section 2 populism political movement founded in the 1890s representing mainly farmers, favoring...

Section 2Populism

Populism

• Political movement founded in the 1890s representing mainly farmers, favoring free coinage of silver and government control of railroads and other large industries.

• Increase farmer’s political power• New technology lead to economic crisis– Helped farmers produce more crops (more

product than demand) which dropped the prices

Greenbacks

• A piece of U.S. paper money first issued by the North during the Civil War.

• The nation’s money supply was a large concern.– How to finance the treasury? Gold? Silver? Both?

Inflation vs. Deflation

• Inflation – the loss of value of money.

• Deflation – a decline in the volume of available money or credit that results in lower prices, and, therefore, increases the buying power of money.

Deflation Hurts Farmers

• Many farmers had to borrow money for seed and other supplies to plant their crops.

• Less money lead to higher interest rates, increasing what the farmers owed.

• Farmers believed that Eastern bankers had pressured Congress into reducing the money supply and called for the printing of more greenbacks.

Patrons of Husbandry

• Founded by Oliver H. Kelley in 1867 after realizing how isolated the farmers were from each other.

• Better known as the GRANGE.• Got together for mostly social and

educational purposes.

Cooperatives

• Store where farmers bought products from each other; an enterprise owned and operated by those who use its services.

• Farmers could not raise prices for their crops because there were so many other farmers around in competition.

Grange Fails

• None of the strategies the Grangers tried improved the farmers’ economic situation

• Began to fall by the late 1870s

• A new organization rose: “The Farmer’s Alliance”

The People’s Party

• Also known as the Populists– New party to push for political reforms

• Largely located in Kansas– Nominated candidates to run for Congress and the

state legislature – Later followed by Nebraska, South Dakota, &

Minnesota

More Populism!

• Nominated James B. Weaver to run for president.

• Wanted to switch from the gold standard to the silver standard– 16 ounces of silver = 1 ounce of gold

• Grover Cleveland won his second term.

The Panic of 1893

• Shortly after Cleveland was reelected, the nation plunged into the worst economic crisis it had ever experienced.– March 1893 – Philadelphia and Reading Railroads

declared bankruptcy

• By 1894 the economy was deep in a depression.

Goldbugs and Silverites

• Goldbug – a person who believes that American currency should be based on a gold standard.

• Silverite – a person who believes that coining silver currency in unlimited quantities will eliminate economic crisis.

The Election of 1896

• William Jennings Bryan– Silverite Populist Candidate– Originally a Democrat

• William McKinley– Republican Candidate– Former governor of Ohio & former member of

Congress– Wins the election

• Populism declines– Still slightly present today

Why Did Bryan Lose?

• His focus on silver undermined efforts to build bridges to urban voters.

• He did not form alliances with other groups.

• McKinley’s campaign was well-organized and highly funded.

Why did Populism Decline?

• Prospectors found gold in Canada and Alaska.

• These gold strikes increased the money supply.

• Credit was more easily obtained.

• 1900 – The Gold Standard Act – confirmed the nation’s commitment to gold.

The Wizard of Oz by L. Frank Baum

The Wizard of Oz by L. Frank Baum

1964: Henry Littlefield’s “Thesis”?

1964: Henry Littlefield’s “Thesis”?

“Parody of the Populists”?

“Parody of the Populists”? Tornado ?

Dorothy ?

Kansas ?

Wicked Witch of theEast ?

Tin Woodsman ?

Scarecrow ?

Cowardly Lion ?

Yellow Brick Road ?

Silver Slippers ?

Emerald City ?

Oz ?

Wicked Witch of the West ?

The Good Witch ?

Flying Monkeys

The Wizard ?