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The Populist Movement How does the Populist Movement plan to rescue America? New Farming Technology •Morrill Act will help farmers by giving states money to start agricultural college – new technology develops, more crops in less time 2) barbed wire 1) steel tipped plow 4) steel windmill 3) Reaper (cuts crops when ripe) Farming Problems $2.00 1. Crop prices fall -Corporations buying small farms and creating large single crop bonanza farms 2. Farmer’s debt increases -Small farms borrowing to keep up with bonanza farms 3. Retirement of Greenbacks -Temporary money printed in Civil War taken out of circulation, regular money rises in value, farmers owe more than they borrowed 68¢ 4. Railroad shipping rates -RR co’s have monopoly, raising rates esp. for short hauls •Farmers organize the Grangers, Grange leader Oliver Hudson Kelley able to get state laws passed that regulate RR rates Munn v. Illinois •RR Cos challenge Granger Laws, go to Supreme Court. •Sup. Court rules in favor of Grangers saying states can regulate RR for public benefit •Problem: What if a train crosses from one state to another? •Supreme Court rules states can’t regulate railroads crossing state lines (interstate commerce) •Solution: Congress passes Interstate Commerce Act in 1887 to allow ICC to regulate RR between states The year is 1886. You live in Nebraska. You are a farmer. You grow corn. You love corn. Corn is your life. Corn is what you know. Life used to be simple, but good. Now you’ve got a lot of problems. You are struggling to make ends meet. Your have six young children and they can sense the worry in your voice. Your wife/husband spends a lot of time crying Problems: 1) Can’t compete with Big Bonanza farms volume 2) Price of corn is dropping 3)Railroad Co has raised rates 4) You have missed two mortgage payments 5)Heavy debt 6) Big Bonanza will buy your farm for $1K (you paid 10K) - Come up with a list of three short-term solutions to your problem & one long term solution to your problem. Farmers’ Alliances •Grangers & other groups form Farmer’s Alliance •FA wants political changes, sent lecturers from town to town, topics: banks, government, the railroad •Great speakers like Mary Elizabeth Lease get message spread "raise less corn and more hell," Populists (People’s Party) •New political party called Populists formed, goal is to help farmers & workers w/ drastic changes to govt •William Jennings Bryan made Populist mainstream and saw the cause as “righteous” (Cross of Gold) “We seek to restore the government of the Republic to the hands of the ‘plain people’…We assert our purposes to be identical with the purposes of the National Constitution.” –People’s Party platform Populist Party Platform 1) Increase money supply by backing it with gold OR silver (bilmetalism/free silver movement helps farmers w/ debt & prices) 2) Senators directly elected by people (power to people) 3) President/VP serve one term 4) Eight hour work day 5) Graduated tax – those who make more pay more Populist results in their 1st election -10% of pop vote, 5% elec vote -5 senators -3 governors -1,500 state legislators Panic of 1893 Causes: 1)Over-expansion of railroads (some not needed) 2)Shrinking federal gold reserve 3) Everyone tries to get their money out of banks Depression of 1893: - Panic of 1893, leads to a depression Results: 1)Six major BANKRUPT railroads 2) 500 banks COLLAPSED 3) 3 million jobs LOST Presidential Election 1896 -Republicans back gold standard & high tariffs on foreign goods Candidate: William McKinley -Democrats back bimetallism & low tariffs Candidate: William Jennings Bryan -Populists support bimetallism & no tariff Want William Jennings Bryan but not his VP, so they nominate their own candidate Result: McKinley wins, Why? Dems & Populists split vote