Farmers Railroads and the Populist Movement Bimetallism The
Farmers, Railroads, and the Populist Movement Bimetallism The Cross of Gold
Cycle of Debt • Farmers borrowed money to buy machines • More crop available • Lowers cost • Buy bigger farms to produce more • Go into deeper debt
Railroad Abuses • Took advantage of farmers: – Charged enormous amounts for short hauls where farmers had no alternatives
Greenbacks • Money used during Civil War taken out of circulation making money worth more! • Couldn’t be exchanged for silver or gold
Political Action • The Grange: Social outlet and educational forum for isolated farm families • Farmers Alliances: Lecturers educated farmers on topics of loans and interest rates
Populism-The Movement of the People • Farmers wanted political action! – – Increased money supply 8 hr workday Single term election Secret Ballot
Silver or Gold? n Biggest issue = gold or silver for monetary system n Silverites n Favored bimetallism – gold or silver in exchange for $ n Silver more available than gold= more money to stimulate US economy n Goldbugs n Favored gold standard – backing dollars with gold only
William Jennings Bryan n “Cross of Gold” speech n Populists happy to join with Democrats but frustrated at giving up their identity n Lost to William Mc. Kinley
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