Populism Flashcards
Why were the farmers suffering? (3 main reasons)
1) new technology and mechanisation
2) over-production
3) circle of debt
Why was mechanisation and new technologies a problem for farmers?
It meant that more land could be cultivated and more output from each plot of land. Similar developments in the world led to glut of agricultural produce.
This led to a fall in prices.
What was circle of debt?
As farmers took out loans, so to pay them back they produced more, which meant a further fall in prices, so they couldn’t pay them back and had to borrow more money.
Why was overproduction bad for farmers?
It decreased prices.
What did high tariffs mean?
Foreigners wouldn’t buy American agricultural produce.
What tariff was one of the highest ever introduced?
McKinley tariff 1890
Why did the Populist party form?
To help the farmers, who were suffering.
Where the populists successful? (Yes reasons only)
- coalition gov. In western and southern states.
- elected into both houses of congress.
What did the populists want to introduce into the coinage, and why?
Silver - because it would cause an increase in volume of money available and increase price of farm produce.
- would also lead to inflation —> easier to pay off debts.
What ways did the populists fail?
- demand for silver coinage was rejected because it would bankrupt the railways and cause mass unemployment.
- it was clear they wouldn’t be able to beat the two main parties.
Who did the populists merge with and why?
The Democrats- because they were more sympathetic to the use of silver.
