The Rise and Fall of Populism

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.