Download Birth of Populism 7.4

Farm Report
• The farm report
is a list of
prices for
various items
that the farmer
was producing.
He didn’t know
how much his
crops would be
worth until he
read the farm
report.
1885
• A serious lack of early spring rain almost
destroyed the wheat, barley, and oat crops
in central Nebraska. The prices paid for
corn, beans, field peas, and tobacco are
up because of drought east of the
Mississippi River. Cattle prices are
depressed because large herds of range
stock are being sold in Texas. The price
for sheep is up and the price paid for hogs
is at an all time high.
1885 Price Report
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Corn
Beans
Wheat
Barley
Oats
Field Hay
Tobacco
Field Peas
Cattle
Sheep
Hogs
2
3
1
1
1
2
2
2
1
2
3
1886
• The coldest winter in history with temperatures
of 60 below zero that killed off most cattle and
hogs. Because of this sheep prices are high.
Abundant spring and summer rains throughout
the state produced excellent crops. The price of
corn, wheat, barley, and oats is good and the
price for tobacco and field peas remains the
same. The bean crop has produced a small
yield because of a late frost and field hay prices
are depressed because of limited demand.
1886 Price Report
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Corn
Beans
Wheat
Barley
Oats
Field Hay
Tobacco
Field Peas
Cattle
Sheep
Hogs
2
1
2
2
2
1
2
2
0
3
0
1887
• Nature deals a crushing blow to farmers in
Nebraska. After a hot, dry spring with little
rain, a plague of grasshoppers infested the
crops. Most crops are badly damaged.
Cattle prices are very good, as the range
herds have not yet recovered from the
killing winter of 1886. Sheep prices are
depressed, but hog prices are good.
1887 Price Report
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Corn
Beans
Wheat
Barley
Oats
Field Hay
Tobacco
Field Peas
Cattle
Sheep
Hogs
1
2
2
1
1
2
1
1
3
1
2
Birth of Populism
7.4
Financial Panic
• Nationwide
economic
depression. As the
economy worsens,
people rush to
banks to withdraw
money. Banks then
call in loans in order
to remain afloat.
Many of these loans
are for family farms
under the
Homestead Act
Tariffs
• To protect
farmers,
Congress enacts
tariffs on foreign
crops. Many
countries enact
tariffs of their
own, driving
down demand
(and the overall
price) for
American crops
worldwide
The Money Issue – Inflation vs.
Deflation
• Inflation is an
increase in the
money supply, and
decreases the value
of money. Inflation
helps debtors and
sellers (Farmers).
• Deflation is a
decrease in the
money supply, and
increases the value
of money. Deflation
helps lenders
(Bankers).
 All US currency
used backed by
specie. The
Bimetallic
Standard meant
that we issued
coinage in both
gold and silver,
keeping the
money supply
high (inflation)
Gold Standard - 1873
• Congress put the US
on the Gold
Standard, decreasing
the money supply
• This pleases
financially
conservative
(Republican) “Gold
Bugs”, and angers
the “Silverites”
(farmers, miners,
debtors)
Farmers Fight (back)!
 Droughts, Floods,
Blizzards, Panics,
Tariffs, Deflation and
the Gold Standard all
hurt Farmers
The Grange – 1877
• Formed to help
farmers set up
cooperatives
Farmers Alliances
“Raise
less corn
and more
hell!”
Farmers Alliances
 Help farmers fight the
railroad and set up
state agricultural
commissions
The Populists
• The farmer’s movement
culminates in the
formation of the
Populist Party.
• Composed of: Members
of the Grange and
Farmers Alliances,
mining interests,
debtors, Silverites,
black and white farmers
and some Democrats
Populist Party
Platform
1.
2.
3.
4.
Oliver H. Kelley
Increased
Circulation of
money
Unlimited minting
of silver
Progressive
income tax
Government
ownership of
communication
and
transportation
systems
• Nominate William Jennings Bryan for President.
• Bryan barnstorms the country campaigning for
president and delivering speeches.
• “Cross of Gold”
– Incredibly popular
speech
– Made it for years
afterwards
“Having behind us the producing masses
of this nation and the world, supported
by the commercial interests, the laboring
interests and the toilers everywhere, we
will answer their demand for a gold
standard by saying to them: You shall
not press down upon the brow of labor
this crown of thorns, you shall not
crucify mankind upon a cross of gold.”
Election of 1896
 Bryan carries Southern and Western states, but loses more
heavily populated Eastern industrial centers.
 Bryan loses the election and the Populist movement declines
in the coming years, but their effect continues as Populists
join the Progressive Movement.