What did overproduction lead to
Surplus, crop prices decreases
What did expensive equipment lead to
More debt because farmers had to take out loans since they had low profits
Three main demands from farmers
Regulate the railroad companies, make cash more available, more money in circulation
Farmers political demands
1 term presidency, secret ballot, popular election of senators, industrial workers support, 8 hour workday, restrict immigration
Groups that supported farmers interests
Grange, farmers alliance and colored farmers national alliance, populists
The grange movement
First major farmer organization, challenged the railroads
Grange(cooperatives)
Where farmers combined their resources to buy and sell goods
Grange(granger laws)
The grange movement succeeded in getting congress to pass granger laws to regulate the RR
Granger laws(focus on regulation)
Aimed to control railroad freight rates and grain storage fees which farmers though were really high
Granger laws(state level implementation)
Enacted at the state level, in 5 midwestern states where the grange had strong support
The farmers alliance
Powerful farm organization, built based upon the grange, more political than social, candidates for office, controlled 8 state legislature and has 47 representatives
Goals of the farmers alliance
Graduate income tax, government ownership of RR, expansion of money supply, gold standard and bimetallism
What was the populist party
Formed after farmers alliance did well in 1890 election, based off farmers alliance ideas
What did populist group want
Direct election of senators, and secret ballot
Initiative
Laws that can be suggested by average people
Referendum
Laws can be voted by average people
Panic of 1893 causes
Wheat prices crashed, oversupply silver
Panic of 1893 effects
Many corporations and railroads went bankrupt, nearly 500 banks closures, 3 million unemployed
William Jennings Bryan
Democratic candidate, supports free silver, bitmetallism, populist party
Who said the cross of gold speech
William Jennings bryan
William McKinley
Republican candidate, conservative platform, gold standard
Gold triumphs over silver
1900, gold standard act(confirmed the nations commitment to the gold standard)
Results of the 1896
Farmers economic conditions begin to improve, populism dies but lays groundwork for future reform
16 amendment
Gave congress power to tax income
