populism Flashcards
monetary policy
relating to gaining and spending money to release more or reduce money from circulation
federal reserve bank
didn’t exist in populism era
- 10 people
- hold consistent money backed in the gold standard
fiscal policy
spending and taxing
grievances
- freedom of speech
- land and power accumulates in capitalists
- silver devalued, devalues human labor
- political parties separate from common man
this age coincides with…
reconstruction-1900s
- “gilded age”
- thinly coated with gold
- worse on the inside
post-civil war
growth, population doubled to 62 million
- machines became more expensive
- farmers needed loans -> loan sharks
- interest rates and price gouging
- crop prices decreased, droughts hit, railway monopolies rose
the grange
oliver kelley - for agriculture and farmers
tariffs
(1) businesses like them because it protects factory jobs and helps domestic businesses
(2) farmers dislike them because machinery rose and countries retaliated with tariffs
inflation
number of $ in circulation increases
more $ in circ, less scarcity
less scarcity, value decreases
aka price increases!
deflation
number of $ in circulation decreases
less $ in cir, more scarcity
more scarcity, value increase
aka price decrease!
gold bugs
- wanted us to shift from bimetallism to gold standard post 1873 panic
- stabilizes & curbs inflation + reduces money in circ
silverites
- consists of silver men’s and western farmers interests
- called for free silver/unlimited coining t increase supply
greenback party
founded in 1875, joined silveriness
bland allison act (1878)
- requires govt purchases and coins silver
- passed by congress, vetoed by hayes, override congress
short-lived effects
- treasury dept. refused to buy more than minimum
- also refused to circulate what they were required to mint
sherman silver purchase act (1890)
- increased amount of silver required to produce
IMPACT:
-gold reserve dwindled -> panic of 1893, causing it to get repealed from blame
texas seed bill (1887)
seed grain for drought victims, vetoed by Cleveland
interstate commerce act (1887)
regulated railroad prices charged to move freight between states (so that it’s proportional to distance)
impacts of Bryan’s 3x political loss
(1) assassination of mckinley by czogosz who didn’t believe in presidential power
(2) lynchings in the south, murder in factories/mining towns
(3) locked gold standard into place for 35+ years
(4) no political could’ve preserved farm society forever, but Bryan’s victory would’ve helped them the most
munn v Illinois (1877)
- states can regulate railways if it affects public good
wabash railroads v. illinois (1887)
- states can’t regulate railroads interstate
- made special rates illegal
- set up icc
ANTI TRUST
northern farmers alliance
“national farmers alliance”
southern farmer alliance
very power, started in texas
colored farmers alliance
garned 1/4 of a million quickly, also created later than the rest (1886 vs 1877)
