1920) - Agricultural Overproduction- - Opening of Great Plains; meant more farmers - Improved machinery meant more production - International competition- RR & Steamboat created new markets - Scarcity of Money; Gov’t stopped minting silver; As population grew & value of goods grew there wasn’t enough money in circulation - High Shipping costs; RR could charge what they want - Farm debt and cost of money; banks charged high interest on loans - High cost of Manufactured products; kerosene, fertilizer, machinery • Repealed in 1893 when country was in depression. Sherman Silver Purchase Act • Required Gov’t to purchase a large (1890) amount of silver each month- Farmers hoped it would increase the money supply Grange Movement (1867) Started by Oliver Hudson • National Association of Farmers • Wanted to modernize farming Grange movement • Elected candidates in state legislature • Passed laws regulating RR and grain storage rates Munn v. Illinois (1877) • Illinois passed law regulating grain elevators • Supreme court ruled that state Gov’t could regulate a private utility if that utility was serving the public interest
• Wabash V. Illinois (1886)- invalidated many Granger laws
• Interstate Commerce Act (1887) Populist Party (1892-1896) • Farmers formed regional Political Associations- Farmers Alliances • Early 1890’s Farmers Alliances leaders formed a new national political party; “Peoples Party” better known as Populist Party Populist platform of 1892- Omaha Platform • Key provisions; • Direct election of senators • Secret ballots • 8 hour workday for industrial workers • Term limit for presidents(they wanted only one) • Initiatives(voters could introduce bills directly on ballot) • Referendums (direct vote on an issue- voters could change proposed legislation • They got 5 Senators elected Election of 1896 • Populists wanted free coinage of silver; the money supply was still low and they thought this would increase money supply • Democratic convention 1896; Grover Cleveland (incumbent) Dem • Free silver democrats defeated Clevelands supporters; William Jennings Bryan won nomination- delivered famous Cross of Gold Speech • Mckinley (Rep) defeated Bryan • Bryan ran again in 1900 & 1908 and lost