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Populist Movement
Began with Farmers Crop prices falling= less profit for farmers Take out loans and fall further in debt
Railroads overcharging farmers to ship goods Begin with local Granges
Local farmers of a particular area (city or county) Grow to national organizations
Known as Farmers Alliances Southern Alliance- white southern farmers Colored Farmers National Alliance- black farmers
From there, become a national political party known as the Populists
#1- Farmers in Debt
Low Crop Prices led to debt Deflation- not a lot of money available Led to high interest rates and banks
would not loan money to farmers
Populist Solution
Bi-Metalism- switch to a gold/silver standard
Increase money supply and allow banks more opportunity to give loans
#2- Railroad Price Fixing
Railroads overcharged farmers to store and ship crops= more debt
Railroads gave industrialists rebates and reduce charges
Populist Solution
Government Control Railroads and Telegraphs- keep prices fair and fixed
Interstate Commerce Act- railroads must publish rates (ICC- govt. agency in control)
#3- State Appointed Senators State legislatures appoint Senators Industry and wealthy able to control
government and appointments
#4- Class Differences
Extreme income gap between rich and poor
Farmers and factory workers in debt and facing financial problems
Populist Solution
Graduated Income Tax Income tax- tax on earnings Graduated Income Tax- wealthy pay
more (tax based on how much you earn)
#5- Corrupt Government
Politicians overly influenced by wealthy business owners
Credit Mobilier Scandal- Railroad owners bribe government officials for loans and money that was stolen and not used for railroad
Former General/President Grant Administration
Populist Solution
One Term President- presidents only serve one term (4 years)
22nd Amendment- limit President to 2 terms
Initiative- people propose bills Referendum- people pass bills
#6- Working Conditions
Workers Low Pay Long Hours Dangerous Conditions
Triangle Shirtwaist Fire 146 sweatshop women killed due to
conditions
1896 Presidential Election
William Jennings Bryant nominated by Democratic and Populist Party-Cross of Gold Speech – supports the “free coinage of silver” (silverites)
William McKinley nominated by Republicans- supports America remaining on the gold standards (goldbugs)
McKinley wins the election and the Populist Party dies out, but its reform ideas are adopted by Republicans and Democrats during the Progressive Era (1890 – 1920)
Monopoly
Monopoly- one company has complete control over an industry, no competition
2 ways to form a monopoly Vertical Integration- when one industry
controls all parts of production for a product Example- Andrew Carnegie’s Steel Company
Horizontal Integration- when one company controls the entire industry (eliminate competition by buying out competitors) Example- John Rockefeller’s Oil Company