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4.03 Trouble for Farmers
*Too
Economic
Problems
Inflation
Deflation
Love/Hate the
Railroads
The Grange, 1867
Munn v Illinois,
1877
Farmers’ Alliance
1877
Populist Party
many products so prices
decline
*Farming equipment very
expensive
*Farmers were going further and
further into debt
• Money loses its value
• More $ in circulation
• Prices increase
*money gains value BUT prices are still
high
Love: get products transported to markets quicker &
farther away
Hate: railroads very expensive
• Farmers organization created for social &
professional purposes.
• Founded by Oliver Kelly
• Became a political group for farmers
*Federal government can regulate
Interstate trade
Interstate: state to state
• Group of farmers fighting to protect
common interests.
• Formed the “People’s Party” to give farmers a voice
in government.
Originally the People’s Party – fight for the rights of
farmers and “people”
Changes in
Transportation
• Railroads:
Regulation of railroad
prices
*people NEED railroads
*prices were TOO high
• Interstate Commerce
Act, 1877:
•laws passed to regulate
railroads (including
prices)
Financial
Changes
Changes in
Government
• Main Goal: increase
the amount of money in
circulation
• referendum :
• Bimetallism
• Recall :
Increase silver in circulation – would
help farmers make money & pay off
debt (want BOTH gold and silver to
back American currency)
• Graduated Income
Tax:
Basis for the 16th
Amendment
*tax on income
*the more you make,
the more they take
Gov’t. gets the peoples’ opinion on
a law – the people vote on the
proposed law
Citizens can vote to remove a public
official from office
• Initiative:
Citizens can introduce an idea
for a law
• Immigrants:
limit number of immigrants
due to job competition
• Secret Ballot – to
end government
corruption
4.03: Election of 1896
Main Issue:
Currency – what will back the dollar?
Gold? Silver? Both?
Republica
n
William McKinley
*supported gold standard
*wanted deflation
Democrat / Populist
William J. Bryan
*supported bimetallism
Goldbugs:
Silverites:
*people who supported
*people who supported Bryan
McKinley
-bimetallism
-gold standard
-farmers/laborers
-upper class – bankers, factory
owners
“Cross of Gold” Speech
*speech given by Bryan
*AGAINST gold standard
McKinley wins!!