Which of the following groups was unlikely to support the Populist platform in 1892 quizlet

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Terms in this set (51)

The Grangers goals

-regulation of R.R. Rates -easier credit
- formation of cooperatives

Knights of Labor goals

- 8hr work day
-improved working conditions

Greenback Party goals

-inflated currency
-greater money supply

Farmers' Alliance Goals

inflated currency
greater money supply
regulation of railroad rates
easier credit
subtreasury to store crops
graduated income tax
secret ballot
direct election of senators

What was the first major farm organization

The Grange

At first, what was the Grange's purpose?

- attempting to bring farmers together to learn scientific agricultural techniques
- create a feeling of community and to relieve the loneliness of rural life

As membership grew for the Grange, how did it evolve (what did it focus on?)?

Focused less on social benefits of organization and moreso on economic possibilities

What did marketing cooperatives allow for the Grangers?

Allowed them to avoid/ get around middlemen (people who managed the salve of farmers crops to take a large cut of the profit for themselves.

True or False: The Grangers wanted to curb monopolistic practices by railroads and warehouses

True

Why did most Granger enterprises fail?

Because of the inexperience of their operators and their opposition towards the middlemen

The Granger's wanted railroads to be in whose control?

government's

The Farmers Alliance were mostly concerned with what problems?

Local problems

What did Farmer's Alliance form and establish? Why?

Formed cooperatives and other marketing mechanisms. Established stores, banks, processing plants, and other facilities for their members to free them from the hated furnishing merchants who kept so many farmers in debt.

Alliance lecturers tried to promote what?

For people to attack the concentration of power in great corporations and financial institutions. And also to promote cooperation as an alternative economic system

Women's role in the Alliance

Could vote in most of them. Many held office and served as lecturers Emphasized concern of temperance. Said sobriety was key to stability.

Why did farmers want to undo Crime of 73?

Because they wanted an increase in the quantity of money - an inflation of the currency as a means of raising the prices of farm products and easing payment of the farmers' debts

Mary Lease

Populist orator. Popular among populist farmers with her criticism of banks, railroads, and "middlemen," and her famous advice to "raise less corn and more hell

Alliances compared to Granges

More widespread. Suffered similar problems

Problems Alliances faced

Cooperatives didn't always worked well because market forces operating against them were too strong. Cooperatives were mismanaged.

The Populists appealed to what kind of farmer? Why?

appealed principally to farmers, particularly to small farmers with little long-range economic security-people whose operations were minimally mechanized, if at all, who relied on one crop, and who had access only to limited credit. In the Midwest, the Populists were usually family farmers struggling to hold on to their land (or to get it back). In the South, there were many modest landowners too, but in addition there were significant numbers of sharecroppers and tenant farmers.

The Populists were engaged in what kind of farming?

Not as mechanized, diversified or consolidated as commercial agriculture

The Populist party appealed to who?

Isolated farmers who felt cut off from national life and resented their isolation.

What kind of currency did the populist party demand?

free silver which means permitting silver along with gold as the basis of currency to expand money supply

Colored Alliance

important black component to the movement. Whites would allow blacks to be a part of them but whites made it known they were still in control

What were subtreasuries?

to replace and strengthen the cooperatives of Grangers and Alliances that had been experimenting for years. The government would establish network of warehouses where farmers could deposit crops

Populist Party Platform (1892)

1. Unlimited coinage of silver 16:1
2. Graduated income tax
3. Government ownership of all railroads
4. Direct election of senators
5. Lower tariff rates - farmers like lower tariffs for the balance of trade. If you have high tariffs, you promote American goods. But if you have no markets in other countries, you don't have anywhere to trade with. You need back and forth trade relationship. Industrialists like high tariffs.
6. Secret ballot
7. Improvement of workers' conditions including an 8 hour day -
8. Sub-treasury to store crops - this was for warehouses. To get better rates and not lose so much money when they wait for their goods to go on the market.
9. Immigration restrictions - trying to get more local workers.
10. Initiative, referendum, and recall - Big deal because these are ways to give power to people.
11. Government ownership of railroads, telephone and telegraph line

What was the effect of the depressed prices in agriculture since 1887?

Not only did it lead to the Panic of 1893 but it also weakened the purchasing power of the farmers

The financial panic weakened what?

The government's monetary system

Bi-metalism

where the US recognized both gold and silver as the basis of currency

By discontinuing silver coinage, Congress had done what?

Eliminated a potential method of expanding currency

Greenbacks

paper money not backed by gold

Greenback Party

wanted the federal gov't to continue using the unbacked money

Farmers and poor found that if currency value goes up...

it's harder to pay bills and debt

By the end of the civil war $1= .46, why didn't farmers care about this?

It meant that they owed less

Gresham's Law

An economic system dealing with the circulation of money
It states that if a system of bimetallism exists within a country, dear or expensive money is hoarded while cheap or inexpensive money remains in circulation.

True of False: The value of gold coins in relation to silver coins was fixed by law

true

Market prices of gold and silver coins rose and fell in relation to

demand of the metals and how much was available

Crime of '73

Also called Demonitization Act of 1873. Set gold as basis for currency thus discontinuing bimetallism. This was attacked by those who supported an inflationary monetary policy, particularly farmers and believed in the unlimited coinage of silver; they concluded that a conspiracy of big bankers had been responsible for the "demonetization" of silver

Bland Allison Act & Silver Purchase Act

Resulted from the demands of silver mine owners and cheap currency advocates for the restoration of bimetallism

Bland Allison Act

provided that the US Government would buy from $2-4 million worth of silver each month in the open market. The silver was to be coined into dollars or paper silver certificates were to be issued and used as legal tender. (The law was passed over Hayes' veto)

The Sherman Silver Purchase Act

superseded the Bland Allison Act of 1878. The Sherman Silver Purchase Act provided that the US Government buy $4 ½ million ounces of silver each month and pay for it with Treasury certificates redeemable in gold or silver. This law was repealed in 1893.

Free silver was a symbol of

Liberation because they thought the gold standard was an instrument of tyranny

How people viewed Silver vs Gold

Silver - people's money
Gold - money of oppression and exploitation

Gold backed currency favored...

the east, big banks, and the industrialists.

Republican platform opposed...

opposed the free coinage of silver except by agreement with the leading commercial nations (which everyone realized was unlikely).

William Jennings Bryan

congressman, well known orator. Defended free silver in "Cross of Gold" speech. Nominated for President (youngest nominee). Hailed as Great Commoner. Symbol of a rural, Protestant, middle class America

Cross of Gold speech

Made by William Jennings Bryan at the Democratic National Convention. Defends use of free silver. Makes Biblical references which was aimed to represent the oppression the gold standard imposed on the working people

The DNC voted to adopt ...

a pro silver platform

Problems that faced the Populist party w. the upcoming election

Did they want to name their own candidate and split the vote? Or endorse Bryan ad lose their identity as a party? Eventually agreed to support Bryan

Bryans campaigning technique

Very active and involved. Appeared in many villages and towns etc to say he wanted to be president, why he should be elected etc. This antagonized many voters who considered his campaign undignified. This was because before, candidates didn't actively try to persuade voters. They let their political operatives do it but other than that, they stayed relatively distant from that scene.
Bryans campaigning technique help establish the modern form of presidential politics

After the conservative victory, what happened to the Populist Party

It dissolved

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