HIST 112 1st Edition Lecture 8 Populism ContinuedOutline of Last Lecture I. Recap of Gilded AgeII. PopulismIII. Agrarian MythIV. Farmers’ ResponseOutline of Current LectureI. Populist Party PlatformII. L. Frank Baum’s The Wizard of OzIII. The Populist MindIV. Election of 1896V. Aftermath of ElectionCurrent LectureKey Terms- Populism- Agrarian Myth- Panic of 1893- The Grange- Alliances- The People’s Party- Populist party platform- Bi-mentalism- L. Frank Baum’s The Wizard of Oz- William Jennings Bryan’s “Cross of Gold” speech- Subtreasury schemePopulist Party Platform- The money questiono American currency used to be backed with both gold and silver (bi-mentalism), so you could turn in gold or silver for cashThese 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. Today money is backed by trust and reputationo In 1870s, nobody went to the US Mint to exchange silver for cash because they could get better prices on the open marketo 1873—Mint stops accepting silvero Open market silver prices drop, people want the Mint to accept silver againo Farmers believe it was a conspiracy to hurt themo Just accepting gold limits the amount of currency and raises the value of the dollaro Farmers keep going into more and more debt just to keep their farms afloato Farmers want inflation, which will raise the prices of their crops and get them outof debt Interest rates and debt aren’t subject to inflation, so their debt would not increase even though the price of goods would Hope to accomplish this by the FREE AND UNLIMITED COINAGE OF SILVER to put more money into circulation- Graduated income tax—what we have todayo The more you make, the higher percentage you pay for taxes- Government ownership of railroads to keep shipping prices reasonable- Electoral reformo Direct election of Senators by the people (instead of being appointed)o Implement secret ballot- Subtreasury plano Massive economic intervention into farmers’ liveso Keep goods in warehouses to limit supply and raise prices of cropso Low-interest loans from the government- Want HIGH amounts of government intervention (mildly Communist)—not just farmers but industrial workers and freed slaves as well- Stress positive libertyL. Frank Baum’s The Wizard of Oz- Dorothy—traditional American values- Toto—prohibitionist movement- Scarecrow—Western farmers- Tin Man—industry- Lion—William Jennings Bryan- Wicked Witch of the East—Eastern Business and Pres. Cleveland- Wicked Witch of the West—McKinley- Oz—an ounce of gold- Cyclone—free silver- Dorothy’s shoes were originally silverPopulist Mind- Scarecrow wants a brain—turns out he had one all along!o Farmers may be simple men but they are thinking men- Are they nostalgic or progressive? A little of both.o Believe in an old America, which was ruined by industrialism and bankerso Tendency to simplify complex issues Free coinage of silver would solve farmers’ problems but create others- Conspiracy theorists—everyone is out to get them- Had a hard time distinguishing politics from personal attacks- Use progressive measures to get back to an old way of lifeElection of 1896- Republicanso Meet in St. Louis for Republican Convention, nominate McKinley from Ohioo Anti-silver, pro-goldo Pro high-tariff to encourage domestic saleso Many industrial workers (Tin Man) sided with Republicans because they believed their policies would help keep their factories open- Democratso Split between pro- and anti-silvero Williams Jennings Brian—“Cross of Gold” speech at the Democratic Convention Congressman from Nebraska Attacks anti-silver forces “you shall not crucify us on a cross of gold” Fired up Democrats, they nominate him- Populists had assumed Repub and Dem would both be anti-silvero Afraid that if they support Democrats, they will lose their political identity- Solution: nominate Brian for Democrat and Populist parties (with different VP’s)- Traditionally, candidates didn’t campaign for themselves, they let their friends do the campaigningo Brian changed that, first candidate to give speeches across the country- McKinley winso Popular vote- 51% to 47%o Electoral votes- Republicans blow away Democratso Americans still blamed Democrats for Panic of 1893 and economic troubleso Brian seemed too radical so Eastern businessmen buy election for McKinleyAftermath of Election- Although populists don’t win, their ideas live on- Many of the populist requests were met during the progressive era such as high state involvement and direct election of senators- Republican stereotype of big business is further confirmed- Democrats represent the people is further confirmed- More egalitarian—don’t want candidates that seem