HIST 2112 1ST Edition Lecture 7 Outline of Last Lecture I Politics of the Gilded Age a Rutherford B Haynes b James A Garfield c Chester A Arthur II III IV V VI VII VIII IX Pendleton Service Act Republican divide is severe Republicans Restored Panic of 1893 Grange Cooperative Farmer s Alliance and Colored Farmer s Alliance Bland Allison Act Sherman Silver Purchase Act Outline of Current Lecture X Mary Yellin Lease XI McKinley Tarif XII Populist Party a Omaha Platform Panic of 1893 JP Morgan Bond Sale XIII XIV Current Lecture 09 05 13 Continuation of Gilded and Progressive Era Mary Yellin Lease Lecturer and organizer for Farmer s Alliance Slogan Raise less corn and raise more hell Nicknamed Yellin because of speeches 1890 McKinley These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Highest tarif ever passed raised item prices almost 50 Farmers outraged Went into afect 6 weeks before election Republicans were devastated in the polls of 1890 Political payback 1892 Populist Party Populist party people s party Farmer s Alliance backed populist More than the farming s peoples party Nominated James B Weaver as presidential candidate Gets 22 electoral votes Omaha Platform the platform of the populist party Was geared towards farmers and non farmers Free and unlimited coinage of silver at 16 1 Subtreasury Plan o A strategy were government would provide low cost loans to farmers o Farmers deposit crops in government warehouses and receive credit with crops serving as collateral o Helped farmers avoid bankers and credit dealers National Ownership of railroads telegraphs and telephone Postal Savings Bank o Bank by Mail o Government would be banker o Since banks were failing money was not secure in local banks o Safe secure deposits Secret Ballot o Voters were intimidated by rich ex workers o So there votes would be swayed o But a secret ballot would allow voters to vote for who they want anonymously o Eliminated pressure and some corruption Direct Election of Senators o Up until 1913 by the 7TH Amendment Senate was chosen by state legislators not popular vote o Old system created easy corruption o Idea of putting power in the hands of people Initiative Referendum Recall o People could petition o Forces state legislator debates initiative o Lead to putting a particular measure on ballot for peoples vote referendum o Someone who abuses offices can be recalled recall by a petition for a recall election Panic of 1893 People turn away from Republicans and Democrats Particularly Grover Cleveland Cleveland Gold Democrat Gold Standard believer Cleveland goes to Congress and gets Sherman Silver Purchase Act repealed Favorite piece of legislation by the populist party Thought it was contributing to lowering gold supply 1895 JP Morgan Bond Sale To counteract loss of gold supply Cleveland goes to JP Morgan the most powerful banker in US Persuades him into buying 65 million in bonds with gold Puts gold in treasury Wanted to create illusion of stability Farmers outraged at Cleveland 1896 Presidential election People had to choose between a candidate who believed in gold standard Cleveland or silver other