The Rise and Fall of Populism

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Questions and Answers

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?

  • 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?

  • 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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