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Populism
• Late 1800’s farmers where having to mortgage their farms to be able to buy land and produce more crops.
• Banks wee foreclosing and railroads were taking advantage and charging too much for shipping.
Problems with Rail Roads
• Often RR were charging more in shipping than what the cargo was worth.
• RR made deals with grain brokers and merchants to control grain storage prices.
Farmer’s Alliance
• 1867, Oliver Kelley• Patrons of Husbandry
(the Grange)– Social outlet – Education for isolated
farmers– Banded together to fight
RR– Fight politically against RR– Lower interest rates on
loans
• Colored Farmer’s Alliance– 25,000 members
The Grange and Rail Roads
• Farmers started to demand govt. control of RR’s.
• Misuse of Govt. land grants by the RRs.
• RR entered fixed prices, put farmers in debt.
• RR charged different prices to different customers
• Munn vs. Illinois (1877)– Supreme court upheld
Granger laws, the state won the right to regulate the railroads
– Interstate Commerce Act• 1886 S.C. ruled that a state
could not regulate rates on interstate commerce.
• 1887 reestablished the right of federal govt. to supervise the RR
• ICC is created (Interstate Commerce Commission)
Fall of Populism
• Panic of 1893– Economy grew too fast– Farmers and business
people had overextended themselves with loans and debt.
– Feb, 1893: RR’s closed• Philadelphia• Reading
• July, 1893– Erie– Northern Pacific– Union Pacific– Santa Fe
• Impacted other industries– Iron, steel, 15,000
various business– 600 banks
• Dec. 1894– 1/5 of the population
/workforce was unemployed
Silver or Gold?
• Populist Party did well in 1892 – 94 elections
• Looking for Presidential in 1896
• Central issue was Gold
• “Free Silverites” or Bimetallism, govt. giving people gold and silver for exchange of paper money
• “Gold Bugs” favored paper money being soley backed by gold.
Bryan’s Cross of Gold Speech
• William McKinley– Republican nominee– Committed to gold
standard
• William Jennings Bryan– Democrat nominee– Bimetallism– People’s Party was
hesitant to side with him due to the fact that his VP was a wealthy banker who did not support farmers.
– Gold Wins OUT – McKinley wins