Populism Part F

Money Supply- the amount of money in the national economy. As the money supply increases, the value of a dollar drops. This causes inflation.

Deflation- a drop in the prices of goods. It reduces the money supply & the value of the dollar becomes greater.

National Economy

Free Silver- the unlimited coining of silver dollars to increase the money supply.

Bimetallic Standard- a currency consisting of gold or silver coins. US Treasury notes could be traded for gold or silver.

Silver & Gold Coins

Bland Allison Act (1878)- it required the federal government to purchase & coin more silver, increasing the money supply & causing inflation. Hayes vetoed it, but Congress overrode him. It had a limited effect. The treasury department only bought the minimum amount of silver required & refused to circulate the silver dollars.

Silver Dollars

Sherman Silver Purchase Act (1890)- it increased the amount of silver the government was required to purchase every month. It was repealed in 1893. The gold reserves dwindled. The country almost went bankrupt during a financial panic when foreign investors withdrew gold from the country.

Silver

The Grange- The Patrons of Husbandry, founded by Oliver H. Kelly. During an inspection of southern farms, he was disturbed by their isolation. It helped farmers form cooperatives. They bought goods in large quantities for low prices. It pressured state legislatures to regulate businesses that farms depended on.

Oliver H. Kelley

Farmers' Alliance- it created harsh attacks on monopolies, such as controlling railroads. Farmers wanted to know why the federal government was not responding to natural disasters. African Americans participated.

Women- they were officers & won support for political rights.

Texas- they wanted federal regulations on railroads, more money in circulation, creation of state departments of agriculture, antitrust laws, & farm credit.

Farmers' Alliance

Interstate Commerce Act- it regulated prices that railroads charged to move freight between states, requiring rates to be set in proportion to the distance travelled. It is illegal to give special rates to some customers. It does not control monopolistic practices that angered farmers, but it established the principle that Congress could regulate railroads, which expanded federal authority. It created the Interstate Commerce Commission to enforce the laws.

Railroad

Credits:

Created with images by vuralyavas - "justice law case"

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