Unit 2 Exam Ch. 20A Farmer's Revolt Flashcards
hard money
restricting supply of money so currency retains its value
What caused farmer discontent and cycle of poverty for 3 to 4 generations
sharecropping
what are tenant farmers
no longer own land but work on land owned by others
soft money
Expanding supply of money creates rising prices for goods but causes inflation
What were the Ocala Demands (1890)
The farmers platform: Fed income tax (transfer taxes to the rich), lower tariffs, federal regulations on railroads so the prices are uniform, unlimited coinage of silver to expand money supply
Why were farmers unhappy with the banks
they charged high interest rates (40%) - couldn’t pay the loans.
Grass roots effort
many come together from the bottom up to create political power
what was the federal tax policy at the time
high tariffs = import taxes (which is the government’s revenue)
Who did farmers blame for the crop decline
The Northeast “establishment” - industrial and financial capitalists
What did railroads do to cause discontent among farmers
charged farmers higher shipping rates that for people like Rockerfeller (the rich were getting deals and farmers covered the cost)
New Urban
Industrial order in the North creates farmer discontent in the South and West
what caused farmers to go broke in the west
drought
Who wanted to base value on gold (hard money)
Bankers
What was The Grange
Clubhouse or town hall formed across America for farmers to share concerns and problems
Four aspects of American Agrarian Tradition
Farmers basis of society, doing God’s work, ideal citizen through fostered ideals, land ownership=liberty and equality
New 3rd party
Peoples Party of 1892 (also populist party)
which money causes stable currency
hard money
How farm cooperatives work
No middle man/grow, store, and sell directly. Farmers all put in money and divide profits equally (socialism)
which money devalues currency
soft money
Farmers lobby state govts and create state regulatory commissions for what purpose
To protect their interests, to protect against high rates from railroad commission
Populism
Political movement of ordinary citizens against “elites”
How many farmers lost their land in KS alone
11,000
Who wanted to base value on silver (soft money)
Farmers
Name of national organization created by farmers
National Farmers’ Alliance
populism became the model for what current movements
the tea party and occupy wall street
