Political Groups Populism Populism A political philosophy supporting

Political Groups Populism

Populism A political philosophy supporting the rights and power of the people in their struggle against the privileged elite.

Causes of Populism Civil War Prices of crops all time high Wheat = $1. 50 bushel Cotton = $1. 25 lb. Competition More Farmers = Lower Prices Canada, Australia, and Russia gets into farming business Wheat = $0. 60 bushel Cotton = $0. 06 lb.

More Causes Railroads Charged high prices to move grain Had to mortgage farms to pay prices. Many did not make up enough to pay loans.

Even More Causes Money Value Paper money could not be exchanged for gold or silver Stopped making paper money. The value of a dollar was increased Caused Farmers to distress when paying of loans because paper money was hard to come by.

Monopolies Definition – Complete control over all of one product Monopolies set prices on products Fire and hire at will. (usually fire – labor costs $) Vanderbilt – Railroads From New York (East) Controlled Price of Shipping Rockefeller – Oil From Ohio (West) Controlled price of Oil

Populism Politics Panic of 1893 Farmers couldn’t pay loans Railroads went bankrupt Gold Supply dwindled so people started trading gold for paper money. This spread to Wall Street in New York where stocks fell

Populism Politics Silver and Gold Debate broke out on what metal would be Americas standard for the monetary system Use both Gold and Silver Use just Gold Paper money was regarded as worthless

Gold Bugs and Silverites Farmers and Laborers Bimetallism More money in circulation (Loans easier to pay off) Gold Bugs Bankers and Businessmen Wanted Gold the Standard with less money in circulation Loans could be repaid in stable money

Populism Politics Election of 1896 Gold and Silver debate was main topic William Mc. Kinley (Gold Bugs) East and West Supported Mc. Kinley Rich William Jennings Bryan (Silverites) North and South Supported Bryant Poor