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Questions and Answers
Which of the following best describes the Populist platform?
Which of the following best describes the Populist platform?
- Supported the regulation of railroads and the creation of farming co-ops
- Favored the use of only gold as the precious metal for US currency
- Promoted the growth of large companies called bonanza farms
- Advocated for the direct election of senators, government loans and storage centers for crops, and bimetallism (correct)
What was the main cause of the Panic of 1893?
What was the main cause of the Panic of 1893?
- The creation of farming co-ops
- The regulation of railroads
- An economic collapse and a 9-year depression (correct)
- The mechanization of farming
What was the outcome of the Populist party's attempt to run as a third party?
What was the outcome of the Populist party's attempt to run as a third party?
- It successfully gained the support of the majority of small family farmers
- It resulted in the direct election of senators
- It became more difficult, leading to a failed 'fusion' with the Democratic party (correct)
- It led to the creation of large companies called bonanza farms
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Study Notes
The Rise and Fall of Populism in the United States
- The mechanization of farming and droughts led to hard times for small family farmers, while large companies called bonanza farms thrived.
- Small farmers dropped prices to compete with large companies, resulting in barely being able to pay their own bills.
- Farmers' grievances included the regulation of railroads and a desire for inflation.
- The Grangers formed after the civil war and created farming co-ops to sell directly to consumers, cut out the middle-man, and regulate railroads.
- The Farmers Alliances grew throughout the west and established their own credit unions to create solutions to issues.
- The Populist movement was born from the Farmers Alliances and aimed to help the average individual.
- The Populist platform included government loans and storage centers for crops, regulation of railroads, bimetallism, and the direct election of senators.
- The Panic of 1893 resulted in an economic collapse and a 9-year depression, causing farmers to produce too many goods with no market for them.
- The silver question of whether to back money with silver or gold was brought up in the 1896 election.
- The Populist party's attempt to run as a third party became more difficult, leading to a failed "fusion" with the Democratic party.
- William Jennings Bryan's "Cross of Gold" speech rallied farmer support and led to a "fusion" with the Democrats, but McKinley ultimately became president.
- The Gold Standard Act of 1900 standardized US currency with only gold being used as the precious metal, and Populism lost popularity and support.
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