~ “If any will not work, neither shall he eat.”

Platform of 1892:

1. Government-owned & -managed railroads, telephones & telegraphs

2. National currency to be full legal tender for all debts

3. Subtreasury Plan

4. Free coinage of silver

5. Graduated Income Tax

6. Secret Ballot, Initiative & Referendum

7. Immigration Restriction & end of contract-labor

8. Outlaw private police forces

9. 8-hour Day

Populists supported “bimetallism”: they called for the coinage of silver as legal tender (in addition to gold), at the rate of 16:1 ounces. This would have put more money in circulation but also would have meant inflation. So what’s the big deal with inflation?

Imagine that you have $1 at the beginning of the year, but that inflation is 10% that year. What is your dollar worth at the end of the year?

A)$.91

B)$1.00

C)$1.10