Farmers and Populism
Part 2
C. Rebuilding a Nation (ca.
1877-ca. 1914)
2.Increasing Influence and
Challenges
A. Identify and explain
significant issues and
components of the Populist
movement and their impacts.
What did the Populists gain?
-The party never rose to prominence on
the national scene.
-A few Senators served for the Populist
Party in Congress and some governors
won office as well.
-As a political party, the movement faded.
Yet, the goals and ideals of Populism
were adopted by the Democrats.
The Panic of 1893
-Many factors led to an economic decline in
1893.
-Farmers were unable to pay debts and
railroads had laid too many tracks without
enough customers. People lost trust in
currency other than gold and tried to trade
their money for gold. Silver mines closed due
to the low interest in the metal.
-Due to these and other issues, thousands of
businesses and hundreds of banks closed.
Division between Democrats & Republicans
-Many in the North were Republicans and
many in the South were Democrats.
-During the Civil War, the issue that divided
these parties was slavery. In this era, the
division between the parties was over the
economy.
-Republicans heavily supported industry and
Democrats heavily supported farmers.
Silver vs. Gold
-Silverites, those who supported
bimetallism, wanted to add silver to the
currency heavily backed by gold. That way,
paper money could be backed by silver
AND gold.
-Those against this plan were called Gold
Bugs, and they only wanted money to be
backed by gold.
-This was called the gold standard.
Silver or Gold? Why does it matter?
- Adding silver to back currency would mean
inflation and more circulation of money
available for loans.
- This would help the Populists to achieve
their goal of reducing the stress of loans on
farmers.
- Less inflation would happen with the gold
standard, but the money would be hoarded
and controlled by a minority of wealthy
people.
Populism, Democrats, and Republicans
-In the election of 1896, the Republicans
backed the gold standard and nominated
William McKinley for the presidency.
-The Democrats nominated William Jennings
Bryan and supported bimetallism.
-The Populist Party, instead of running their
own presidential candidate, supported
Bryan for the presidency.
Bimetallism or a Gold Standard?
William Jennings Bryan vs. William McKinley
The Election of 1896
William Jennings Bryan heavily supported Populism as the Democratic
Presidential candidate in 1896. Yet, this caused many big business
owners to back the Republicans because they were opposed to
Populism. Therefore, Bryan’s support for Populism, according to many,
actually hurt the Democrat’s chances to gain the Presidency.
The Populist Party Ends
-William Jennings Bryan, armed with Populist
ideas, supported by the Democrats and the
Populist Party, lost the election of 1896.
-William McKinley was backed by big
businesses who wanted a gold standard to
keep their control over the economy.
-This was the end of the Populist movement as
a political party, but their ideals and notions of
promoting the common man through strength
in numbers continue to today.
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