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P-Politics 1890-1912 (Populist) x (Importance of Populism (some argue a…
P-Politics 1890-1912 (Populist) x
Silver
Traditionally the Us followed the Gold standard
Why change
World population of Gold had decreased 1865-1890
Silver had a rapid growth esp in the UsA after its discovery in Nevada and othe Rocky Mountains
Silver inceased from over $150,000 in 1860 to $57 million in 1890
Silver Purchase act - pressure dthe governement to pledge buying 4,500,000 ounc of silver a month at market price to use in coinage
Conservatives
thought silver threatened to undermine the economy
Isolated USa for Eu
increased gov interferance in business
1896 Cleveland removed ther Silver Act as as he belived the confidence of the business community had been lost because of it
Agricultural discontent
falling prices in wheat and cotton
1860 wheat $1.60 a bushel and in 1890 it was 60 cents
1860 cotton was 30 cents and 1890 it was 6 cents
high tariffs on forgien goods meant very little exports and competition from Australia Russia and Canada was already difficult
Harvest deteriorated in the weather of late 1880's
Formation
July 1892 Populit Party formed in a conention Omaha allining silver and farming interests
called the 'peoples party' and put forward Weaver for president who won 1 million votes
Aims
regulation of railways esp freight prices
gov regulation of farming prices
graduated income tax so the gov didnt rely on tariffs for income and would encourage exports
Direct election of Senators
max 8 hr working day
Alter basis of currency ( sliver)
Bryan and 1896 election
Populist party had a chunk of voters in the election and went for jennings Bryan who supported silver and farming interests while wanting to improve urban working conditions
Modern campaing including dirty tricks- Mckinley strengths
used his money to smear Bryan
Mark Hanna spent 3 million supproting the Republican candidate Mckinley
Mckinley won support of working classes due to strong tariffs that protected American industry
Hanna sent 1,500 speakers to undecided areas and payed millions in campaign liturature
most newspapers including Ny times supported Mckinley
Bryan flaws
unable to call on the same financial support but travelled over 28,000 K to give 600 speeches
unable to win a single seat in the North east due to workers fearing free silver
Election took place in economic upswing , perhaps in depression of 1893 the results would be different
Mckinley won 7,036,000 and Bryan 6,468,000
Importance of Populism
some argue a close link between populism of 1890's and progressivism of 1900-12
However progressives feared the popular democracy as seen in Roosevelt and Wilson
Some see Populists as forward looking liberal reformers
Some see Populists as reactionaries trying to return to a utopia past based on farming
Populists never recovered from 1896 by 1900 membership had fallen
Progressives adopted many populist aims
Party had electoral success with 11 governers and approx 45 members in congress between 1891 and 1902