The Populist Revolt

14
THE POPULIST REVOLT Overview

description

Overview. The Populist Revolt. - PowerPoint PPT Presentation

Transcript of The Populist Revolt

Page 1: The Populist Revolt

THE POPULIST REVOLTOverview

Page 2: The Populist Revolt

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.

Page 3: The Populist Revolt

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

Page 4: The Populist Revolt
Page 5: The Populist Revolt

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

Page 6: The Populist Revolt

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

Page 7: The Populist Revolt

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

Page 8: The Populist Revolt

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

Page 9: The Populist Revolt
Page 10: The Populist Revolt

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

Page 11: The Populist Revolt

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

Page 12: The Populist Revolt
Page 13: The Populist Revolt

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

Page 14: The Populist Revolt