Farmers and the Populist
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Transcript of Farmers and the Populist
Farmers and the Populist
Problems: U.S. issues “greenbacks” during Civil War
Worth less than coins or “yellow” money farmers paying back loans with money that has a higher
value than the money they borrowedo Railroads have no competitioncharged farmers inflated prices to ship and store goods
Reform:GRANGE: est. by Oliver Hudson Kelley in 1867 fight railroads, organized co-ops, sponsored state legislation gave rise to other farm alliances in West and South 4 million members strong
Populism-1892 Populist Party1st reform movement
Movement of the people-give people a greater voice
Gives country a third partySupported bi-metallism and free coinage of
silverSupported Democratic candidateWilliam Jennings Bryan
Republican candidate wins election causing decline of populist movement
Populism’s two lasting legacies
Downtrodden could organize and have a strong political impact
Create and utilize an agenda of reforms
EXPANSION OF
INDUSTRY
Chapter 6
Fuel industrialization
OIL—1859 Edwin drake successfully drills for oil in Pennsylvania Starts Oil Boom Popularity of automobile contributes to production of
gasoline
STEEL—1850 Bessemer Process-injection of air into molten iron to remove carbon
Railroad tracks, barbed-wire, farm machines, construction
Inventions, worldwide communication network
Expanding urban population, vast potential market
Thomas Edison, 1876Incandescent Light BulbElectricity
Electric streetcar
1867, Thomas SholesTypewriter
1876, Alexander Graham BellTelephone
Age of the Railroad: created nationwide network of supplies and markets: linked isolated cities & towns: towns pop up on railroad lines
May 10, 1869Transcontinental
Railroad, central Pacific and Union Pacific meet at Promontory Point
Creation of Time Zones
November 18, 1883, synchronized across U.S.
Officially adopted as U.S. standard in 1918
Railroad abuses lead toeconomic and social unrest
George Pullman: provided town for workers, wanted stable workforce
Cut worker pay, but didn’t lower rent or prices
Leads to strike in 1894
Credit Mobilier: extreme corruption involving vice-president and future president
$23 million in stocks, bonds, cash to Union Pacific officers
Hurts Republican Party
Railroad Abuses
Created nationwide network of supplies and markets Linked isolated cities and towns Towns developed on railroad lines George Pullman—provided self-made “town” for workers believed it would provide a stable workforce• Controlling, cut worker pay, didn’t lower rent or pricesled to strike in 1894 Credit Mobilier—highest corruption involving current
Republican V.P. and future President$23 million in stocks, bonds, cash to Union Pacific officers
Railroad abuses in land grants, fixed prices, different rates
Grange pushes for political action
Granger laws = regulatory laws
Munn v. Illinois of 1877-Supreme court upheld Granger laws said federal govt. has right to regulate private industry to serve public interest
Interstate Commerce Act of 1887-established right of federal govt. to supervise railroad
Established ICC-5 man commission assigned to regulate railroad—ineffective until Theodore Roosevelt becomes president
Big Business/Andrew Carnegierags to riches story
Worked for Pennsylvania RR-allowed to buy stock and makes millions
1873-enters steel business Wanted to make better
products cheaper Attracted talented people
by allowing them to purchase stock
Encouraged competition
Vertical Integration- buys out suppliers to control materials and transportation
Horizontal Integration-buy out competitors merging companies making similar products
Can’t beat ‘em, join’em!
Idea of Social Darwinism applied to big business
Natural selection in business, survival of the fittest
“laissez-faire” – “allowed to do” whatever is needed to be a successful
Meaning the marketplace should not be regulated
Success or failure in business is a part of natural law
Can’t beat ‘em, join ‘em, continued
Holding company-a corporation that did nothing but buy out the stock of other companies
J.P. Morgan, wealthiest holding company 1894-runs ¼ of railroad 1901-U.S. Steel buys
Carnegie Steel creating world’s largest business
Trust-collection of different companies who turn stock over to one large corporation, trustees
John D Rockefeller, Standard Oil Company- used trust to gain 90% of refining business
Ruthless-Robber Barons
PhilanthropyCarnegie donated 90% of wealth accumulated during life
Rockefeller-gave over $500 million to charity
J.P. Morgan-Metropolitan Museum of Modern Art
Labor Unions-workers joining together to achieve better working conditions, wages,
hours …
1886, American Federation of Labor combined craft ( skilled workers from various trades) unions, very successful, 2+million members by 1945
Eugene V. Debs, reformer, socialistStrikes turn violent with “scabs”Employers feared powerful unions
Wouldn’t hire union members Made workers sign contracts not to join
Tragedy would lead to reform http://www.cbsnews.com/video/watch/?id=7360200n