THE POPULIST REVOLTOverview
ORGANIZING PRINCIPLE The economic transformations of the Gilded
Age left farmers in a precarious position. The mechanization of farms coupled with the expansion of railroads made the farmer’s tasks more efficient and connected them to larger markets. However, deflation, debt and currency policies of U.S. financial institutions plagued the farmer by the 1890s and set the stage for revolt. The People’s Party formed to redress the grievances of the American farmer.
THE FARM BECOMES A FACTORY The Gilded Age connects economies
The farmer’s transition Buy goods instead of produce
Montgomery Ward—catalogue (1872) Cash crops>foodstuffs Specialists and businesspeople
Tied to banking, manufacturing and industry Mechanization displaces farmers
Steam power, plow, seeder, harrow, twine binder, combine (etc.)
Bonanza Farms Prelude to agribusiness
DEFLATION DOOMS THE DEBTOR World markets dictated prices
Farmers competed globally Deflation-devaluing the currency
1860-1890: money lost value It cost more to pay debts (mortgage)
Money supply Circulation during Gilded Age
1870—$19.42/person 1890—$22.67/person
Interest 8% to 40% from eastern banks
Mortgage crisis Debt/Production cycle dooms farmers
Land repossession—auctioned Tenancy skyrockets
UNHAPPY FARMERS Bad news
Grasshoppers and weevils Floods—erosion Droughts Fertilizer—expensive Government
Tariffs, land assessments, and taxes Trusts Middlemen Operators Railroads!
Individual nature of farmers left them unorganized
THE FARMERS TAKE THEIR STAND The Grange (1867)
Oliver H. Kelley—founder Enhance lives of farmers
Social, educational, and fraternal activities
Collective plight of farmers Cooperatives Politics
Granger Laws Greenback Labor Party
Inflationary monetary policy 1878—14 laborites sent to
congress
PRELUDE TO POPULISM The Farmers’ Alliance
Started in Texas—mid 1870s Spread to the Midwest and South
Set up retail and marketing cooperatives Attempt to reduce RR and manufacturer control of goods
Mobilized struggling farmers to a political cause National Farmer’s Alliance (1880)
1,000,000 strong Limitations
Ignored the demands of tenant farmers Alienated black farmers in the South
POLITICAL POPULISM IN THE 1890S The People’s party
Est. 1892—Omaha, Nebraska Attacked “money” trust
Omaha Platform List of demands (to name a few)
Government control of RRs “sub-treasury” Unlimited coinage of silver
Election of 1892 James Weaver
polled more than 1,000,000 votes won CO, KS, ID, NV
POTENTIAL ALLIES? The Panic of 1893
Strengthens populist argument of reform The working class
Coxey’s Army Jacob S. Coxey & “living petition” army
Demanded government relieve unemployed Public works jobs—paid with currency expansion
Arrested at the White House Pullman Strike
Broken by court injunction
GOLDEN MCKINLEY V. SILVER BRYAN Election of 1896
Currency=main issue Republicans
William McKinley Endorsed by Marcus Alonzo Hanna—iron magnate
Pledge support of gold standard Democrats
Rebuke Cleveland Nominate William Jennings Bryan
“Cross of Gold Speech” Adopts “16 to 1” plank of the People’s Party
Demo-Pop coalition McKinley victorious
Hanna launches propaganda campaign