Populism Mrs Civitella A P United States History

Populism Mrs. Civitella A. P. United States History

Push-Pull Factors to Western Settlement Push factors Pull factors • Civil War had displaced thousands of farmers, former slaves (Exodusters), and other workers • Eastern farmland was increasingly costly for lower class whites and immigrants • Failed entrepreneurs • Outlaws on the run • • Pacific Railway Act 1962 Morrill Land Grant Act 1862 Homestead Act 1862 New federal and state laws enforcing property rights for farmers, miners, cattle ranchers- land parcels were measured, registered and deeded

The Money Issue - inflation • If the government increases the money supply, the value of every dollar drops • This drop in value shows up as inflation, a widespread rise in prices on all goods • People who borrow money benefit from inflation because the money they eventually pay back is worth less than the money they borrowed • Inflation also helps sellers, such as farmers, because it raises the prices of the goods they sell

The Money Issue- deflation • If the government reduces the money supply, the value of each dollar becomes greater causing deflation • Deflation causes a drop in the prices on goods • People who lend money are helped by deflation because the money they receive in payment of a loan is worth more than the money they lent out

Monetary Policy following the Civil War • After the Civil War, the nation’s money supply shrank as the government took the paper money issued during the war out of circulation • The nation experienced a period of deflation • Monetary policy became a major political issue • “tight money” supporters wanted deflation

Monetary Policy- continued • Prior to the panic of 1873 the U. S. had been on a bimetallic standard meaning that U. S. Treasury notes could be traded in for gold or silver • to stabilize the economy, congress put U. S. currency on a gold standard reducing the amount of money in circulation because the amount of money supply was limited by the amount of gold held by the government • Conservative “gold bugs” were pleased

Silverites • The move to the gold standard outraged silver mining interests and western farmers • Fearing that an end to silver as a monetary standard would depress farm prices • “Silverites” called for free silver- the unlimited coining of silver dollars to increase the money supply

The Wizard of Oz as a monetary allegory • • • • the Scarecrow - the wise, but naive western farmers the Tin Woodman - the dehumanized, Eastern factory workers the Wicked Witch of the East - the Eastern industrialists and bankers who controlled the people (the Munchkins) the Good Witch of the North - New England, a stronghold of Populists the Good Witch of the South - the South, another Populist area the Wizard - President Grover Cleveland, or Republican Presidential candidate William Mc. Kinley the Cowardly Lion - Democratic-Populist Presidential candidate William Jennings Bryan Dorothy - a young Mary Lease; or the good-natured American people Dorothy's silver shoes - represents the 'silver standard' (acc. to the Populists, "the free and unlimited coinage of silver") Toto - the 'teetotaling' Prohibitionists (or Temperance Party), an important part of the 'silverite' coalition the Yellow Brick road - the 'gold standard' - paved with gold, but leads nowhere the land of Oz - oz. is the standard abbreviation for ounce, in accordance with the other symbolism Emerald City - Washington, D. C. , with a greenish color associated with greenbacks the Poppy field - the threat of anti-imperialism