the Economy • Money becomes more scarce and harder to get • Value of money increases. A dollar buys more goods and services • Goods become cheaper • Wages typically decrease • Debtors find it harder to pay off debt

  11. In Favor of Deflation Consumers – Goods decreased in value Bankers – loans gained value as time moved forward Big Business – Had access to vast capital reserves Against Deflation Farmers/Producers of Raw Materials – goods lost value Debtors – Loans harder to pay off and money harder to come by Deflation: Good or Bad

  12. The Populists • Radicals or Reactionaries

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